Captrust Financial Advisors Sells 3,322 Shares of Synovus Financial Corp. (NYSE:SNV)

Captrust Financial Advisors reduced its holdings in Synovus Financial Corp. (NYSE:SNV) by 8.7% in the 3rd quarter, Holdings Channel reports. The fund owned 34,930 shares of the bank’s stock after selling 3,322 shares during the quarter. Captrust Financial Advisors’ holdings in Synovus Financial were worth $1,553,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. V Square Quantitative Management LLC acquired a new position in Synovus Financial in the 3rd quarter worth $30,000. UMB Bank n.a. lifted its holdings in shares of Synovus Financial by 87.2% in the third quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock valued at $33,000 after purchasing an additional 348 shares in the last quarter. Innealta Capital LLC acquired a new position in shares of Synovus Financial during the second quarter worth about $43,000. Brooklyn Investment Group bought a new position in shares of Synovus Financial during the third quarter worth about $56,000. Finally, Headlands Technologies LLC raised its position in Synovus Financial by 404.8% in the 2nd quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock valued at $55,000 after buying an additional 1,105 shares during the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on SNV shares. The Goldman Sachs Group upped their price target on Synovus Financial from $52.00 to $62.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. StockNews.com upgraded shares of Synovus Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Evercore ISI lifted their price target on shares of Synovus Financial from $48.00 to $54.00 and gave the company an “in-line” rating in a research note on Wednesday, October 30th. Morgan Stanley increased their price objective on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. Finally, Stephens lifted their target price on Synovus Financial from $46.00 to $52.00 and gave the company an “equal weight” rating in a research report on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $54.47.

Synovus Financial Stock Up 0.6 %

SNV opened at $55.77 on Friday. The stock’s fifty day simple moving average is $51.54 and its 200 day simple moving average is $45.32. Synovus Financial Corp. has a 1-year low of $33.44 and a 1-year high of $59.92. The stock has a market cap of $7.90 billion, a PE ratio of 25.24, a price-to-earnings-growth ratio of 2.01 and a beta of 1.38. 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 (NYSE:SNV) last posted its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, topping 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 last year, the company posted $0.84 EPS. Synovus Financial’s quarterly revenue was up 2.6% compared to the same quarter last year. As a group, research analysts expect that Synovus Financial Corp. will post 4.37 earnings per share for the current year.

Synovus Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th will be given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.73%. The ex-dividend date of this dividend is Thursday, December 19th. Synovus Financial’s payout ratio is 68.78%.

About Synovus Financial

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.