Synovus Financial’s (NYSE:SNV) “Hold” Rating Reaffirmed at Morgan Stanley

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Synovus Financial (NYSE:SNV)‘s stock had its “hold” rating reissued by analysts at Morgan Stanley in a note issued to investors on Tuesday, September 18th. They presently have a $55.00 price target on the bank’s stock, down from their prior price target of $56.00. Morgan Stanley’s price target would suggest a potential upside of 28.32% from the company’s previous close.

Several other research firms also recently weighed in on SNV. Stephens restated an “equal weight” rating and issued a $31.00 target price on shares of Synovus Financial in a research report on Tuesday, July 24th. ValuEngine downgraded Synovus Financial from a “buy” rating to a “hold” rating in a research report on Saturday, June 2nd. Finally, Zacks Investment Research downgraded Synovus Financial from a “buy” rating to a “hold” rating in a research report on Thursday, July 19th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $51.58.

SNV traded down $0.70 during trading on Tuesday, hitting $42.86. The company’s stock had a trading volume of 2,295,245 shares, compared to its average volume of 1,075,656. The firm has a market cap of $5.37 billion, a P/E ratio of 16.94, a PEG ratio of 1.58 and a beta of 0.96. Synovus Financial has a twelve month low of $41.90 and a twelve month high of $57.40. The company has a current ratio of 0.98, a quick ratio of 0.97 and a debt-to-equity ratio of 0.58.

Synovus Financial (NYSE:SNV) last released its earnings results on Tuesday, July 24th. The bank reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.04. The business had revenue of $359.30 million for the quarter, compared to the consensus estimate of $356.60 million. Synovus Financial had a return on equity of 13.61% and a net margin of 21.47%. The business’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.61 earnings per share. Equities research analysts forecast that Synovus Financial will post 3.63 EPS for the current year.

In other Synovus Financial news, CFO Kevin S. Blair bought 1,310 shares of the business’s stock in a transaction on Thursday, August 2nd. The stock was bought at an average price of $49.43 per share, with a total value of $64,753.30. Following the completion of the purchase, the chief financial officer now directly owns 54,387 shares in the company, valued at $2,688,349.41. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Allan E. Kamensky bought 1,000 shares of the business’s stock in a transaction on Friday, July 27th. The shares were acquired at an average cost of $50.06 per share, with a total value of $50,060.00. Following the purchase, the executive vice president now owns 66,166 shares of the company’s stock, valued at $3,312,269.96. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 4,310 shares of company stock worth $214,173. 1.50% of the stock is currently owned by company insiders.

A number of hedge funds have recently bought and sold shares of the business. Northern Trust Corp increased its stake in Synovus Financial by 0.7% during the second quarter. Northern Trust Corp now owns 914,937 shares of the bank’s stock worth $48,336,000 after acquiring an additional 6,587 shares during the last quarter. Public Employees Retirement System of Ohio grew its stake in shares of Synovus Financial by 75.2% in the second quarter. Public Employees Retirement System of Ohio now owns 167,900 shares of the bank’s stock valued at $8,870,000 after buying an additional 72,061 shares in the last quarter. Nomura Holdings Inc. grew its stake in shares of Synovus Financial by 60.8% in the second quarter. Nomura Holdings Inc. now owns 12,602 shares of the bank’s stock valued at $666,000 after buying an additional 4,764 shares in the last quarter. California Public Employees Retirement System grew its stake in shares of Synovus Financial by 3.8% in the second quarter. California Public Employees Retirement System now owns 352,024 shares of the bank’s stock valued at $18,597,000 after buying an additional 12,904 shares in the last quarter. Finally, Soros Fund Management LLC acquired a new stake in shares of Synovus Financial in the second quarter valued at $4,673,000. 81.01% of the stock is owned by institutional investors.

Synovus Financial Company Profile

Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides various financial products and services. It offers integrated financial services, including commercial and retail banking, financial management, insurance, and mortgage services. The company's commercial banking services comprise cash management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.

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Analyst Recommendations for Synovus Financial (NYSE:SNV)

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