Morgan Stanley Reaffirms “Equal Weight” Rating for Synovus Financial (NYSE:SNV)

Morgan Stanley reiterated their equal weight rating on shares of Synovus Financial (NYSE:SNV) in a report published on Monday, Benzinga reports. They currently have a $37.00 price objective on the bank’s stock.

SNV has been the topic of a number of other reports. Truist Financial lowered their price objective on shares of Synovus Financial from $45.00 to $39.00 and set a buy rating on the stock in a research report on Monday. Piper Sandler lowered their price objective on shares of Synovus Financial from $46.00 to $42.00 and set an overweight rating on the stock in a research report on Friday, April 19th. Raymond James downgraded shares of Synovus Financial from a strong-buy rating to a market perform rating in a research report on Thursday, April 18th. Bank of America lowered their price objective 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. Finally, Barclays lowered their price objective on shares of Synovus Financial from $42.00 to $39.00 and set an equal weight rating on the stock in a research report on Friday, April 19th. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of Hold and a consensus price target of $41.38.

Synovus Financial Stock Up 0.5 %

SNV stock opened at $36.82 on Monday. Synovus Financial has a 52-week low of $24.40 and a 52-week high of $40.92. The company’s 50 day simple moving average is $37.92 and its 200-day simple moving average is $34.78. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a market capitalization of $5.39 billion, a P/E ratio of 12.61, a P/E/G ratio of 4.09 and a beta of 1.40.

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

Synovus Financial Dividend Announcement

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

Hedge Funds Weigh In On Synovus Financial

A number of institutional investors have recently made changes to their positions in the business. Yousif Capital Management LLC increased its stake in shares of Synovus Financial by 0.5% in the fourth quarter. Yousif Capital Management LLC now owns 69,749 shares of the bank’s stock worth $2,626,000 after purchasing an additional 360 shares during the period. Truist Financial Corp increased its stake in shares of Synovus Financial by 0.3% in the fourth quarter. Truist Financial Corp now owns 121,099 shares of the bank’s stock worth $4,559,000 after purchasing an additional 376 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its stake in shares of Synovus Financial by 3.2% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 13,612 shares of the bank’s stock worth $378,000 after purchasing an additional 419 shares during the period. PFW Advisors LLC increased its stake in shares of Synovus Financial by 5.4% in the fourth quarter. PFW Advisors LLC now owns 8,433 shares of the bank’s stock worth $318,000 after purchasing an additional 433 shares during the period. Finally, Fifth Third Bancorp increased its stake in shares of Synovus Financial by 12.6% in the third quarter. Fifth Third Bancorp now owns 4,035 shares of the bank’s stock worth $112,000 after purchasing an additional 452 shares during the period. 83.85% of the stock is currently owned by 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.