Synovus Financial (NYSE:SNV) Shares Pass Above Two Hundred Day Moving Average – Should You Sell?

Synovus Financial Corp. (NYSE:SNV) crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred 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.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SNV. Bank of America boosted their price target on shares of Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Barclays increased their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Evercore ISI upped their price objective on Synovus Financial from $48.00 to $54.00 and gave the company an “in-line” rating in a report on Wednesday, October 30th. Wells Fargo & Company raised their target price on Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 3rd. Finally, Raymond James raised Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price target on the stock in a research note on Tuesday, September 17th. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $57.78.

Synovus Financial Stock Performance

The stock has a market capitalization of $7.48 billion, a PE 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. The firm’s 50 day moving average is $54.05 and its two-hundred day moving average is $47.51.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates 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% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.84 earnings per share. As a group, research analysts predict that Synovus Financial Corp. will post 4.37 earnings per share for the current year.

Synovus Financial Dividend Announcement

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

Institutional Trading of Synovus Financial

Hedge funds have recently added to or reduced their stakes in the company. Texas Permanent School Fund Corp increased its position in shares of Synovus Financial by 19.6% in the 2nd quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank’s stock valued at $6,150,000 after purchasing an additional 25,028 shares during the last quarter. Thrivent Financial for Lutherans increased its holdings in Synovus Financial by 7.6% in the third quarter. Thrivent Financial for Lutherans now owns 146,734 shares of the bank’s stock valued at $6,525,000 after buying an additional 10,346 shares during the last quarter. Quest Partners LLC acquired a new stake in Synovus Financial in the third quarter valued at $1,264,000. Quantinno Capital Management LP lifted its holdings in Synovus Financial by 25.1% during the 3rd quarter. Quantinno Capital Management LP now owns 49,099 shares of the bank’s stock worth $2,183,000 after buying an additional 9,852 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Synovus Financial by 3.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank’s stock worth $222,022,000 after acquiring an additional 147,599 shares in the last quarter. Institutional investors and hedge funds 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.