Farther Finance Advisors LLC Buys 1,211 Shares of Synovus Financial Corp. (NYSE:SNV)

Farther Finance Advisors LLC grew its position in Synovus Financial Corp. (NYSE:SNV) by 474.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,466 shares of the bank’s stock after purchasing an additional 1,211 shares during the period. Farther Finance Advisors LLC’s holdings in Synovus Financial were worth $65,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its position in shares of Synovus Financial by 9.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock valued at $231,597,000 after purchasing an additional 491,036 shares during the last quarter. Millennium Management LLC boosted its stake in Synovus Financial by 181.0% in the second quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock valued at $52,343,000 after acquiring an additional 838,932 shares during the last quarter. Wedge Capital Management L L P NC grew its position in shares of Synovus Financial by 14.9% during the 2nd quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock valued at $46,025,000 after acquiring an additional 148,842 shares during the period. Diamond Hill Capital Management Inc. bought a new stake in shares of Synovus Financial in the 2nd quarter worth approximately $19,434,000. Finally, Interval Partners LP lifted its stake in Synovus Financial by 14.5% in the second quarter. Interval Partners LP now owns 445,160 shares of the bank’s stock valued at $17,891,000 after purchasing an additional 56,486 shares during the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SNV has been the topic of several research reports. Barclays boosted their target price on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. StockNews.com raised shares of Synovus Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Bank of America lifted their target price on shares of Synovus Financial from $48.00 to $57.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Stephens upped their price target on shares of Synovus Financial from $46.00 to $52.00 and gave the company an “equal weight” rating in a research note on Friday, October 18th. Finally, Royal Bank of Canada lifted their price objective on shares of Synovus Financial from $49.00 to $57.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $52.71.

Synovus Financial Stock Down 2.6 %

SNV stock opened at $56.78 on Thursday. The company’s 50 day moving average is $47.33 and its 200 day moving average is $43.22. The stock has a market cap of $8.04 billion, a price-to-earnings ratio of 25.69, a price-to-earnings-growth ratio of 2.10 and a beta of 1.37. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42. Synovus Financial Corp. has a 1-year low of $28.50 and a 1-year high of $59.79.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.14. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The firm had revenue of $564.72 million for the quarter, compared to analysts’ expectations of $557.64 million. During the same quarter last year, the company posted $0.84 EPS. The business’s quarterly revenue was up 2.6% on a year-over-year basis. Sell-side analysts predict that Synovus Financial Corp. will post 4.36 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 annualized dividend and a dividend yield of 2.68%. Synovus Financial’s dividend payout ratio (DPR) is presently 68.78%.

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.