Synovus Financial (NYSE:SNV) Shares Gap Down – Should You Sell?

Synovus Financial Corp. (NYSE:SNV)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $55.98, but opened at $54.46. Synovus Financial shares last traded at $54.76, with a volume of 286,718 shares changing hands.

Analyst Ratings Changes

Several analysts have issued reports on SNV shares. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Synovus Financial in a research report on Monday, December 9th. They issued a “buy” rating and a $64.00 price target on the stock. Bank of America lifted their target price on Synovus Financial from $48.00 to $57.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Evercore ISI raised their price objective on Synovus Financial from $48.00 to $54.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 30th. Morgan Stanley boosted their price objective on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research report on Monday, October 21st. Finally, Barclays raised their target price on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, Synovus Financial presently has an average rating of “Moderate Buy” and a consensus target price of $58.44.

Synovus Financial Trading Up 0.7 %

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 company has a market cap of $7.73 billion, a P/E ratio of 24.70, a P/E/G ratio of 1.31 and a beta of 1.39. The business has a 50-day moving average price of $54.23 and a two-hundred day moving average price of $48.30.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.09. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The firm had revenue of $580.58 million during the quarter, compared to analyst estimates of $566.83 million. During the same quarter in the previous year, the business earned $0.80 EPS. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. On average, analysts predict that Synovus Financial Corp. will post 4.39 EPS for the current year.

Synovus Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th were given 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 dividend yield of 2.78%. Synovus Financial’s payout ratio is currently 68.78%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC raised its holdings in Synovus Financial by 6.5% in the third quarter. GAMMA Investing LLC now owns 3,754 shares of the bank’s stock worth $167,000 after purchasing an additional 229 shares during the period. Dana Investment Advisors Inc. increased its position in shares of Synovus Financial by 0.7% in the 2nd quarter. Dana Investment Advisors Inc. now owns 35,759 shares of the bank’s stock valued at $1,437,000 after buying an additional 254 shares in the last quarter. Wedmont Private Capital raised its stake in Synovus Financial by 3.3% during the 4th quarter. Wedmont Private Capital now owns 9,401 shares of the bank’s stock worth $479,000 after buying an additional 299 shares during the period. Harbor Capital Advisors Inc. lifted its holdings in Synovus Financial by 2.1% during the fourth quarter. Harbor Capital Advisors Inc. now owns 14,800 shares of the bank’s stock worth $758,000 after acquiring an additional 302 shares in the last quarter. Finally, Hanseatic Management Services Inc. grew its stake in Synovus Financial by 2.8% in the third quarter. Hanseatic Management Services Inc. now owns 12,212 shares of the bank’s stock valued at $543,000 after acquiring an additional 327 shares during the period. Institutional investors own 83.85% of the company’s stock.

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.