Equitable Trust Co. Decreases Stock Position in Synovus Financial Corp. (NYSE:SNV)

Equitable Trust Co. cut its position in Synovus Financial Corp. (NYSE:SNV) by 9.1% during the fourth quarter, HoldingsChannel.com reports. The fund owned 8,295 shares of the bank’s stock after selling 835 shares during the period. Equitable Trust Co.’s holdings in Synovus Financial were worth $425,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in SNV. V Square Quantitative Management LLC purchased a new position in Synovus Financial in the 3rd quarter valued at $30,000. UMB Bank n.a. raised its position in shares of Synovus Financial by 87.2% in the third quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock valued at $33,000 after buying an additional 348 shares during the last quarter. Keystone Financial Group Inc. purchased a new position in shares of Synovus Financial in the fourth quarter worth about $37,000. Quarry LP purchased a new position in shares of Synovus Financial in the third quarter worth about $41,000. Finally, Brooklyn Investment Group acquired a new position in Synovus Financial during the third quarter worth about $56,000. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SNV has been the subject of a number of recent research reports. Morgan Stanley increased their price objective on shares of Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a report on Monday, October 21st. Stephens restated an “equal weight” rating and issued a $58.00 price target on shares of Synovus Financial in a research report on Thursday, January 16th. Citigroup lifted their price objective on Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. DA Davidson upped their target price on Synovus Financial from $53.00 to $60.00 and gave the company a “buy” rating in a report on Friday, October 18th. Finally, StockNews.com raised Synovus Financial from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $58.44.

Synovus Financial Stock Performance

NYSE SNV opened at $55.71 on Wednesday. The company has a market cap of $7.89 billion, a P/E ratio of 18.27, a P/E/G ratio of 1.17 and a beta of 1.39. Synovus Financial Corp. has a 1-year low of $33.44 and a 1-year high of $59.92. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. The stock has a 50-day moving average of $53.82 and a two-hundred day moving average of $49.84.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data 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 firm had revenue of $580.58 million during the quarter, compared to analysts’ expectations of $566.83 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.80 earnings per share. As a group, analysts anticipate that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.73%. The ex-dividend date of this dividend was Thursday, December 19th. Synovus Financial’s payout ratio is currently 49.84%.

Synovus Financial Company 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.