Focus Partners Wealth Increases Stock Position in Synovus Financial Corp. (NYSE:SNV)

Focus Partners Wealth raised its position in shares of Synovus Financial Corp. (NYSE:SNV) by 23.1% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,447 shares of the bank’s stock after buying an additional 2,901 shares during the period. Focus Partners Wealth’s holdings in Synovus Financial were worth $791,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Colonial Trust Co SC raised its holdings in Synovus Financial by 554.4% in the 4th quarter. Colonial Trust Co SC now owns 589 shares of the bank’s stock worth $30,000 after purchasing an additional 499 shares in the last quarter. Keystone Financial Group Inc. bought a new position in shares of Synovus Financial in the 4th quarter worth about $37,000. Jones Financial Companies Lllp increased its stake in shares of Synovus Financial by 72.7% in the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock worth $56,000 after acquiring an additional 461 shares in the last quarter. V Square Quantitative Management LLC increased its stake in Synovus Financial by 69.3% during the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock valued at $58,000 after purchasing an additional 466 shares in the last quarter. Finally, Millstone Evans Group LLC bought a new stake in Synovus Financial during the 4th quarter valued at about $59,000. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Analyst Upgrades and Downgrades

SNV has been the subject of a number of analyst reports. Truist Financial initiated coverage on shares of Synovus Financial in a research note on Tuesday, May 13th. They set a “buy” rating and a $56.00 price objective for the company. Morgan Stanley dropped their price target on shares of Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating on the stock in a report on Thursday, March 13th. Raymond James downgraded shares of Synovus Financial from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 2nd. Wells Fargo & Company dropped their price objective on shares of Synovus Financial from $60.00 to $50.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 9th. Finally, DA Davidson dropped their price objective on shares of Synovus Financial from $65.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, April 21st. Eight research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $56.11.

Synovus Financial Trading Up 0.3%

Shares of NYSE:SNV opened at $49.50 on Monday. Synovus Financial Corp. has a 1 year low of $35.81 and a 1 year high of $59.92. The firm has a market capitalization of $6.88 billion, a price-to-earnings ratio of 16.23, a price-to-earnings-growth ratio of 1.11 and a beta of 1.13. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. The business’s 50 day moving average price is $44.32 and its 200-day moving average price is $50.46.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, April 16th. The bank reported $1.30 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.19. The company had revenue of $573.24 million for the quarter, compared to analyst estimates of $572.35 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. On average, equities research analysts forecast that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th were paid a $0.39 dividend. The ex-dividend date was Thursday, March 20th. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.15%. Synovus Financial’s dividend payout ratio (DPR) is 43.70%.

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.