Synovus Financial (NYSE:SNV) Stock Rating Reaffirmed by Morgan Stanley

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

Several other equities research analysts have also issued reports on the company. Keefe, Bruyette & Woods reissued a market perform rating and set a $38.00 price target (down from $46.00) on shares of Synovus Financial in a research report on Friday, April 19th. UBS Group upped their price objective on Synovus Financial from $42.00 to $44.00 and gave the stock a buy rating in a research note on Tuesday, January 23rd. Jefferies Financial Group lowered their price objective on Synovus Financial from $46.00 to $43.00 and set a buy rating for the company in a research note on Monday, April 8th. StockNews.com downgraded Synovus Financial from a hold rating to a sell rating in a research note on Thursday, February 15th. Finally, Truist Financial lowered their price objective on Synovus Financial from $45.00 to $39.00 and set a buy rating for the company in a research note on Monday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of Hold and a consensus price target of $41.38.

Synovus Financial Stock Performance

SNV stock opened at $36.59 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 cap of $5.36 billion, a P/E ratio of 12.53, a P/E/G ratio of 4.21 and a beta of 1.40. Synovus Financial has a 12-month low of $24.40 and a 12-month high of $40.92. The stock’s 50 day simple moving average is $37.92 and its 200 day simple moving average is $34.79.

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 net margin of 13.29% and a return on equity of 12.93%. The business’s revenue was down 12.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.33 earnings per share. As a group, equities research analysts predict that Synovus Financial will post 3.8 EPS for the current year.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Thursday, March 21st were issued a $0.38 dividend. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $1.52 annualized dividend and a dividend yield of 4.15%. Synovus Financial’s dividend payout ratio (DPR) is 52.05%.

Institutional Trading of Synovus Financial

Several institutional investors have recently modified their holdings of SNV. Wellington Management Group LLP lifted its holdings in shares of Synovus Financial by 56.9% in the fourth quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock valued at $295,127,000 after buying an additional 2,843,488 shares during the period. Channing Capital Management LLC acquired a new stake in shares of Synovus Financial in the fourth quarter valued at $72,201,000. Norges Bank acquired a new stake in shares of Synovus Financial in the fourth quarter valued at $59,941,000. North Reef Capital Management LP lifted its holdings in shares of Synovus Financial by 52.7% in the third quarter. North Reef Capital Management LP now owns 4,485,000 shares of the bank’s stock valued at $124,683,000 after buying an additional 1,548,370 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Synovus Financial by 24.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,177,889 shares of the bank’s stock valued at $194,951,000 after buying an additional 1,016,231 shares during the period. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Company Profile

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.