Synovus Financial Corp. (NYSE:SNV - Get Free Report) 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 trading hands.
Wall Street Analysts Forecast Growth
Several research firms have recently issued reports on SNV. Deutsche Bank Aktiengesellschaft started coverage on Synovus Financial in a research note on Monday, December 9th. They set a "buy" rating and a $64.00 price target for the company. Raymond James upgraded shares of Synovus Financial from a "market perform" rating to an "outperform" rating and set a $49.00 target price on the stock in a research note on Tuesday, September 17th. StockNews.com upgraded shares of Synovus Financial from a "sell" rating to a "hold" rating in a report on Friday, October 18th. DA Davidson lifted 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. Finally, Piper Sandler boosted their price objective on Synovus Financial from $56.00 to $64.00 and gave the stock an "overweight" rating in a research report on Wednesday, December 11th. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $57.86.
View Our Latest Report on SNV
Synovus Financial Price Performance
The company has a market cap of $7.43 billion, a price-to-earnings ratio of 23.72, 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 company's 50 day moving average price is $54.10 and its 200 day moving average price is $47.62.
Synovus Financial (NYSE:SNV - Get Free Report) last released its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, beating analysts' consensus estimates of $1.09 by $0.14. The firm had revenue of $564.72 million for the quarter, compared to analyst estimates of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The company's revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.84 earnings per share. On average, equities research analysts predict that Synovus Financial Corp. will post 4.37 earnings per share for the current fiscal year.
Synovus Financial Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Thursday, December 19th were given a dividend of $0.38 per share. The ex-dividend date was Thursday, December 19th. This represents a $1.52 dividend on an annualized basis and a yield of 2.90%. Synovus Financial's dividend payout ratio (DPR) is presently 68.78%.
Institutional Trading of Synovus Financial
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC lifted its position in Synovus Financial by 5.4% during the 3rd quarter. FMR LLC now owns 11,626,424 shares of the bank's stock worth $517,027,000 after buying an additional 598,644 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Synovus Financial by 12.8% in the third 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 during the last quarter. State Street Corp lifted its position in shares of Synovus Financial by 3.2% during the third quarter. State Street Corp now owns 6,561,056 shares of the bank's stock worth $294,255,000 after purchasing an additional 201,362 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Synovus Financial by 9.3% during the second quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank's stock worth $231,597,000 after purchasing an additional 491,036 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Synovus Financial by 3.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank's stock valued at $222,022,000 after purchasing an additional 147,599 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.
Synovus Financial Company Profile
(
Get Free Report)
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.
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