Amalgamated Bank Reduces Position in Synovus Financial Corp. (NYSE:SNV)

Amalgamated Bank cut its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 4.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 64,619 shares of the bank’s stock after selling 2,794 shares during the period. Amalgamated Bank’s holdings in Synovus Financial were worth $3,020,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Sound View Wealth Advisors Group LLC boosted its position in shares of Synovus Financial by 3.1% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 7,941 shares of the bank’s stock valued at $407,000 after buying an additional 241 shares during the last quarter. Janney Montgomery Scott LLC boosted its position in Synovus Financial by 0.5% in the first quarter. Janney Montgomery Scott LLC now owns 51,606 shares of the bank’s stock worth $2,412,000 after purchasing an additional 249 shares during the last quarter. M&T Bank Corp boosted its position in Synovus Financial by 4.8% in the fourth quarter. M&T Bank Corp now owns 7,265 shares of the bank’s stock worth $372,000 after purchasing an additional 331 shares during the last quarter. ProShare Advisors LLC boosted its position in Synovus Financial by 5.6% in the fourth quarter. ProShare Advisors LLC now owns 6,628 shares of the bank’s stock worth $340,000 after purchasing an additional 352 shares during the last quarter. Finally, Blair William & Co. IL boosted its position in Synovus Financial by 6.4% in the fourth quarter. Blair William & Co. IL now owns 6,241 shares of the bank’s stock worth $320,000 after purchasing an additional 374 shares during the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Stock Up 0.3%

Shares of SNV opened at $55.10 on Friday. The business’s 50 day moving average is $48.40 and its 200 day moving average is $49.00. The company has a market capitalization of $7.66 billion, a PE ratio of 15.43, a price-to-earnings-growth ratio of 1.06 and a beta of 1.19. Synovus Financial Corp. has a 12-month low of $35.94 and a 12-month high of $59.92. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.43.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.19. The company had revenue of $573.24 million for the quarter, compared to the consensus estimate of $572.35 million. Synovus Financial had a return on equity of 15.87% and a net margin of 16.19%. Research analysts expect that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Thursday, June 19th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 2.83%. The ex-dividend date was Wednesday, June 18th. Synovus Financial’s dividend payout ratio (DPR) is presently 43.70%.

Analyst Ratings Changes

Several research analysts have issued reports on SNV shares. Royal Bank Of Canada dropped their target price on Synovus Financial from $64.00 to $52.00 and set an “outperform” rating on the stock in a research report on Monday, April 21st. Barclays dropped their target price on Synovus Financial from $66.00 to $60.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Wells Fargo & Company dropped their target price on Synovus Financial from $60.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 9th. DA Davidson dropped their target price on Synovus Financial from $65.00 to $60.00 and set a “buy” rating on the stock in a research report on Monday, April 21st. Finally, Jefferies Financial Group started coverage on Synovus Financial in a research report on Wednesday, May 21st. They issued a “hold” rating and a $55.00 target price on the stock. Nine analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $57.11.

Synovus Financial 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.