Synovus Financial (NYSE:SNV) Shares Gap Down – Here’s What Happened

Synovus Financial Corp. (NYSE:SNV) shares gapped down prior to trading 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 research firms have recently weighed in on SNV. Bank of America upped their price objective on Synovus Financial from $48.00 to $57.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. UBS Group began coverage on Synovus Financial in a research report on Tuesday, December 17th. They set a “buy” rating and a $76.00 price target for the company. The Goldman Sachs Group lifted their price objective on shares of Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Stephens restated an “equal weight” rating and set a $58.00 target price on shares of Synovus Financial in a report on Thursday. Finally, JPMorgan Chase & Co. lifted their price target on shares of Synovus Financial from $60.50 to $62.00 and gave the company an “overweight” rating in a research note on Friday. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, Synovus Financial presently has a consensus rating of “Moderate Buy” and an average price target of $58.44.

Synovus Financial Stock Performance

The stock has a 50 day simple moving average of $54.23 and a 200 day simple moving average of $48.30. 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 $7.73 billion, a P/E ratio of 24.70, a price-to-earnings-growth ratio of 1.31 and a beta of 1.39.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data 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 return on equity of 13.43% and a net margin of 10.82%. The firm had revenue of $580.58 million for the quarter, compared to analyst estimates of $566.83 million. During the same quarter last year, the company earned $0.80 EPS. The company’s revenue was up 18.8% on a year-over-year basis. On average, equities analysts expect that Synovus Financial Corp. will post 4.39 earnings per share for the current year.

Synovus Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th were paid a $0.38 dividend. The ex-dividend date was Thursday, December 19th. This represents a $1.52 annualized dividend and a dividend yield of 2.78%. Synovus Financial’s payout ratio is 68.78%.

Institutional Investors Weigh In On Synovus Financial

Several hedge funds have recently modified their holdings of the company. GAMMA Investing LLC boosted its holdings in shares of Synovus Financial by 6.5% during the 3rd quarter. GAMMA Investing LLC now owns 3,754 shares of the bank’s stock valued at $167,000 after acquiring an additional 229 shares in the last quarter. Dana Investment Advisors Inc. boosted its holdings in shares of Synovus Financial by 0.7% during the 2nd quarter. Dana Investment Advisors Inc. now owns 35,759 shares of the bank’s stock valued at $1,437,000 after acquiring an additional 254 shares in the last quarter. Wedmont Private Capital lifted its holdings 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 4th quarter. Harbor Capital Advisors Inc. now owns 14,800 shares of the bank’s stock worth $758,000 after buying an additional 302 shares during the period. Finally, Hanseatic Management Services Inc. lifted its holdings in Synovus Financial by 2.8% during the 3rd quarter. Hanseatic Management Services Inc. now owns 12,212 shares of the bank’s stock worth $543,000 after buying an additional 327 shares during the period. Institutional investors and hedge funds 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.