Synovus Financial (NYSE:SNV) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Synovus Financial (NYSE:SNV - Free Report) had its price target upped by Morgan Stanley from $58.00 to $61.00 in a report released on Friday morning,Benzinga reports. The firm currently has an equal weight rating on the bank's stock.

Other equities research analysts have also recently issued reports about the company. Royal Bank Of Canada decreased their price objective on Synovus Financial from $64.00 to $52.00 and set an "outperform" rating for the company in a research note on Monday, April 21st. Stephens decreased their target price on Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating for the company in a research report on Monday, April 21st. Keefe, Bruyette & Woods raised shares of Synovus Financial from a "market perform" rating to an "outperform" rating and lifted their price objective for the stock from $58.00 to $65.00 in a research note on Friday. DA Davidson decreased their price target on shares of Synovus Financial from $65.00 to $60.00 and set a "buy" rating for the company in a report on Monday, April 21st. Finally, Jefferies Financial Group initiated coverage on shares of Synovus Financial in a research report on Wednesday, May 21st. They issued a "hold" rating and a $55.00 price objective for the company. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat, Synovus Financial presently has a consensus rating of "Moderate Buy" and an average price target of $60.67.

Synovus Financial Price Performance

NYSE:SNV traded up $1.85 during trading hours on Friday, reaching $55.70. The company had a trading volume of 2,873,439 shares, compared to its average volume of 1,363,101. The company has a quick ratio of 0.88, a current ratio of 0.92 and a debt-to-equity ratio of 0.77. The stock has a 50-day moving average of $50.33 and a two-hundred day moving average of $49.23. Synovus Financial has a one year low of $35.94 and a one year high of $59.92. The firm has a market capitalization of $7.74 billion, a PE ratio of 10.69, a PEG ratio of 1.02 and a beta of 1.19.

Synovus Financial (NYSE:SNV - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The bank reported $1.48 EPS for the quarter, topping analysts' consensus estimates of $1.25 by $0.23. Synovus Financial had a return on equity of 16.20% and a net margin of 21.52%. The business had revenue of $592.08 million for the quarter, compared to analyst estimates of $584.89 million. During the same period in the prior year, the company earned $1.16 EPS. Analysts forecast that Synovus Financial will post 4.89 earnings per share for the current year.

Synovus Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Thursday, June 19th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date of this dividend was Wednesday, June 18th. Synovus Financial's payout ratio is 43.70%.

Hedge Funds Weigh In On Synovus Financial

Hedge funds have recently modified their holdings of the company. Colonial Trust Co SC grew its holdings in Synovus Financial by 554.4% during the 4th quarter. Colonial Trust Co SC now owns 589 shares of the bank's stock valued at $30,000 after buying an additional 499 shares in the last quarter. Armstrong Advisory Group Inc. purchased a new position in Synovus Financial in the second quarter worth about $41,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Synovus Financial during the first quarter worth approximately $47,000. Millstone Evans Group LLC bought a new stake in shares of Synovus Financial in the 4th quarter valued at approximately $59,000. Finally, Spectrum Wealth Counsel LLC purchased a new position in shares of Synovus Financial in the 1st quarter worth approximately $70,000. 83.85% of the stock is currently owned by institutional investors.

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.