Values First Advisors Inc. Lowers Stake in Synovus Financial Corp. (NYSE:SNV)

Values First Advisors Inc. reduced its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 6.4% in the fourth quarter, HoldingsChannel reports. The fund owned 48,846 shares of the bank’s stock after selling 3,344 shares during the period. Synovus Financial accounts for 1.4% of Values First Advisors Inc.’s portfolio, making the stock its 11th biggest holding. Values First Advisors Inc.’s holdings in Synovus Financial were worth $2,502,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. SG Americas Securities LLC raised its holdings in Synovus Financial by 21.6% in the third quarter. SG Americas Securities LLC now owns 11,307 shares of the bank’s stock worth $503,000 after buying an additional 2,007 shares during the last quarter. CWM LLC raised its holdings in Synovus Financial by 93.3% in the third quarter. CWM LLC now owns 2,003 shares of the bank’s stock worth $89,000 after buying an additional 967 shares during the last quarter. UMB Bank n.a. raised its holdings in Synovus Financial by 87.2% in the third quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock worth $33,000 after buying an additional 348 shares during the last quarter. Inspire Investing LLC raised its holdings in Synovus Financial by 6.2% in the third quarter. Inspire Investing LLC now owns 9,288 shares of the bank’s stock worth $413,000 after buying an additional 541 shares during the last quarter. Finally, nVerses Capital LLC purchased a new position in Synovus Financial in the third quarter worth about $422,000. 83.85% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Stock Performance

SNV opened at $55.71 on Wednesday. The stock has a market capitalization of $7.89 billion, a price-to-earnings ratio of 18.27, a PEG ratio of 1.17 and a beta of 1.39. The company has a fifty day moving average of $53.82 and a 200 day moving average of $49.84. Synovus Financial Corp. has a fifty-two week low of $33.44 and a fifty-two week high of $59.92. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88.

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

Synovus Financial Announces Dividend

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

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SNV. Truist Financial lifted their target price on shares of Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Citigroup lifted their target price on shares of Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Stephens reissued an “equal weight” rating and set a $58.00 price objective on shares of Synovus Financial in a report on Thursday, January 16th. UBS Group initiated coverage on shares of Synovus Financial in a report on Tuesday, December 17th. They set a “buy” rating and a $76.00 price objective for the company. Finally, Evercore ISI boosted their price objective on shares of Synovus Financial from $48.00 to $54.00 and gave the company an “in-line” rating in a report on Wednesday, October 30th. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $58.44.

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.