Synovus Financial (NYSE:SNV) Stock Passes Above 200 Day Moving Average – Should You Sell?

Shares of Synovus Financial Corp. (NYSE:SNV) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $46.76 and traded as high as $52.06. Synovus Financial shares last traded at $51.19, with a volume of 533,177 shares changing hands.

Analyst Ratings Changes

Several brokerages have recently weighed in on SNV. The Goldman Sachs Group upped their price objective on Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Evercore ISI raised their price objective on shares of Synovus Financial from $48.00 to $54.00 and gave the company an “in-line” rating in a research report on Wednesday, October 30th. Raymond James upgraded shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price on the stock in a report on Tuesday, September 17th. Royal Bank of Canada restated an “outperform” rating and set a $64.00 target price on shares of Synovus Financial in a report on Thursday, December 12th. Finally, Bank of America upped their price target on Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a report on Friday, October 18th. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $57.78.

Synovus Financial Price Performance

The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $7.25 billion, a PE ratio of 23.16, a P/E/G ratio of 1.58 and a beta of 1.38. The stock’s 50-day moving average is $53.76 and its 200 day moving average is $46.83.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The business had revenue of $564.72 million during the quarter, compared to analyst estimates of $557.64 million. During the same period last year, the company earned $0.84 earnings per share. Synovus Financial’s quarterly revenue was up 2.6% compared to the same quarter last year. As a group, equities analysts predict that Synovus Financial Corp. will post 4.37 earnings per share for the current year.

Synovus Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th will be issued a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, December 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.97%. Synovus Financial’s dividend payout ratio is currently 68.78%.

Hedge Funds Weigh In On Synovus Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in SNV. FMR LLC raised its position in Synovus Financial by 5.4% in the third quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock worth $517,027,000 after purchasing an additional 598,644 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Synovus Financial by 12.8% in the 3rd quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock valued at $430,213,000 after purchasing an additional 1,095,557 shares during the period. State Street Corp raised its holdings in shares of Synovus Financial by 3.2% in the 3rd quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock worth $294,255,000 after buying an additional 201,362 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Synovus Financial by 9.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock valued at $231,597,000 after buying an additional 491,036 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Synovus Financial by 3.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank’s stock valued at $222,022,000 after acquiring an additional 147,599 shares during the period. 83.85% of the stock is currently 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.