EP Wealth Advisors LLC Purchases New Position in Synovus Financial Corp. (NYSE:SNV)

EP Wealth Advisors LLC purchased a new stake in shares of Synovus Financial Corp. (NYSE:SNV) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 5,435 shares of the bank’s stock, valued at approximately $242,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SNV. FMR LLC raised its stake in shares of Synovus Financial by 5.4% in the third quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock worth $517,027,000 after purchasing an additional 598,644 shares during the last quarter. Wellington Management Group LLP boosted its stake in Synovus Financial by 12.8% in the 3rd quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock worth $430,213,000 after purchasing an additional 1,095,557 shares during the period. State Street Corp increased its holdings in shares of Synovus Financial by 3.2% in the third quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock worth $294,255,000 after purchasing an additional 201,362 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings 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 worth $231,597,000 after acquiring an additional 491,036 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Synovus Financial by 3.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank’s stock valued at $222,022,000 after purchasing an additional 147,599 shares in the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Trading Down 1.0 %

NYSE SNV opened at $54.16 on Friday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.88 and a current ratio of 0.89. The company has a 50-day simple moving average of $52.71 and a 200-day simple moving average of $45.87. Synovus Financial Corp. has a one year low of $33.44 and a one year high of $59.92. The firm has a market capitalization of $7.67 billion, a PE ratio of 24.51, a price-to-earnings-growth ratio of 1.58 and a beta of 1.38.

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

Synovus Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th will be issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.81%. The ex-dividend date of this dividend is Thursday, December 19th. Synovus Financial’s dividend payout ratio (DPR) is 68.78%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on SNV shares. Evercore ISI raised their target price on shares of Synovus Financial from $48.00 to $54.00 and gave the stock an “in-line” rating in a report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft assumed coverage on Synovus Financial in a research report on Monday, December 9th. They set a “buy” rating and a $64.00 price target for the company. DA Davidson lifted their price target on Synovus Financial from $53.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Barclays boosted their price objective 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, Piper Sandler increased their target price on shares of Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research report on Wednesday. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $56.00.

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.