Synovus Financial (NYSE:SNV) Shares Pass Above 200-Day Moving Average – What’s Next?

Synovus Financial Corp. (NYSE:SNV)’s share price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $47.51 and traded as high as $53.84. Synovus Financial shares last traded at $52.83, with a volume of 1,228,860 shares trading hands.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Raymond James upgraded Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price objective for the company in a research note on Tuesday, September 17th. Barclays raised their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. The Goldman Sachs Group upped their price objective on shares of Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. DA Davidson increased their price objective on shares of Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Finally, Morgan Stanley boosted their target price on shares of Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research report on Monday, October 21st. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $57.78.

Synovus Financial Trading Up 1.7 %

The company has a 50 day moving average price of $54.05 and a two-hundred day moving average price of $47.51. The firm has a market capitalization of $7.48 billion, a price-to-earnings ratio of 23.90, a P/E/G ratio of 1.58 and a beta of 1.39. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.88 and a current ratio of 0.89.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data 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. The business had revenue of $564.72 million for the quarter, compared to the consensus estimate of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The company’s revenue was up 2.6% compared to the same quarter last year. During the same period last year, the firm posted $0.84 earnings per share. On average, research analysts forecast that Synovus Financial Corp. will post 4.37 EPS for the current year.

Synovus Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th were paid a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, December 19th. This represents a $1.52 annualized dividend and a yield of 2.88%. Synovus Financial’s dividend payout ratio (DPR) is currently 68.78%.

Institutional Trading of Synovus Financial

Institutional investors have recently made changes to their positions in the company. V Square Quantitative Management LLC purchased a new position in Synovus Financial in the 3rd quarter valued at $30,000. UMB Bank n.a. lifted its stake in shares of Synovus Financial by 87.2% in the third quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock worth $33,000 after buying an additional 348 shares in the last quarter. Quarry LP acquired a new stake in Synovus Financial in the 3rd quarter valued at about $41,000. Brooklyn Investment Group purchased a new position in Synovus Financial in the 3rd quarter worth approximately $56,000. Finally, Headlands Technologies LLC boosted its holdings in shares of Synovus Financial by 404.8% during the 2nd quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock worth $55,000 after purchasing an additional 1,105 shares during the last quarter. 83.85% of the stock is owned by institutional investors and hedge funds.

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.