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

Synovus Financial Corp. (NYSE:SNV - Get Free Report) 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

A number of analysts have recently commented on the company. DA Davidson boosted their price objective on Synovus Financial from $53.00 to $60.00 and gave the stock a "buy" rating in a research note on Friday, October 18th. Stephens reiterated an "equal weight" rating and issued a $58.00 price target on shares of Synovus Financial in a research report on Thursday. The Goldman Sachs Group raised their price objective on shares of Synovus Financial from $52.00 to $62.00 and gave the company a "neutral" rating in a research report on Tuesday, November 26th. Truist Financial boosted their target price on shares of Synovus Financial from $52.00 to $57.00 and gave the stock a "buy" rating in a report on Monday, October 21st. Finally, Bank of America increased their target price on shares of Synovus Financial from $48.00 to $57.00 and gave the company a "buy" rating in a research note 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. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $58.44.

Synovus Financial Price Performance

The stock's fifty day moving average is $54.27 and its 200-day moving average is $48.20. The stock has a market capitalization of $7.73 billion, a P/E ratio of 24.70, a PEG ratio of 1.31 and a beta of 1.39. 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 posted its earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.16 by $0.09. The business had revenue of $580.58 million for the quarter, compared to analyst estimates of $566.83 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. Synovus Financial's revenue was up 18.8% compared to the same quarter last year. During the same period last year, the business posted $0.80 EPS. On average, equities analysts anticipate that Synovus Financial Corp. will post 4.39 earnings per share for the current year.

Synovus Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Thursday, December 19th were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.78%. The ex-dividend date of this dividend was Thursday, December 19th. Synovus Financial's payout ratio is currently 49.84%.

Institutional Trading of Synovus Financial

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. V Square Quantitative Management LLC acquired a new stake in Synovus Financial during the third quarter worth about $30,000. UMB Bank n.a. lifted its position in Synovus Financial by 87.2% in the third quarter. UMB Bank n.a. now owns 747 shares of the bank's stock worth $33,000 after purchasing an additional 348 shares during the period. Quarry LP acquired a new stake in Synovus Financial during the third quarter worth $41,000. Brooklyn Investment Group bought a new stake in Synovus Financial in the 3rd quarter valued at $56,000. Finally, Farther Finance Advisors LLC increased its holdings in Synovus Financial by 474.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,466 shares of the bank's stock valued at $65,000 after buying an additional 1,211 shares during the period. 83.85% of the stock is currently owned by institutional investors and hedge funds.

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.