Synovus Financial (NYSE:SNV) Shares Gap Down – What’s Next?

Synovus Financial Corp. (NYSE:SNV)’s share 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 traded.

Analyst Ratings Changes

Several equities research analysts recently issued reports on SNV shares. Deutsche Bank Aktiengesellschaft started coverage on Synovus Financial in a report on Monday, December 9th. They set a “buy” rating and a $64.00 price target for the company. Piper Sandler upped their price target on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. Bank of America upped their price target on Synovus Financial from $48.00 to $57.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Stephens reiterated an “equal weight” rating and set a $58.00 price target on shares of Synovus Financial in a report on Thursday. Finally, Wells Fargo & Company upped their price objective on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, Synovus Financial presently has an average rating of “Moderate Buy” and a consensus target price of $58.19.

Synovus Financial Trading Down 3.2 %

The firm has a fifty day simple moving average of $54.31 and a two-hundred day simple moving average of $48.16. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42. The stock has a market cap of $7.68 billion, a PE ratio of 24.52, a PEG ratio of 1.31 and a beta of 1.39.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. The company had revenue of $580.58 million during the quarter, compared to analysts’ expectations of $566.83 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.80 EPS. As a group, equities analysts expect that Synovus Financial Corp. will post 4.39 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th were paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date was Thursday, December 19th. Synovus Financial’s payout ratio is 68.78%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of SNV. FMR LLC grew its holdings in Synovus Financial by 5.4% during the third quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock valued at $517,027,000 after purchasing an additional 598,644 shares during the period. Wellington Management Group LLP lifted its position 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 valued at $430,213,000 after acquiring an additional 1,095,557 shares in the last quarter. State Street Corp lifted its position in shares of Synovus Financial by 3.2% in the third quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock valued at $294,255,000 after acquiring an additional 201,362 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Synovus Financial by 9.3% in the second quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock worth $231,597,000 after buying an additional 491,036 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Synovus Financial by 3.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank’s stock worth $222,022,000 after buying an additional 147,599 shares in the last quarter. Hedge funds and other 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.