Natixis Advisors LLC Sells 437 Shares of Synovus Financial Corp. (NYSE:SNV)

Natixis Advisors LLC cut its position in Synovus Financial Corp. (NYSE:SNV) by 1.1% in the third quarter, HoldingsChannel.com reports. The firm owned 40,237 shares of the bank’s stock after selling 437 shares during the period. Natixis Advisors LLC’s holdings in Synovus Financial were worth $1,789,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. GAMMA Investing LLC raised its stake in shares of Synovus Financial by 6.5% during the 3rd quarter. GAMMA Investing LLC now owns 3,754 shares of the bank’s stock worth $167,000 after acquiring an additional 229 shares in the last quarter. Fifth Third Bancorp boosted its position in shares of Synovus Financial by 7.0% in the 2nd quarter. Fifth Third Bancorp now owns 3,760 shares of the bank’s stock worth $151,000 after purchasing an additional 245 shares in the last quarter. Dana Investment Advisors Inc. grew its stake 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. EverSource Wealth Advisors LLC raised its stake in Synovus Financial by 18.5% in the first quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock valued at $76,000 after buying an additional 298 shares during the last quarter. Finally, Hanseatic Management Services Inc. boosted its holdings in Synovus Financial by 2.6% in the second quarter. Hanseatic Management Services Inc. now owns 11,885 shares of the bank’s stock worth $478,000 after acquiring an additional 303 shares in the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Price Performance

NYSE:SNV opened at $58.67 on Tuesday. The company has a 50 day moving average price of $49.34 and a 200-day moving average price of $44.30. Synovus Financial Corp. has a 1-year low of $29.34 and a 1-year high of $59.92. The firm has a market cap of $8.31 billion, a price-to-earnings ratio of 26.55, a price-to-earnings-growth ratio of 2.08 and a beta of 1.37. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The company had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. During the same quarter in the previous year, the company earned $0.84 earnings per share. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. Equities research analysts forecast that Synovus Financial Corp. will post 4.37 EPS for the current year.

Synovus Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were issued a $0.38 dividend. The ex-dividend date was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a yield of 2.59%. Synovus Financial’s payout ratio is 68.78%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on SNV. Morgan Stanley upped their price objective on shares of Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a report on Monday, October 21st. Raymond James raised shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price target for the company in a report on Tuesday, September 17th. Stephens boosted their price objective on shares of Synovus Financial from $46.00 to $52.00 and gave the company an “equal weight” rating in a report on Friday, October 18th. Barclays raised their target price on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Finally, Wells Fargo & Company lowered Synovus Financial from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $48.00 to $46.00 in a report on Tuesday, October 1st. Seven investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $52.71.

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.