Impact Partnership Wealth LLC Sells 334 Shares of Synovus Financial Corp. (NYSE:SNV)

Impact Partnership Wealth LLC cut its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 5.2% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 6,133 shares of the bank’s stock after selling 334 shares during the period. Impact Partnership Wealth LLC’s holdings in Synovus Financial were worth $273,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. V Square Quantitative Management LLC bought a new stake in shares of Synovus Financial during the third quarter valued at about $30,000. UMB Bank n.a. grew its holdings in shares of Synovus Financial by 87.2% during the third quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock worth $33,000 after purchasing an additional 348 shares in the last quarter. Innealta Capital LLC purchased a new position in shares of Synovus Financial during the second quarter worth about $43,000. Abich Financial Wealth Management LLC grew its holdings in shares of Synovus Financial by 43.5% during the first quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock worth $49,000 after purchasing an additional 371 shares in the last quarter. Finally, Fidelis Capital Partners LLC purchased a new position in shares of Synovus Financial during the first quarter worth about $51,000. 83.85% of the stock is currently owned by institutional investors.

Synovus Financial Price Performance

Shares of Synovus Financial stock opened at $49.07 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. The company has a market cap of $7.06 billion, a PE ratio of 22.20, a P/E/G ratio of 1.80 and a beta of 1.38. The business has a 50 day moving average of $45.07 and a 200 day moving average of $41.59. Synovus Financial Corp. has a 52 week low of $24.40 and a 52 week high of $51.69.

Synovus Financial (NYSE:SNV) last announced its earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. The company had revenue of $564.72 million during the quarter, compared to the consensus estimate of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.84 earnings per share. As a group, equities research analysts forecast that Synovus Financial Corp. will post 4.3 earnings per share for the current year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were issued a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.10%. Synovus Financial’s dividend payout ratio is presently 68.78%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on SNV. Stephens boosted their price objective on Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a report on Friday, October 18th. Morgan Stanley boosted their price objective on Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a report on Monday. Keefe, Bruyette & Woods boosted their price objective on Synovus Financial from $38.00 to $42.00 and gave the stock a “market perform” rating in a report on Tuesday, July 9th. Jefferies Financial Group upped their target price on Synovus Financial from $44.00 to $47.00 and gave the stock a “buy” rating in a research note on Wednesday, July 3rd. Finally, DA Davidson upped their target price on Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Seven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $51.88.

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.