Synovus Financial (NYSE:SNV) Price Target Increased to $51.00 by Analysts at Morgan Stanley

Synovus Financial (NYSE:SNV) had its target price raised by Morgan Stanley from $41.00 to $51.00 in a research report released on Monday morning, Benzinga reports. The firm currently has an equal weight rating on the bank’s stock.

A number of other equities research analysts have also issued reports on SNV. Royal Bank of Canada increased their target price on shares of Synovus Financial from $45.00 to $49.00 and gave the stock an outperform rating in a report on Friday, July 19th. StockNews.com raised shares of Synovus Financial from a sell rating to a hold rating in a research report on Thursday, July 18th. Stephens increased their price objective on shares of Synovus Financial from $43.00 to $46.00 and gave the company an equal weight rating in a research report on Friday, July 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. Finally, JPMorgan Chase & Co. increased their price objective on shares of Synovus Financial from $48.00 to $49.00 and gave the company an overweight rating in a research report on Thursday, June 27th. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $46.44.

Synovus Financial Stock Up 0.5 %

Synovus Financial stock traded up $0.19 during mid-day trading on Monday, reaching $40.85. 1,372,716 shares of the company’s stock were exchanged, compared to its average volume of 1,439,137. The company has a market cap of $5.98 billion, a P/E ratio of 14.18, a P/E/G ratio of 3.32 and a beta of 1.40. Synovus Financial has a twelve month low of $24.40 and a twelve month high of $47.83. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.50. The company has a fifty day moving average of $40.75 and a 200-day moving average of $38.93.

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

Synovus Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Thursday, June 20th were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 3.72%. The ex-dividend date of this dividend was Thursday, June 20th. Synovus Financial’s dividend payout ratio (DPR) is presently 52.05%.

Insider Transactions at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 614 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total value of $28,366.80. Following the completion of the sale, the executive vice president now owns 14,833 shares in the company, valued at $685,284.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Synovus Financial news, major shareholder Eli Samaha sold 6,803 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $25.22, for a total transaction of $171,571.66. Following the completion of the transaction, the insider now directly owns 1,466,493 shares in the company, valued at approximately $36,984,953.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Thomas T. Dierdorff sold 614 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total transaction of $28,366.80. Following the transaction, the executive vice president now owns 14,833 shares of the company’s stock, valued at $685,284.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 180,326 shares of company stock worth $4,557,245. Company insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Synovus Financial

Several hedge funds have recently added to or reduced their stakes in SNV. International Assets Investment Management LLC purchased a new position in Synovus Financial during the 4th quarter valued at about $28,000. Allworth Financial LP grew its holdings in shares of Synovus Financial by 333.5% during the fourth quarter. Allworth Financial LP now owns 724 shares of the bank’s stock worth $27,000 after buying an additional 557 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Synovus Financial by 228.4% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 51,828 shares of the bank’s stock worth $1,951,000 after buying an additional 36,047 shares in the last quarter. Arlington Trust Co LLC purchased a new stake in shares of Synovus Financial during the fourth quarter worth about $47,000. Finally, Equitable Trust Co. grew its holdings in shares of Synovus Financial by 7.5% during the fourth quarter. Equitable Trust Co. now owns 9,130 shares of the bank’s stock worth $344,000 after buying an additional 640 shares in the last quarter. 83.85% of the stock is currently owned by hedge funds and other 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.