Blue Trust Inc. Has $12.64 Million Holdings in Synovus Financial Corp. (NYSE:SNV)

Blue Trust Inc. boosted its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 934.0% in the fourth quarter, HoldingsChannel reports. The fund owned 246,686 shares of the bank’s stock after buying an additional 222,828 shares during the quarter. Blue Trust Inc.’s holdings in Synovus Financial were worth $12,638,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Hsbc Holdings PLC raised its stake in shares of Synovus Financial by 27.4% during the 2nd quarter. Hsbc Holdings PLC now owns 12,018 shares of the bank’s stock worth $480,000 after purchasing an additional 2,586 shares in the last quarter. ProShare Advisors LLC raised its stake in shares of Synovus Financial by 93.4% in the 2nd quarter. ProShare Advisors LLC now owns 13,810 shares of the bank’s stock valued at $555,000 after acquiring an additional 6,671 shares in the last quarter. Millennium Management LLC increased its position in Synovus Financial by 181.0% in the 2nd quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock worth $52,343,000 after buying an additional 838,932 shares during the period. Algert Global LLC lifted its holdings in shares of Synovus Financial by 5.2% during the second quarter. Algert Global LLC now owns 172,216 shares of the bank’s stock worth $6,921,000 after buying an additional 8,436 shares during the last quarter. Finally, Creative Planning lifted its holdings in shares of Synovus Financial by 18.3% during the second quarter. Creative Planning now owns 43,392 shares of the bank’s stock worth $1,744,000 after buying an additional 6,710 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Synovus Financial Trading Up 0.2 %

Shares of SNV opened at $55.28 on Monday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. Synovus Financial Corp. has a 12-month low of $33.44 and a 12-month high of $59.92. The firm has a market capitalization of $7.83 billion, a PE ratio of 18.13, a price-to-earnings-growth ratio of 1.14 and a beta of 1.39. The stock’s fifty day simple moving average is $54.04 and its 200-day simple moving average is $48.94.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.09. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The business had revenue of $580.58 million for the quarter, compared to analyst estimates of $566.83 million. During the same quarter in the prior year, the firm posted $0.80 earnings per share. The firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. As a group, research analysts predict that Synovus Financial Corp. will post 4.86 earnings per share for the current year.

Synovus Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.75%. The ex-dividend date was Thursday, December 19th. Synovus Financial’s payout ratio is 49.84%.

Wall Street Analyst Weigh In

SNV has been the subject of a number of research analyst reports. Barclays upped their price target on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Wells Fargo & Company boosted their price objective on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 3rd. Evercore ISI boosted their price objective on Synovus Financial from $48.00 to $54.00 and gave the company an “in-line” rating in a research report on Wednesday, October 30th. Bank of America boosted their price objective on Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Finally, Piper Sandler upped their price target on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research report on Wednesday, December 11th. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $58.44.

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.