Wedmont Private Capital Purchases 335 Shares of Synovus Financial Corp. (NYSE:SNV)

Wedmont Private Capital raised its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 3.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,102 shares of the bank’s stock after buying an additional 335 shares during the quarter. Wedmont Private Capital’s holdings in Synovus Financial were worth $394,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in SNV. Innealta Capital LLC bought a new position in shares of Synovus Financial in the second quarter worth approximately $43,000. Abich Financial Wealth Management LLC increased its position in shares of Synovus Financial by 43.5% during the 1st quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock valued at $49,000 after purchasing an additional 371 shares during the last quarter. Fidelis Capital Partners LLC purchased a new position in shares of Synovus Financial during the 1st quarter valued at about $51,000. Headlands Technologies LLC boosted its stake in Synovus Financial by 404.8% in the second quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock worth $55,000 after buying an additional 1,105 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Synovus Financial by 18.5% during the first quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock worth $76,000 after acquiring an additional 298 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors.

Synovus Financial Price Performance

Shares of SNV opened at $45.81 on Friday. The firm’s 50-day simple moving average is $43.72 and its two-hundred day simple moving average is $40.98. Synovus Financial Corp. has a fifty-two week low of $24.40 and a fifty-two week high of $47.83. The stock has a market cap of $6.60 billion, a PE ratio of 28.10, a price-to-earnings-growth ratio of 2.05 and a beta of 1.38. 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 (NYSE:SNV) last released its earnings results on Wednesday, July 17th. The bank reported $1.16 EPS for the quarter, topping the consensus estimate of $0.96 by $0.20. The business had revenue of $563.60 million for the quarter, compared to the consensus estimate of $543.52 million. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The company’s revenue for the quarter was down .7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.16 earnings per share. Analysts anticipate that Synovus Financial Corp. will post 4.02 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 3.32%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial’s dividend payout ratio (DPR) is currently 93.25%.

Insider Buying and Selling

In other news, EVP Thomas T. Dierdorff sold 614 shares of the business’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total value of $28,366.80. Following the completion of the transaction, the executive vice president now owns 14,833 shares in the company, valued at $685,284.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.81% of the stock is owned by company insiders.

Analysts Set New Price Targets

SNV has been the topic of a number of analyst reports. Royal Bank of Canada lifted their target price on shares of Synovus Financial from $45.00 to $49.00 and gave the stock an “outperform” rating in a research report on Friday, July 19th. StockNews.com downgraded shares of Synovus Financial from a “hold” rating to a “sell” rating in a research note on Thursday, September 12th. Jefferies Financial Group boosted their price objective on shares of Synovus Financial from $44.00 to $47.00 and gave the company a “buy” rating in a research report on Wednesday, July 3rd. Raymond James raised Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price on the stock in a research note on Tuesday, September 17th. Finally, Truist Financial upped their target price on Synovus Financial from $50.00 to $52.00 and gave the company a “buy” rating in a report on Friday, September 20th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $47.94.

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.