Resources Management Corp CT ADV Trims Holdings in Synovus Financial Corp. (NYSE:SNV)

Resources Management Corp CT ADV trimmed its stake in Synovus Financial Corp. (NYSE:SNV) by 5.4% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 23,785 shares of the bank’s stock after selling 1,350 shares during the period. Resources Management Corp CT ADV’s holdings in Synovus Financial were worth $1,058,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Public Employees Retirement System of Ohio raised its stake in shares of Synovus Financial by 1.2% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 56,284 shares of the bank’s stock valued at $2,503,000 after acquiring an additional 643 shares during the period. XTX Topco Ltd purchased a new stake in shares of Synovus Financial in the 3rd quarter valued at approximately $1,405,000. iSAM Funds UK Ltd purchased a new stake in Synovus Financial during the 3rd quarter worth approximately $621,000. EP Wealth Advisors LLC purchased a new stake in Synovus Financial during the 3rd quarter worth approximately $242,000. Finally, Wellington Management Group LLP increased its stake in Synovus Financial by 12.8% during the 3rd quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock worth $430,213,000 after buying an additional 1,095,557 shares during the period. 83.85% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Trading Down 1.7 %

Shares of Synovus Financial stock opened at $54.84 on Tuesday. The company has a fifty day simple moving average of $51.74 and a 200-day simple moving average of $45.47. Synovus Financial Corp. has a 12-month low of $33.44 and a 12-month high of $59.92. 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 cap of $7.77 billion, a price-to-earnings ratio of 24.81, a PEG ratio of 2.01 and a beta of 1.38.

Synovus Financial (NYSE:SNV) last issued its earnings results 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. The business had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.84 EPS. On average, equities analysts forecast that Synovus Financial Corp. will post 4.37 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th will be given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.77%. The ex-dividend date is Thursday, December 19th. Synovus Financial’s payout ratio is currently 68.78%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. StockNews.com raised shares of Synovus Financial from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. DA Davidson upped their target price on shares of Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Royal Bank of Canada upped their target price on shares of Synovus Financial from $49.00 to $57.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. JPMorgan Chase & Co. upped their target price 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. Finally, Raymond James raised shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price on the stock in a research note on Tuesday, September 17th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $55.00.

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.