Montgomery Investment Management Inc. Increases Position in Synovus Financial Corp. (NYSE:SNV)

Montgomery Investment Management Inc. grew its holdings in Synovus Financial Corp. (NYSE:SNV) by 0.6% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 42,493 shares of the bank’s stock after buying an additional 235 shares during the period. Synovus Financial accounts for approximately 0.9% of Montgomery Investment Management Inc.’s portfolio, making the stock its 29th largest position. Montgomery Investment Management Inc.’s holdings in Synovus Financial were worth $2,177,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in SNV. Creative Planning raised its holdings in Synovus Financial by 18.3% during the second quarter. Creative Planning now owns 43,392 shares of the bank’s stock worth $1,744,000 after purchasing an additional 6,710 shares in the last quarter. SG Americas Securities LLC raised its holdings in Synovus Financial by 21.6% during the third quarter. SG Americas Securities LLC now owns 11,307 shares of the bank’s stock worth $503,000 after purchasing an additional 2,007 shares in the last quarter. Handelsbanken Fonder AB grew its position in Synovus Financial by 46.7% during the third quarter. Handelsbanken Fonder AB now owns 37,372 shares of the bank’s stock worth $1,662,000 after buying an additional 11,900 shares during the period. GAMMA Investing LLC grew its position in Synovus Financial by 6.5% during the third quarter. GAMMA Investing LLC now owns 3,754 shares of the bank’s stock worth $167,000 after buying an additional 229 shares during the period. Finally, Callan Family Office LLC acquired a new position in Synovus Financial during the third quarter worth about $1,006,000. 83.85% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Price Performance

Shares of NYSE:SNV opened at $56.26 on Wednesday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. Synovus Financial Corp. has a fifty-two week low of $33.44 and a fifty-two week high of $59.92. The firm has a 50-day simple moving average of $53.91 and a 200 day simple moving average of $49.51. The company has a market cap of $7.97 billion, a PE ratio of 18.45, a P/E/G ratio of 1.17 and a beta of 1.39.

Synovus Financial (NYSE:SNV) last posted its earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, topping 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 firm had revenue of $580.58 million during the quarter, compared to analysts’ expectations of $566.83 million. During the same quarter in the prior year, the firm earned $0.80 EPS. Synovus Financial’s quarterly revenue was up 18.8% on a year-over-year basis. On average, sell-side analysts anticipate that Synovus Financial Corp. will post 4.86 EPS for the current year.

Synovus Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th were given a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.70%. The ex-dividend date of this dividend was Thursday, December 19th. Synovus Financial’s dividend payout ratio (DPR) is 49.84%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on SNV. Royal Bank of Canada restated an “outperform” rating and set a $64.00 target price on shares of Synovus Financial in a research report on Thursday, December 12th. Stephens reaffirmed an “equal weight” rating and issued a $58.00 target price on shares of Synovus Financial in a research note on Thursday, January 16th. Bank of America boosted their price objective on shares of Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Morgan Stanley boosted their price objective on shares of Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Finally, UBS Group initiated coverage on shares of Synovus Financial in a research note on Tuesday, December 17th. They set a “buy” rating and a $76.00 price objective for the company. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, Synovus Financial currently has an average rating of “Moderate Buy” and a consensus price target of $58.44.

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.