CIBC Private Wealth Group LLC Sells 475 Shares of Synovus Financial Corp. (NYSE:SNV)

CIBC Private Wealth Group LLC trimmed its stake in Synovus Financial Corp. (NYSE:SNV) by 7.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,065 shares of the bank’s stock after selling 475 shares during the period. CIBC Private Wealth Group LLC’s holdings in Synovus Financial were worth $318,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Keystone Financial Group Inc. bought a new position in Synovus Financial in the fourth quarter worth about $37,000. Quarry LP bought a new position in shares of Synovus Financial during the 3rd quarter worth approximately $41,000. Jones Financial Companies Lllp lifted its position in Synovus Financial by 72.7% during the fourth quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock valued at $56,000 after acquiring an additional 461 shares during the last quarter. V Square Quantitative Management LLC boosted its stake in Synovus Financial by 69.3% in the fourth 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, Millstone Evans Group LLC purchased a new position in Synovus Financial in the fourth quarter worth $59,000. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Synovus Financial Trading Down 4.7 %

Synovus Financial stock opened at $38.21 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. The stock’s 50 day simple moving average is $50.40 and its two-hundred day simple moving average is $51.09. Synovus Financial Corp. has a 12 month low of $33.44 and a 12 month high of $59.92. The firm has a market cap of $5.39 billion, a PE ratio of 12.53, a P/E/G ratio of 1.11 and a beta of 1.16.

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, topping analysts’ consensus estimates of $1.16 by $0.09. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The company had revenue of $580.58 million during the quarter, compared to analysts’ expectations of $566.83 million. During the same quarter in the prior year, the firm posted $0.80 EPS. Synovus Financial’s quarterly revenue was up 18.8% compared to the same quarter last year. Analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th were paid a dividend of $0.39 per share. The ex-dividend date was Thursday, March 20th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 4.08%. This is a boost from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s payout ratio is currently 51.15%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on SNV. Citigroup boosted their target price on Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Stephens restated an “equal weight” rating and set a $58.00 price objective on shares of Synovus Financial in a report on Thursday, January 16th. Raymond James lowered shares of Synovus Financial from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Morgan Stanley cut their price target on shares of Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 13th. Finally, UBS Group initiated coverage on shares of Synovus Financial in a research note on Tuesday, December 17th. They set a “buy” rating and a $76.00 price objective for the company. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Synovus Financial presently has a consensus rating of “Moderate Buy” and an average price target of $58.67.

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.