M&R Capital Management Inc. Trims Holdings in Synovus Financial Corp. (NYSE:SNV)

M&R Capital Management Inc. lessened its stake in Synovus Financial Corp. (NYSE:SNV) by 21.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,735 shares of the bank’s stock after selling 3,699 shares during the period. M&R Capital Management Inc.’s holdings in Synovus Financial were worth $611,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in SNV. Dana Investment Advisors Inc. lifted its holdings in Synovus Financial by 0.7% during the 2nd quarter. Dana Investment Advisors Inc. now owns 35,759 shares of the bank’s stock worth $1,437,000 after buying an additional 254 shares during the last quarter. Teachers Retirement System of The State of Kentucky increased its position in Synovus Financial by 6.0% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 112,937 shares of the bank’s stock worth $4,539,000 after buying an additional 6,349 shares during the period. Creative Planning lifted its stake in Synovus Financial by 18.3% in the second quarter. Creative Planning now owns 43,392 shares of the bank’s stock valued at $1,744,000 after buying an additional 6,710 shares during the last quarter. Algert Global LLC grew its position in shares of Synovus Financial by 5.2% during the second quarter. Algert Global LLC now owns 172,216 shares of the bank’s stock worth $6,921,000 after acquiring an additional 8,436 shares during the last quarter. Finally, Millennium Management LLC lifted its position in Synovus Financial by 181.0% in the 2nd quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock valued at $52,343,000 after purchasing an additional 838,932 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Thomas T. Dierdorff sold 614 shares of the stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total transaction of $28,366.80. Following the completion of the sale, the executive vice president now owns 14,833 shares in the company, valued at approximately $685,284.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.81% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on SNV shares. Keefe, Bruyette & Woods lifted their target price on Synovus Financial from $38.00 to $42.00 and gave the company a “market perform” rating in a research note on Tuesday, July 9th. Raymond James raised Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price on the stock in a report on Tuesday, September 17th. Evercore ISI cut their price objective on Synovus Financial from $50.00 to $48.00 and set an “in-line” rating for the company in a report on Wednesday. Morgan Stanley boosted their price target on shares of Synovus Financial from $41.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Finally, Truist Financial lifted their price objective on shares of Synovus Financial from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Synovus Financial has a consensus rating of “Moderate Buy” and a consensus price target of $47.44.

Synovus Financial Trading Up 0.1 %

NYSE SNV opened at $42.53 on Thursday. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.50. Synovus Financial Corp. has a 1-year low of $24.40 and a 1-year high of $47.83. The firm’s fifty day simple moving average is $44.01 and its 200-day simple moving average is $40.73. The company has a market capitalization of $6.23 billion, a PE ratio of 14.57, a price-to-earnings-growth ratio of 3.29 and a beta of 1.39.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, July 17th. The bank reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.20. The business had revenue of $563.60 million for the quarter, compared to the consensus estimate of $543.52 million. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The firm’s revenue was down .7% compared to the same quarter last year. During the same period last year, the business earned $1.16 EPS. As a group, sell-side analysts anticipate that Synovus Financial Corp. will post 4.21 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were paid a $0.38 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 annualized dividend and a dividend yield of 3.57%. Synovus Financial’s dividend payout ratio is currently 52.05%.

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.