Basswood Capital Management L.L.C. Sells 297,343 Shares of Synovus Financial Corp. (NYSE:SNV)

Basswood Capital Management L.L.C. decreased its position in shares of Synovus Financial Corp. (NYSE:SNV) by 40.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 430,841 shares of the bank’s stock after selling 297,343 shares during the quarter. Basswood Capital Management L.L.C. owned approximately 0.30% of Synovus Financial worth $19,159,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. V Square Quantitative Management LLC acquired a new stake in shares of Synovus Financial during the third quarter valued at about $30,000. UMB Bank n.a. raised its holdings in Synovus Financial by 87.2% in the 3rd 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. Innealta Capital LLC acquired a new stake in Synovus Financial during the 2nd quarter worth approximately $43,000. Headlands Technologies LLC grew its holdings in Synovus Financial by 404.8% during the 2nd quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock worth $55,000 after acquiring an additional 1,105 shares during the last quarter. Finally, Brooklyn Investment Group acquired a new position in Synovus Financial in the 3rd quarter valued at approximately $56,000. Institutional investors own 83.85% of the company’s stock.

Wall Street Analyst Weigh In

SNV has been the topic of a number of recent research reports. StockNews.com upgraded shares of Synovus Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Barclays upped their price target on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Citigroup set a $59.00 price objective on Synovus Financial in a research report on Friday, October 18th. Truist Financial upped their target price on Synovus Financial from $52.00 to $57.00 and gave the company a “buy” rating in a report on Monday, October 21st. Finally, Morgan Stanley raised their price target on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a report on Monday, October 21st. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $53.94.

Synovus Financial Price Performance

SNV stock opened at $57.07 on Monday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88. The company’s 50-day moving average is $50.33 and its 200-day moving average is $44.76. The stock has a market capitalization of $8.08 billion, a PE ratio of 25.82, a price-to-earnings-growth ratio of 2.06 and a beta of 1.38. Synovus Financial Corp. has a 1 year low of $30.52 and a 1 year high of $59.92.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.14. The business had revenue of $564.72 million for the quarter, compared to analyst estimates of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The company’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.84 earnings per share. Equities research analysts expect that Synovus Financial Corp. will post 4.37 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were paid a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a yield of 2.66%. Synovus Financial’s dividend payout ratio (DPR) is presently 68.78%.

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.