Synovus Financial (NYSE:SNV) Price Target Increased to $55.00 by Analysts at Morgan Stanley

Synovus Financial (NYSE:SNV - Get Free Report) had its price objective upped by Morgan Stanley from $51.00 to $55.00 in a report released on Monday, Benzinga reports. The firm currently has an "equal weight" rating on the bank's stock. Morgan Stanley's target price points to a potential upside of 12.53% from the company's previous close.

A number of other equities research analysts have also weighed in on the stock. Wells Fargo & Company lowered shares of Synovus Financial from an "overweight" rating to an "equal weight" rating and decreased their target price for the company from $48.00 to $46.00 in a research note on Tuesday, October 1st. DA Davidson increased their target price on Synovus Financial from $53.00 to $60.00 and gave the company a "buy" rating in a report on Friday. Royal Bank of Canada raised their target price on Synovus Financial from $49.00 to $57.00 and gave the stock an "outperform" rating in a research report on Friday. Evercore ISI reduced their price target on shares of Synovus Financial from $50.00 to $48.00 and set an "in-line" rating for the company in a research report on Wednesday, October 2nd. Finally, Raymond James raised shares of Synovus Financial from a "market perform" rating to an "outperform" rating and set a $49.00 price objective on the stock in a report on Tuesday, September 17th. Seven analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, Synovus Financial has an average rating of "Moderate Buy" and a consensus price target of $51.88.

Synovus Financial Stock Performance

Shares of NYSE:SNV traded down $1.67 during midday trading on Monday, reaching $48.88. 2,185,250 shares of the company's stock traded hands, compared to its average volume of 1,410,612. Synovus Financial has a one year low of $24.40 and a one year high of $51.69. The stock has a 50 day moving average of $44.49 and a 200 day moving average of $41.33. The company has a market cap of $7.04 billion, a price-to-earnings ratio of 22.26, a P/E/G ratio of 2.36 and a beta of 1.38. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.89 and a current ratio of 0.89.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.14. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The business had revenue of $564.72 million for the quarter, compared to analysts' expectations of $557.64 million. During the same quarter in the prior year, the business earned $0.84 EPS. The business's revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Synovus Financial will post 4.04 EPS for the current fiscal year.

Insider Activity

In related news, EVP Thomas T. Dierdorff sold 614 shares of the firm's stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total transaction of $28,366.80. Following the completion of the transaction, the executive vice president now directly owns 14,833 shares of the company's stock, valued at approximately $685,284.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.81% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SNV. Allspring Global Investments Holdings LLC boosted its stake in Synovus Financial by 4.2% during the third quarter. Allspring Global Investments Holdings LLC now owns 239,165 shares of the bank's stock valued at $10,636,000 after buying an additional 9,721 shares during the last quarter. Vest Financial LLC boosted its position in shares of Synovus Financial by 12.9% during the 3rd quarter. Vest Financial LLC now owns 33,341 shares of the bank's stock valued at $1,483,000 after acquiring an additional 3,814 shares during the last quarter. First Citizens Bank & Trust Co. grew its holdings in shares of Synovus Financial by 6.1% in the third quarter. First Citizens Bank & Trust Co. now owns 17,515 shares of the bank's stock valued at $779,000 after purchasing an additional 1,000 shares in the last quarter. Blue Trust Inc. increased its position in Synovus Financial by 83.6% in the third quarter. Blue Trust Inc. now owns 23,858 shares of the bank's stock worth $1,061,000 after purchasing an additional 10,866 shares during the last quarter. Finally, V Square Quantitative Management LLC purchased a new stake in Synovus Financial during the third quarter valued at $30,000. Hedge funds and other institutional investors own 83.85% of the company's stock.

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.