Continental Advisors LLC cut its position in Synovus Financial Corp. (NYSE:SNV) by 44.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 54,074 shares of the bank’s stock after selling 43,903 shares during the quarter. Continental Advisors LLC’s holdings in Synovus Financial were worth $2,474,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. Column Capital Advisors LLC acquired a new stake in shares of Synovus Financial in the first quarter valued at about $33,000. Carroll Financial Associates Inc. acquired a new stake in shares of Synovus Financial in the first quarter valued at about $35,000. Harvest Fund Management Co. Ltd acquired a new stake in shares of Synovus Financial in the first quarter valued at about $38,000. Valeo Financial Advisors LLC acquired a new stake in shares of Synovus Financial in the first quarter valued at about $71,000. Finally, IFP Advisors Inc increased its stake in shares of Synovus Financial by 15.6% in the first quarter. IFP Advisors Inc now owns 1,724 shares of the bank’s stock valued at $79,000 after buying an additional 233 shares during the period. Hedge funds and other institutional investors own 76.31% of the company’s stock.
Several brokerages have recently weighed in on SNV. Piper Sandler increased their price target on Synovus Financial from $54.50 to $59.00 and gave the company an “overweight” rating in a research note on Thursday, June 3rd. Seaport Global Securities initiated coverage on Synovus Financial in a research note on Wednesday, March 24th. They issued a “buy” rating and a $53.00 price target for the company. Zacks Investment Research cut Synovus Financial from a “strong-buy” rating to a “hold” rating and set a $52.00 target price for the company. in a research note on Monday, June 7th. Morgan Stanley raised their target price on Synovus Financial from $56.00 to $58.00 and gave the stock an “overweight” rating in a research note on Thursday, April 29th. Finally, Raymond James raised their target price on Synovus Financial from $42.00 to $53.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 7th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $45.15.
Synovus Financial stock traded down $1.03 during mid-day trading on Thursday, reaching $41.20. The stock had a trading volume of 14,829 shares, compared to its average volume of 959,514. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.88 and a quick ratio of 0.87. Synovus Financial Corp. has a fifty-two week low of $19.39 and a fifty-two week high of $50.51. The company has a 50-day simple moving average of $45.97. The stock has a market cap of $6.12 billion, a price-to-earnings ratio of 10.49, a PEG ratio of 1.22 and a beta of 1.61.
Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Monday, July 19th. The bank reported $1.20 EPS for the quarter, beating the Zacks’ consensus estimate of $1.03 by $0.17. Synovus Financial had a return on equity of 14.65% and a net margin of 28.77%. During the same period in the previous year, the firm earned $0.23 earnings per share. As a group, equities research analysts expect that Synovus Financial Corp. will post 4.22 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, July 1st. Stockholders of record on Thursday, June 17th were issued a $0.33 dividend. The ex-dividend date of this dividend was Wednesday, June 16th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 3.20%. Synovus Financial’s dividend payout ratio is presently 54.77%.
Synovus Financial Profile
Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides commercial and retail banking products and services. It operates through three segments: Community Banking, Wholesale Banking, and Financial Management Services. The company's commercial banking services include treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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