Synovus Financial’s (SNV) “Equal Weight” Rating Reaffirmed at Morgan Stanley

Morgan Stanley reaffirmed their equal weight rating on shares of Synovus Financial (NYSE:SNV) in a research report sent to investors on Monday morning, Benzinga reports. Morgan Stanley currently has a $37.00 price target on the bank’s stock.

Several other analysts have also issued reports on SNV. Evercore ISI increased their price target on shares of Synovus Financial from $40.00 to $42.00 and gave the stock an in-line rating in a research report on Thursday, March 28th. UBS Group increased their price target on shares of Synovus Financial from $42.00 to $44.00 and gave the stock a buy rating in a research report on Tuesday, January 23rd. Bank of America cut their target price on shares of Synovus Financial from $44.00 to $40.00 and set a buy rating on the stock in a research report on Friday, April 19th. The Goldman Sachs Group cut their target price on shares of Synovus Financial from $46.00 to $41.00 and set a neutral rating on the stock in a research report on Friday, April 19th. Finally, Keefe, Bruyette & Woods restated a market perform rating and issued a $38.00 target price (down previously from $46.00) on shares of Synovus Financial in a research report on Friday, April 19th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, Synovus Financial has an average rating of Hold and an average target price of $41.38.

Synovus Financial Stock Performance

NYSE SNV opened at $36.82 on Monday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $5.39 billion, a price-to-earnings ratio of 12.61, a P/E/G ratio of 4.09 and a beta of 1.40. The firm’s 50 day simple moving average is $37.92 and its 200 day simple moving average is $34.78. Synovus Financial has a 1 year low of $24.40 and a 1 year high of $40.92.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by ($0.20). The firm had revenue of $537.73 million for the quarter, compared to analyst estimates of $547.62 million. Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The business’s revenue was down 12.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.33 EPS. As a group, research analysts expect that Synovus Financial will post 3.79 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Thursday, March 21st were paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 4.13%. The ex-dividend date was Wednesday, March 20th. Synovus Financial’s dividend payout ratio is presently 52.05%.

Hedge Funds Weigh In On Synovus Financial

Hedge funds have recently bought and sold shares of the company. Allworth Financial LP raised its stake in Synovus Financial by 333.5% during the fourth quarter. Allworth Financial LP now owns 724 shares of the bank’s stock worth $27,000 after buying an additional 557 shares during the last quarter. International Assets Investment Management LLC bought a new position in Synovus Financial during the fourth quarter worth $28,000. MeadowBrook Investment Advisors LLC bought a new position in Synovus Financial during the fourth quarter worth $30,000. American National Bank bought a new position in Synovus Financial during the fourth quarter worth $38,000. Finally, Tennessee Valley Asset Management Partners bought a new position in Synovus Financial during the fourth quarter worth $42,000. Institutional investors own 83.85% of the company’s stock.

About Synovus Financial

Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides commercial and consumer banking products and services. It operates through four segments: Community Banking, Wholesale Banking, Consumer Banking, and Financial Management Services. The company's commercial banking services include treasury and asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate lending services.