Eventide Asset Management LLC Sells 3,097 Shares of Synovus Financial Corp. (NYSE:SNV)

Eventide Asset Management LLC trimmed its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 2.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 133,260 shares of the bank’s stock after selling 3,097 shares during the quarter. Eventide Asset Management LLC owned about 0.09% of Synovus Financial worth $5,926,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. V Square Quantitative Management LLC bought a new position in shares of Synovus Financial during the third quarter worth approximately $30,000. UMB Bank n.a. grew its position in Synovus Financial by 87.2% during 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 in the last quarter. Innealta Capital LLC bought a new position in Synovus Financial during the 2nd quarter worth $43,000. Abich Financial Wealth Management LLC raised its holdings in Synovus Financial by 43.5% in the 1st quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock valued at $49,000 after acquiring an additional 371 shares in the last quarter. Finally, Headlands Technologies LLC lifted its position in shares of Synovus Financial by 404.8% during the 2nd quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock valued at $55,000 after acquiring an additional 1,105 shares during the period. Institutional investors and hedge funds own 83.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. StockNews.com upgraded Synovus Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Royal Bank of Canada raised their target price on shares of Synovus Financial from $49.00 to $57.00 and gave the company an “outperform” rating in a report on Friday, October 18th. JPMorgan Chase & Co. boosted their target price on shares of Synovus Financial from $52.00 to $59.00 and gave the company an “overweight” rating in a research report on Friday, October 18th. Barclays increased their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Finally, The Goldman Sachs Group boosted their price objective on shares of Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a research report on Tuesday. Seven research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, Synovus Financial has an average rating of “Moderate Buy” and an average price target of $53.94.

Synovus Financial Price Performance

Shares of SNV opened at $57.08 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. The stock has a market cap of $8.09 billion, a PE ratio of 25.83, a PEG ratio of 2.07 and a beta of 1.37. Synovus Financial Corp. has a 12-month low of $30.52 and a 12-month high of $59.92. The business has a 50-day simple moving average of $50.09 and a two-hundred day simple moving average of $44.61.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The company had revenue of $564.72 million during the quarter, compared to the consensus estimate of $557.64 million. During the same quarter in the prior year, the firm posted $0.84 earnings per share. The firm’s revenue was up 2.6% compared to the same quarter last year. Analysts anticipate that Synovus Financial Corp. will post 4.37 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were paid a $0.38 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 annualized dividend and a dividend yield of 2.66%. Synovus Financial’s dividend payout ratio is 68.78%.

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.