Sage Mountain Advisors LLC Sells 1,923 Shares of Synovus Financial Corp. (NYSE:SNV)

Sage Mountain Advisors LLC lowered its stake in Synovus Financial Corp. (NYSE:SNV) by 23.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,216 shares of the bank’s stock after selling 1,923 shares during the quarter. Sage Mountain Advisors LLC’s holdings in Synovus Financial were worth $318,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. FMR LLC boosted its holdings in Synovus Financial by 5.4% during the third quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock worth $517,027,000 after buying an additional 598,644 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Synovus Financial by 12.8% in the 3rd quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock valued at $430,213,000 after acquiring an additional 1,095,557 shares during the period. State Street Corp boosted its stake in Synovus Financial by 3.2% during the 3rd quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock worth $294,255,000 after acquiring an additional 201,362 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Synovus Financial by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,109,856 shares of the bank’s stock valued at $261,778,000 after purchasing an additional 117,242 shares during the period. Finally, Geode Capital Management LLC increased its stake in Synovus Financial by 0.9% in the third quarter. Geode Capital Management LLC now owns 2,419,737 shares of the bank’s stock valued at $107,633,000 after purchasing an additional 22,549 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors.

Synovus Financial Trading Up 2.2 %

Shares of NYSE:SNV opened at $44.80 on Thursday. The company’s 50-day moving average price is $52.95 and its two-hundred day moving average price is $50.92. Synovus Financial Corp. has a one year low of $33.44 and a one 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 market capitalization of $6.31 billion, a PE ratio of 14.69, a price-to-earnings-growth ratio of 1.11 and a beta of 1.36.

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

Synovus Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 3.48%. The ex-dividend date is Thursday, March 20th. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s dividend payout ratio is presently 51.15%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on SNV shares. Piper Sandler boosted their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a report on Wednesday, December 11th. Deutsche Bank Aktiengesellschaft assumed coverage on Synovus Financial in a research note on Monday, December 9th. They issued a “buy” rating and a $64.00 target price for the company. JPMorgan Chase & Co. raised their price target on Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Stephens reiterated an “equal weight” rating and set a $58.00 price objective on shares of Synovus Financial in a report on Thursday, January 16th. Finally, The Goldman Sachs Group boosted their price objective on Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average 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.