Morgan Stanley upgraded shares of Synovus Financial (NYSE:SNV) from an underweight rating to an equal weight rating in a research report report published on Wednesday morning, MarketBeat Ratings reports. Morgan Stanley currently has $52.00 price target on the bank’s stock, up from their prior price target of $51.67.
A number of other equities analysts have also commented on the company. Keefe, Bruyette & Woods reiterated a hold rating and issued a $55.00 price objective on shares of Synovus Financial in a research note on Tuesday, February 27th. Zacks Investment Research lowered Synovus Financial from a buy rating to a hold rating in a research note on Tuesday, February 13th. Barclays lifted their price objective on Synovus Financial from $53.00 to $55.00 and gave the stock an equal weight rating in a research note on Wednesday, January 24th. Stephens reiterated a buy rating and issued a $56.00 price objective on shares of Synovus Financial in a research note on Wednesday, January 24th. Finally, Bank of America lifted their price objective on Synovus Financial from $55.00 to $56.00 and gave the stock a buy rating in a research note on Wednesday, January 24th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company’s stock. Synovus Financial currently has an average rating of Hold and a consensus target price of $52.08.
Synovus Financial (SNV) opened at $52.76 on Wednesday. Synovus Financial has a 1-year low of $37.95 and a 1-year high of $52.82. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.60. The firm has a market capitalization of $6,261.61, a PE ratio of 20.77, a price-to-earnings-growth ratio of 1.93 and a beta of 1.11.
Synovus Financial announced that its board has authorized a share repurchase program on Tuesday, January 23rd that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the bank to repurchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 2nd. Investors of record on Thursday, March 15th will be given a dividend of $0.25 per share. The ex-dividend date is Wednesday, March 14th. This is an increase from Synovus Financial’s previous quarterly dividend of $0.15. This represents a $1.00 dividend on an annualized basis and a yield of 1.90%. Synovus Financial’s dividend payout ratio (DPR) is 27.65%.
In related news, VP Mark G. Holladay sold 5,000 shares of Synovus Financial stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $50.16, for a total transaction of $250,800.00. Following the sale, the vice president now directly owns 52,063 shares of the company’s stock, valued at $2,611,480.08. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Allen J. Gula sold 2,450 shares of Synovus Financial stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $50.22, for a total value of $123,039.00. Following the sale, the chief operating officer now directly owns 70,111 shares in the company, valued at $3,520,974.42. The disclosure for this sale can be found here. 1.50% of the stock is owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in SNV. Carillon Tower Advisers Inc. acquired a new stake in Synovus Financial during the fourth quarter worth about $107,998,000. Eagle Asset Management Inc. boosted its holdings in Synovus Financial by 25.0% during the third quarter. Eagle Asset Management Inc. now owns 3,362,104 shares of the bank’s stock valued at $156,270,000 after purchasing an additional 671,971 shares in the last quarter. APG Asset Management N.V. boosted its holdings in Synovus Financial by 1,642.6% during the fourth quarter. APG Asset Management N.V. now owns 437,400 shares of the bank’s stock valued at $17,462,000 after purchasing an additional 412,300 shares in the last quarter. EJF Capital LLC boosted its holdings in Synovus Financial by 50.0% during the third quarter. EJF Capital LLC now owns 900,002 shares of the bank’s stock valued at $41,454,000 after purchasing an additional 300,000 shares in the last quarter. Finally, Deutsche Bank AG boosted its holdings in Synovus Financial by 65.2% during the fourth quarter. Deutsche Bank AG now owns 739,948 shares of the bank’s stock valued at $35,470,000 after purchasing an additional 291,904 shares in the last quarter. 79.86% of the stock is currently owned by institutional investors and hedge funds.
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About Synovus Financial
Synovus Financial Corp. is a financial services company and a bank holding company. The Company provides integrated financial services, including commercial and retail banking, financial management, insurance and mortgage services, to its customers through locally branded banking divisions of its subsidiary bank, Synovus Bank (the Bank), and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.
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