Synovus Financial Corp. (NYSE:SNV) Shares Sold by Private Capital Management LLC

Private Capital Management LLC reduced its holdings in Synovus Financial Corp. (NYSE:SNV) by 14.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 305,844 shares of the bank’s stock after selling 50,462 shares during the quarter. Synovus Financial accounts for 2.7% of Private Capital Management LLC’s holdings, making the stock its 22nd biggest position. Private Capital Management LLC’s holdings in Synovus Financial were worth $13,601,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Montgomery Investment Management Inc. increased its holdings in shares of Synovus Financial by 0.6% in the fourth quarter. Montgomery Investment Management Inc. now owns 42,493 shares of the bank’s stock valued at $2,177,000 after buying an additional 235 shares in the last quarter. Deroy & Devereaux Private Investment Counsel Inc. raised its position in shares of Synovus Financial by 0.3% during the fourth quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 103,480 shares of the bank’s stock worth $5,301,000 after purchasing an additional 270 shares during the period. Wedmont Private Capital raised its position in shares of Synovus Financial by 3.3% during the fourth quarter. Wedmont Private Capital now owns 9,401 shares of the bank’s stock worth $479,000 after purchasing an additional 299 shares during the period. Harbor Capital Advisors Inc. lifted its holdings in shares of Synovus Financial by 2.1% during the fourth quarter. Harbor Capital Advisors Inc. now owns 14,800 shares of the bank’s stock valued at $758,000 after purchasing an additional 302 shares during the last quarter. Finally, Savant Capital LLC boosted its position in shares of Synovus Financial by 2.7% in the 4th quarter. Savant Capital LLC now owns 11,923 shares of the bank’s stock valued at $611,000 after purchasing an additional 314 shares during the period. 83.85% of the stock is owned by institutional investors and hedge funds.

Synovus Financial Price Performance

Shares of SNV opened at $51.29 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88. The firm has a market cap of $7.27 billion, a PE ratio of 16.81, a PEG ratio of 1.11 and a beta of 1.39. The firm’s 50 day moving average price is $53.65 and its 200 day moving average price is $50.61. Synovus Financial Corp. has a twelve month low of $33.44 and a twelve month high of $59.92.

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

Synovus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th were paid a dividend of $0.38 per share. The ex-dividend date was Thursday, December 19th. This represents a $1.52 annualized dividend and a dividend yield of 2.96%. Synovus Financial’s dividend payout ratio (DPR) is presently 49.84%.

Analyst Upgrades and Downgrades

SNV has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft initiated coverage on Synovus Financial in a report on Monday, December 9th. They set a “buy” rating and a $64.00 price objective on the stock. Citigroup boosted their price target on shares of Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a report on Friday, January 17th. UBS Group started coverage on shares of Synovus Financial in a research note on Tuesday, December 17th. They issued a “buy” rating and a $76.00 price objective for the company. Royal Bank of Canada reissued an “outperform” rating and set a $64.00 target price on shares of Synovus Financial in a research note on Thursday, December 12th. Finally, Barclays raised their target price on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target 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.