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

Synovus Financial Corp. (NYSE:SNV - Get Free Report)'s share price passed 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.

Wall Street Analyst Weigh In

SNV has been the topic of a number of research reports. Wells Fargo & Company 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 Tuesday, December 3rd. StockNews.com upgraded shares of Synovus Financial from a "sell" rating to a "hold" rating in a research report on Friday, October 18th. Stephens raised their price target on shares of Synovus Financial from $46.00 to $52.00 and gave the stock an "equal weight" rating in a research note on Friday, October 18th. Truist Financial raised their target price on Synovus Financial from $52.00 to $57.00 and gave the stock a "buy" rating in a research report on Monday, October 21st. Finally, The Goldman Sachs Group increased their price objective on Synovus Financial from $52.00 to $62.00 and gave the stock a "neutral" rating in a research note on Tuesday, November 26th. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Synovus Financial presently has an average rating of "Moderate Buy" and an average target price of $57.78.

Synovus Financial Stock Down 1.4 %

The firm has a 50 day moving average price of $53.76 and a 200-day moving average price of $46.83. The firm has a market cap of $7.25 billion, a price-to-earnings ratio of 23.16, a price-to-earnings-growth ratio of 1.58 and a beta of 1.38. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88.

Synovus Financial (NYSE:SNV - Get Free Report) last released its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.09 by $0.14. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The company had revenue of $564.72 million for the quarter, compared to the consensus estimate of $557.64 million. During the same period in the prior year, the company posted $0.84 EPS. The company's 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 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th will be given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.97%. The ex-dividend date is Thursday, December 19th. Synovus Financial's payout ratio is 68.78%.

Institutional Inflows and Outflows

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