WBI Investments LLC Sells 900 Shares of Synovus Financial Corp. (NYSE:SNV)

WBI Investments LLC reduced its stake in Synovus Financial Corp. (NYSE:SNV) by 6.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,308 shares of the bank’s stock after selling 900 shares during the period. WBI Investments LLC’s holdings in Synovus Financial were worth $463,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of SNV. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Synovus Financial in the 3rd quarter worth approximately $214,000. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Synovus Financial by 11.2% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 22,867 shares of the bank’s stock worth $636,000 after acquiring an additional 2,305 shares in the last quarter. Fifth Third Bancorp boosted its holdings in shares of Synovus Financial by 12.6% in the 3rd quarter. Fifth Third Bancorp now owns 4,035 shares of the bank’s stock worth $112,000 after acquiring an additional 452 shares in the last quarter. Nisa Investment Advisors LLC boosted its holdings in shares of Synovus Financial by 42.1% in the 3rd quarter. Nisa Investment Advisors LLC now owns 25,250 shares of the bank’s stock worth $702,000 after acquiring an additional 7,475 shares in the last quarter. Finally, NBC Securities Inc. acquired a new position in shares of Synovus Financial in the 3rd quarter worth approximately $184,000. 83.85% of the stock is owned by institutional investors and hedge funds.

Synovus Financial Trading Down 0.1 %

Shares of SNV traded down $0.03 during trading hours on Thursday, reaching $39.62. The stock had a trading volume of 272,800 shares, compared to its average volume of 1,418,776. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.45. Synovus Financial Corp. has a 52 week low of $24.40 and a 52 week high of $40.92. The firm has a 50-day moving average of $38.13 and a 200 day moving average of $36.47. The company has a market cap of $5.80 billion, a P/E ratio of 13.54, a P/E/G ratio of 5.39 and a beta of 1.41.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Thursday, April 18th. The bank reported $0.79 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The firm had revenue of $537.73 million during the quarter, compared to the consensus estimate of $547.62 million. During the same quarter in the prior year, the company earned $1.33 EPS. Synovus Financial’s quarterly revenue was down 12.4% on a year-over-year basis. On average, sell-side analysts expect that Synovus Financial Corp. will post 3.82 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Thursday, March 21st were issued a $0.38 dividend. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.84%. Synovus Financial’s dividend payout ratio (DPR) is 52.05%.

Analyst Ratings Changes

SNV has been the topic of several research reports. The Goldman Sachs Group reduced their price objective on Synovus Financial from $46.00 to $41.00 and set a “neutral” rating on the stock in a report on Friday, April 19th. Jefferies Financial Group reduced their price objective on Synovus Financial from $46.00 to $43.00 and set a “buy” rating on the stock in a report on Monday, April 8th. Barclays reduced their price objective on Synovus Financial from $42.00 to $39.00 and set an “equal weight” rating on the stock in a report on Friday, April 19th. Wells Fargo & Company reduced their price objective on Synovus Financial from $42.00 to $40.00 and set an “overweight” rating on the stock in a report on Friday, April 19th. Finally, Stephens reaffirmed an “equal weight” rating and set a $38.00 price objective on shares of Synovus Financial in a report on Tuesday, May 7th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, Synovus Financial presently has an average rating of “Hold” and a consensus price target of $41.50.

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.