Sheaff Brock Investment Advisors LLC Makes New $210,000 Investment in Synovus Financial Corp. (NYSE:SNV)

Sheaff Brock Investment Advisors LLC acquired a new position in shares of Synovus Financial Corp. (NYSE:SNV) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 4,095 shares of the bank’s stock, valued at approximately $210,000.

A number of other institutional investors have also modified their holdings of SNV. Wellington Management Group LLP raised its holdings in Synovus Financial by 12.8% in the third quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock valued at $430,213,000 after buying an additional 1,095,557 shares during the period. FMR LLC lifted its holdings in Synovus Financial by 5.4% in the third quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock worth $517,027,000 after acquiring an additional 598,644 shares during the last quarter. TruWealth Advisors LLC acquired a new stake in shares of Synovus Financial in the 4th quarter worth about $12,350,000. Blue Trust Inc. lifted its position in Synovus Financial by 934.0% in the 4th quarter. Blue Trust Inc. now owns 246,686 shares of the bank’s stock valued at $12,638,000 after purchasing an additional 222,828 shares during the last quarter. Finally, 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 valued at $294,255,000 after purchasing an additional 201,362 shares during the period. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Trading Up 1.4 %

SNV stock opened at $55.21 on Tuesday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. The firm has a market cap of $7.82 billion, a P/E ratio of 18.10, a P/E/G ratio of 1.17 and a beta of 1.39. Synovus Financial Corp. has a 1-year low of $33.44 and a 1-year high of $59.92. The business’s 50 day moving average is $53.77 and its 200-day moving average is $50.08.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data 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 firm had revenue of $580.58 million during 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%. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.80 earnings per share. Equities analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently disclosed 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 2.75%. The ex-dividend date of this dividend was Thursday, December 19th. Synovus Financial’s payout ratio is presently 49.84%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. The Goldman Sachs Group increased their target price on shares of Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Royal Bank of Canada reissued an “outperform” rating and set a $64.00 target price on shares of Synovus Financial in a report on Thursday, December 12th. Morgan Stanley increased their price target on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Deutsche Bank Aktiengesellschaft started coverage on Synovus Financial in a research note on Monday, December 9th. They issued a “buy” rating and a $64.00 price objective on the stock. Finally, JPMorgan Chase & Co. lifted their target price on Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. 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, the company has an average rating of “Moderate Buy” and a consensus target price of $58.44.

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.