Anchor Investment Management LLC Reduces Stock Position in Synovus Financial Corp. (NYSE:SNV)

Anchor Investment Management LLC reduced its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 9.4% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 5,813 shares of the bank’s stock after selling 600 shares during the quarter. Anchor Investment Management LLC’s holdings in Synovus Financial were worth $234,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of SNV. US Bancorp DE lifted its stake in shares of Synovus Financial by 5.0% during the 4th quarter. US Bancorp DE now owns 16,050 shares of the bank’s stock valued at $604,000 after buying an additional 769 shares in the last quarter. Treasurer of the State of North Carolina lifted its stake in shares of Synovus Financial by 4.2% during the 4th quarter. Treasurer of the State of North Carolina now owns 66,171 shares of the bank’s stock valued at $2,491,000 after buying an additional 2,672 shares in the last quarter. First Trust Advisors LP lifted its stake in shares of Synovus Financial by 4.0% during the 4th quarter. First Trust Advisors LP now owns 1,410,088 shares of the bank’s stock valued at $53,090,000 after buying an additional 53,974 shares in the last quarter. CFS Investment Advisory Services LLC purchased a new stake in shares of Synovus Financial during the 4th quarter valued at approximately $222,000. Finally, Basswood Capital Management L.L.C. lifted its stake in Synovus Financial by 2.6% in the 4th quarter. Basswood Capital Management L.L.C. now owns 1,038,588 shares of the bank’s stock worth $39,103,000 after purchasing an additional 26,703 shares in the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Morgan Stanley increased their target price on shares of Synovus Financial from $41.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Truist Financial increased their target price 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. Wells Fargo & Company cut shares of Synovus Financial from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $48.00 to $46.00 in a research note on Tuesday. DA Davidson increased their target price on shares of Synovus Financial from $47.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. Finally, Stephens increased their target price on shares of Synovus Financial from $43.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Friday, July 19th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Synovus Financial currently has an average rating of “Moderate Buy” and an average price target of $47.44.

Insider Activity at Synovus Financial

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of the firm’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total value of $28,366.80. Following the sale, the executive vice president now owns 14,833 shares of the company’s stock, valued at $685,284.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.81% of the stock is owned by insiders.

Synovus Financial Price Performance

SNV stock opened at $43.84 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.89 and a current ratio of 0.90. Synovus Financial Corp. has a 52 week low of $24.40 and a 52 week high of $47.83. The firm’s fifty day moving average is $43.93 and its 200 day moving average is $40.74. The firm has a market cap of $6.31 billion, a P/E ratio of 15.01, a P/E/G ratio of 3.20 and a beta of 1.38.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, July 17th. The bank reported $1.16 EPS for the quarter, beating the consensus estimate of $0.96 by $0.20. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The company had revenue of $563.60 million for the quarter, compared to analyst estimates of $543.52 million. During the same quarter last year, the firm earned $1.16 EPS. The firm’s quarterly revenue was down .7% compared to the same quarter last year. Research analysts predict that Synovus Financial Corp. will post 4.2 earnings per share for the current year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 3.47%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial’s dividend payout ratio is currently 52.05%.

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.