Synovus Financial (NYSE:SNV) Given New $51.00 Price Target at Morgan Stanley

Synovus Financial (NYSE:SNV) had its price target hoisted by stock analysts at Morgan Stanley from $41.00 to $51.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has an “equal weight” rating on the bank’s stock. Morgan Stanley’s price target points to a potential upside of 24.45% from the company’s current price.

Several other equities research analysts have also issued reports on SNV. DA Davidson lifted their price target on Synovus Financial from $47.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. Royal Bank of Canada boosted their target price on Synovus Financial from $45.00 to $49.00 and gave the company an “outperform” rating in a research note on Friday, July 19th. Truist Financial boosted their target price on Synovus Financial from $44.00 to $50.00 and gave the company a “buy” rating in a research note on Friday, July 19th. Jefferies Financial Group boosted their target price on Synovus Financial from $44.00 to $47.00 and gave the company a “buy” rating in a research note on Wednesday, July 3rd. Finally, StockNews.com raised Synovus Financial from a “sell” rating to a “hold” rating in a research note on Thursday, July 18th. Seven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $46.44.

Synovus Financial Stock Performance

Shares of NYSE SNV traded down $0.99 during mid-day trading on Monday, hitting $40.98. The company had a trading volume of 1,118,010 shares, compared to its average volume of 1,434,717. The company has a market capitalization of $6.00 billion, a price-to-earnings ratio of 13.99, a P/E/G ratio of 3.32 and a beta of 1.40. Synovus Financial has a 1 year low of $24.40 and a 1 year high of $47.83. The stock’s 50-day moving average price is $40.73 and its 200-day moving average price is $38.90. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.50.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.20. The company had revenue of $563.60 million during the quarter, compared to analyst estimates of $543.52 million. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The firm’s quarterly revenue was down .7% on a year-over-year basis. During the same quarter last year, the company earned $1.16 earnings per share. On average, sell-side analysts forecast that Synovus Financial will post 4 earnings per share for the current year.

Insiders Place Their Bets

In other Synovus Financial news, EVP D Wayne Akins, Jr. purchased 24,500 shares of the stock in a transaction that occurred on Friday, June 7th. The stock was purchased at an average price of $37.40 per share, with a total value of $916,300.00. Following the acquisition, the executive vice president now owns 41,884 shares in the company, valued at $1,566,461.60. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Thomas T. Dierdorff sold 614 shares of Synovus Financial stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total transaction of $28,366.80. Following the completion of the sale, the executive vice president now owns 14,833 shares of the company’s stock, valued at $685,284.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP D Wayne Akins, Jr. purchased 24,500 shares of the firm’s stock in a transaction dated Friday, June 7th. The shares were bought at an average cost of $37.40 per share, with a total value of $916,300.00. Following the purchase, the executive vice president now directly owns 41,884 shares of the company’s stock, valued at approximately $1,566,461.60. The disclosure for this purchase can be found here. In the last quarter, insiders sold 180,326 shares of company stock worth $4,557,245. Corporate insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Synovus Financial

Several institutional investors have recently bought and sold shares of the business. Allworth Financial LP grew its holdings in Synovus Financial by 333.5% in the fourth quarter. Allworth Financial LP now owns 724 shares of the bank’s stock worth $27,000 after purchasing an additional 557 shares during the last quarter. International Assets Investment Management LLC purchased a new position in Synovus Financial in the fourth quarter worth $28,000. MeadowBrook Investment Advisors LLC purchased a new position in Synovus Financial in the fourth quarter worth $30,000. American National Bank purchased a new position in Synovus Financial in the fourth quarter worth $38,000. Finally, Innealta Capital LLC purchased a new position in Synovus Financial in the second quarter worth $43,000. 83.85% of the stock is owned by hedge funds and other institutional investors.

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.