Synovus Financial Corp. (NYSE:SNV) Stock Holdings Lifted by SG Americas Securities LLC

SG Americas Securities LLC increased its position in shares of Synovus Financial Corp. (NYSE:SNV) by 21.6% during the third quarter, Holdings Channel reports. The fund owned 11,307 shares of the bank’s stock after acquiring an additional 2,007 shares during the quarter. SG Americas Securities LLC’s holdings in Synovus Financial were worth $503,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SNV. Innealta Capital LLC acquired a new stake in Synovus Financial during the 2nd quarter valued at $43,000. Abich Financial Wealth Management LLC lifted its stake in Synovus Financial by 43.5% in the 1st quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock worth $49,000 after acquiring an additional 371 shares in the last quarter. Fidelis Capital Partners LLC purchased a new stake in Synovus Financial in the 1st quarter worth about $51,000. Headlands Technologies LLC boosted its position in Synovus Financial by 404.8% during the 2nd quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock worth $55,000 after acquiring an additional 1,105 shares during the period. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Synovus Financial by 18.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock valued at $76,000 after purchasing an additional 298 shares during the period. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Stock Performance

Shares of NYSE:SNV opened at $47.32 on Wednesday. The stock has a market capitalization of $6.93 billion, a price-to-earnings ratio of 16.21, a price-to-earnings-growth ratio of 2.05 and a beta of 1.38. The business’s fifty day moving average price is $43.96 and its two-hundred day moving average price is $41.09. Synovus Financial Corp. has a fifty-two week low of $24.40 and a fifty-two week high of $48.27. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.90 and a quick ratio of 0.89.

Synovus Financial (NYSE:SNV) last posted its earnings results on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $543.52 million. During the same quarter in the previous year, the company posted $1.16 earnings per share. Synovus Financial’s quarterly revenue was down .7% compared to the same quarter last year. As a group, analysts predict that Synovus Financial Corp. will post 4.02 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders 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 3.21%. The ex-dividend date was Thursday, September 19th. Synovus Financial’s payout ratio is presently 52.05%.

Insider Activity

In related news, EVP Thomas T. Dierdorff sold 614 shares of the company’s 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 transaction, the executive vice president now owns 14,833 shares in the company, valued at $685,284.60. This represents a 0.00 % decrease in their position. 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 currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SNV. Piper Sandler upped their price objective on shares of Synovus Financial from $42.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. Wells Fargo & Company downgraded shares of Synovus Financial from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $48.00 to $46.00 in a research note on Tuesday, October 1st. Truist Financial upped their target price on shares of Synovus Financial from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Raymond James upgraded shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price target on the stock in a research report on Tuesday, September 17th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Synovus Financial from $38.00 to $42.00 and gave the company a “market perform” rating in a research report on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $47.94.

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.