Stifel Financial Corp Sells 8,105 Shares of Synovus Financial Corp. (NYSE:SNV)

Stifel Financial Corp decreased its position in shares of Synovus Financial Corp. (NYSE:SNV) by 4.8% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 159,647 shares of the bank’s stock after selling 8,105 shares during the period. Stifel Financial Corp’s holdings in Synovus Financial were worth $7,100,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. FMR LLC lifted its stake in Synovus Financial by 5.4% in the third quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock worth $517,027,000 after acquiring an additional 598,644 shares during the period. Dimensional Fund Advisors LP increased its holdings 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 valued at $231,597,000 after acquiring an additional 491,036 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in 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 worth $222,022,000 after buying an additional 147,599 shares during the period. Millennium Management LLC increased its holdings in Synovus Financial by 181.0% in the 2nd quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock worth $52,343,000 after buying an additional 838,932 shares during the period. Finally, Diamond Hill Capital Management Inc. acquired a new position in Synovus Financial in the 2nd quarter worth approximately $19,434,000. 83.85% of the stock is currently owned by institutional investors.

Synovus Financial Price Performance

Synovus Financial stock opened at $54.15 on Friday. Synovus Financial Corp. has a 52-week low of $33.44 and a 52-week high of $59.92. The firm has a fifty day moving average of $52.71 and a 200-day moving average of $45.82. The firm has a market capitalization of $7.67 billion, a P/E ratio of 24.50, a PEG ratio of 1.64 and a beta of 1.38. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42.

Synovus Financial (NYSE:SNV) last announced its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.14. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The business had revenue of $564.72 million during the quarter, compared to the consensus estimate of $557.64 million. During the same period in the prior year, the firm earned $0.84 earnings per share. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. As a group, analysts predict that Synovus Financial Corp. will post 4.37 EPS for the current 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 issued a dividend of $0.38 per share. The ex-dividend date is Thursday, December 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.81%. Synovus Financial’s dividend payout ratio (DPR) is 68.78%.

Analyst Ratings Changes

SNV has been the topic of a number of analyst reports. DA Davidson raised their price objective on shares of Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Raymond James upgraded Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price on the stock in a research report on Tuesday, September 17th. Citigroup set a $59.00 price objective on Synovus Financial in a report on Friday, October 18th. The Goldman Sachs Group lifted their price target on Synovus Financial from $52.00 to $62.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Finally, Truist Financial lifted their price target on Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Synovus Financial has a consensus rating of “Moderate Buy” and a consensus price target of $56.00.

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.