Morgan Stanley Issues Pessimistic Forecast for Synovus Financial (NYSE:SNV) Stock Price

Synovus Financial (NYSE:SNV) had its target price cut by equities researchers at Morgan Stanley from $67.00 to $59.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the bank’s stock. Morgan Stanley’s price target indicates a potential upside of 29.18% from the company’s previous close.

Other equities research analysts also recently issued reports about the stock. Stephens reiterated an “equal weight” rating and issued a $58.00 target price on shares of Synovus Financial in a research note on Thursday, January 16th. Piper Sandler raised their price objective on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. Citigroup raised their price objective on shares of Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Royal Bank of Canada restated an “outperform” rating and set a $64.00 price objective on shares of Synovus Financial in a research report on Thursday, December 12th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $58.67.

Synovus Financial Trading Up 3.4 %

Shares of NYSE:SNV opened at $45.67 on Thursday. Synovus Financial has a 52-week low of $33.44 and a 52-week high of $59.92. The company has a market capitalization of $6.44 billion, a P/E ratio of 14.97, a price-to-earnings-growth ratio of 1.11 and a beta of 1.36. The company has a 50-day simple moving average of $52.69 and a 200 day simple moving average of $50.87. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.09. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The business had revenue of $580.58 million during the quarter, compared to the consensus estimate of $566.83 million. During the same period last year, the business posted $0.80 EPS. Synovus Financial’s revenue was up 18.8% on a year-over-year basis. Sell-side analysts forecast that Synovus Financial will post 4.89 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Colonial Trust Co SC increased its stake in Synovus Financial by 554.4% in the fourth quarter. Colonial Trust Co SC now owns 589 shares of the bank’s stock valued at $30,000 after acquiring an additional 499 shares during the last quarter. Keystone Financial Group Inc. bought a new position in Synovus Financial in the fourth quarter valued at approximately $37,000. Quarry LP bought a new position in Synovus Financial in the third quarter valued at approximately $41,000. Brooklyn Investment Group bought a new position in Synovus Financial in the third quarter valued at approximately $56,000. Finally, Jones Financial Companies Lllp increased its stake in Synovus Financial by 72.7% in the fourth quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock valued at $56,000 after acquiring an additional 461 shares during the last quarter. 83.85% 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 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.