Synovus Financial Corp. (NYSE:SNV) Stake Lessened by BIP Wealth LLC

BIP Wealth LLC cut its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 1.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,059 shares of the bank’s stock after selling 234 shares during the quarter. BIP Wealth LLC’s holdings in Synovus Financial were worth $981,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. GAMMA Investing LLC raised its position in shares of Synovus Financial by 6.5% in the third quarter. GAMMA Investing LLC now owns 3,754 shares of the bank’s stock valued at $167,000 after purchasing an additional 229 shares during the period. Fifth Third Bancorp lifted its position in Synovus Financial by 7.0% during the 2nd quarter. Fifth Third Bancorp now owns 3,760 shares of the bank’s stock worth $151,000 after acquiring an additional 245 shares during the last quarter. Dana Investment Advisors Inc. boosted its holdings in Synovus Financial by 0.7% during the second quarter. Dana Investment Advisors Inc. now owns 35,759 shares of the bank’s stock valued at $1,437,000 after acquiring an additional 254 shares during the period. Pitcairn Co. grew its position in shares of Synovus Financial by 2.3% in the first quarter. Pitcairn Co. now owns 11,542 shares of the bank’s stock valued at $462,000 after purchasing an additional 261 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Synovus Financial by 18.5% in the first quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock worth $76,000 after purchasing an additional 298 shares during the period. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Stock Performance

Shares of NYSE:SNV opened at $55.92 on Tuesday. Synovus Financial Corp. has a 1-year low of $29.34 and a 1-year high of $59.79. The business has a 50-day moving average price of $48.07 and a two-hundred day moving average price of $43.67. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $7.92 billion, a P/E ratio of 25.30, a P/E/G ratio of 2.01 and a beta of 1.37.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The firm had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. During the same quarter in the previous year, the company earned $0.84 earnings per share. The business’s revenue for the quarter was up 2.6% on a year-over-year basis. Equities analysts predict that Synovus Financial Corp. will post 4.36 earnings per share for the current year.

Synovus Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.72%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial’s dividend payout ratio is presently 68.78%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on SNV shares. Morgan Stanley upped their price objective on shares of Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research report on Monday, October 21st. Wells Fargo & Company cut Synovus Financial from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $48.00 to $46.00 in a research report on Tuesday, October 1st. Royal Bank of Canada increased their price objective on shares of Synovus Financial from $49.00 to $57.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Evercore ISI upped their target price on shares of Synovus Financial from $48.00 to $54.00 and gave the company an “in-line” rating in a research note on Wednesday, October 30th. Finally, JPMorgan Chase & Co. raised their price target on shares of Synovus Financial from $52.00 to $59.00 and gave the stock an “overweight” rating in a research note on Friday, October 18th. Seven analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Synovus Financial currently has a consensus rating of “Moderate Buy” and an average price target of $52.71.

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.