Sanctuary Advisors LLC Buys 1,556 Shares of Synovus Financial Corp. (NYSE:SNV)

Sanctuary Advisors LLC lifted its stake in Synovus Financial Corp. (NYSE:SNV) by 31.8% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 6,446 shares of the bank’s stock after acquiring an additional 1,556 shares during the period. Sanctuary Advisors LLC’s holdings in Synovus Financial were worth $364,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in SNV. Keystone Financial Group Inc. bought a new position in shares of Synovus Financial in the 4th quarter valued at approximately $37,000. Quarry LP bought a new position in shares of Synovus Financial in the 3rd quarter valued at approximately $41,000. Brooklyn Investment Group bought a new position in shares of Synovus Financial in the 3rd quarter valued at approximately $56,000. V Square Quantitative Management LLC raised its stake in shares of Synovus Financial by 69.3% in the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock valued at $58,000 after acquiring an additional 466 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its position in Synovus Financial by 474.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,466 shares of the bank’s stock worth $65,000 after buying an additional 1,211 shares during the period. 83.85% of the stock is owned by institutional investors.

Synovus Financial Price Performance

Shares of NYSE:SNV opened at $50.65 on Tuesday. Synovus Financial Corp. has a 1-year low of $33.44 and a 1-year high of $59.92. The firm has a market capitalization of $7.14 billion, a PE ratio of 16.61, a PEG ratio of 1.11 and a beta of 1.39. The business’s 50 day moving average is $53.67 and its 200-day moving average is $50.87. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, beating the consensus estimate of $1.16 by $0.09. The business had revenue of $580.58 million for the quarter, compared to analyst estimates of $566.83 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. Synovus Financial’s quarterly revenue was up 18.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.80 EPS. Sell-side analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Thursday, March 20th will be paid a $0.39 dividend. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a yield of 3.08%. Synovus Financial’s payout ratio is currently 49.84%.

Analyst Upgrades and Downgrades

Several research analysts have commented on SNV shares. Citigroup lifted their price target on Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Barclays lifted their price target on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Deutsche Bank Aktiengesellschaft started coverage on Synovus Financial in a research report on Monday, December 9th. They issued a “buy” rating and a $64.00 price target on the stock. Piper Sandler lifted their price target on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. Finally, 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 research report on Tuesday, November 26th. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $58.44.

About Synovus Financial

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.