Synovus Financial Corp. (NYSE:SNV) Position Reduced by Private Capital Management LLC

Private Capital Management LLC lowered its stake in Synovus Financial Corp. (NYSE:SNV) by 14.2% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 305,844 shares of the bank’s stock after selling 50,462 shares during the period. Synovus Financial accounts for approximately 2.7% of Private Capital Management LLC’s holdings, making the stock its 22nd biggest holding. Private Capital Management LLC owned 0.22% of Synovus Financial worth $13,601,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Thrivent Financial for Lutherans grew its stake in Synovus Financial by 7.6% in the third quarter. Thrivent Financial for Lutherans now owns 146,734 shares of the bank’s stock worth $6,525,000 after purchasing an additional 10,346 shares in the last quarter. Nordea Investment Management AB grew its position in shares of Synovus Financial by 3.8% in the 4th quarter. Nordea Investment Management AB now owns 276,863 shares of the bank’s stock worth $14,261,000 after acquiring an additional 10,109 shares in the last quarter. Quest Partners LLC bought a new stake in shares of Synovus Financial in the 3rd quarter valued at approximately $1,264,000. Quantinno Capital Management LP raised its position in shares of Synovus Financial by 25.1% during the 3rd quarter. Quantinno Capital Management LP now owns 49,099 shares of the bank’s stock valued at $2,183,000 after acquiring an additional 9,852 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Synovus Financial by 3.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank’s stock worth $222,022,000 after purchasing an additional 147,599 shares during the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Price Performance

Shares of NYSE SNV opened at $51.29 on Friday. The firm’s 50-day simple moving average is $53.65 and its 200 day simple moving average is $50.61. The stock has a market cap of $7.27 billion, a P/E ratio of 16.81, a P/E/G ratio of 1.11 and a beta of 1.39. 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.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.09. The company had revenue of $580.58 million for the quarter, compared to the consensus estimate of $566.83 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. Synovus Financial’s revenue was up 18.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.80 EPS. Equities analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th were given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.96%. The ex-dividend date of this dividend was Thursday, December 19th. Synovus Financial’s dividend payout ratio (DPR) is presently 49.84%.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Synovus Financial in a research note on Monday, December 9th. They set a “buy” rating and a $64.00 target price for the company. 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, November 26th. Piper Sandler raised their target price on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. Royal Bank of Canada restated an “outperform” rating and issued a $64.00 target price on shares of Synovus Financial in a research note on Thursday, December 12th. Finally, Barclays increased their price target on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. 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 MarketBeat, Synovus Financial presently 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.