Synovus Financial (NYSE:SNV) Stock Crosses Above 200-Day Moving Average – Here’s What Happened

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 trading hands.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $64.00 target price on shares of Synovus Financial in a report on Thursday, December 12th. Truist Financial lifted their price objective on shares of Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Citigroup set a $59.00 target price on shares of Synovus Financial in a research note on Friday, October 18th. UBS Group assumed coverage on shares of Synovus Financial in a research note on Tuesday, December 17th. They set a “buy” rating and a $76.00 price target for the company. Finally, Bank of America upped their price target on shares of Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a report on Friday, October 18th. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.78.

Synovus Financial Stock Down 1.4 %

The firm has a 50-day moving average of $53.76 and a two-hundred day moving average of $46.76. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $7.25 billion, a PE ratio of 23.16, a price-to-earnings-growth ratio of 1.58 and a beta of 1.38.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share 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 analyst estimates of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The company’s revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.84 EPS. On average, equities research analysts forecast that Synovus Financial Corp. will post 4.37 EPS for the current year.

Synovus Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Thursday, December 19th will be given 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 yield of 2.97%. Synovus Financial’s dividend payout ratio (DPR) is 68.78%.

Institutional Investors Weigh In On Synovus Financial

Several institutional investors and hedge funds have recently modified their holdings of SNV. Wellington Management Group LLP lifted its position in Synovus Financial by 12.8% during the 3rd quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock worth $430,213,000 after acquiring an additional 1,095,557 shares in the last quarter. Millennium Management LLC lifted its position in shares of Synovus Financial by 181.0% during the second quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock worth $52,343,000 after purchasing an additional 838,932 shares in the last quarter. FMR LLC boosted its stake in shares of Synovus Financial by 5.4% in the third quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock valued at $517,027,000 after purchasing an additional 598,644 shares during the period. Dimensional Fund Advisors LP grew its holdings in Synovus Financial by 9.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock valued at $231,597,000 after purchasing an additional 491,036 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. acquired a new stake in Synovus Financial during the 2nd quarter valued at $19,434,000. Hedge funds and other institutional investors own 83.85% of the company’s stock.

About Synovus Financial

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.