Synovus Financial Corp. (NYSE:SNV) Stock Position Lowered by Stieven Capital Advisors L.P.

Stieven Capital Advisors L.P. trimmed its position in shares of Synovus Financial Corp. (NYSE:SNV) by 47.4% during the 4th quarter, HoldingsChannel reports. The firm owned 239,042 shares of the bank’s stock after selling 215,200 shares during the quarter. Synovus Financial accounts for 2.2% of Stieven Capital Advisors L.P.’s investment portfolio, making the stock its 20th biggest holding. Stieven Capital Advisors L.P.’s holdings in Synovus Financial were worth $12,246,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in SNV. V Square Quantitative Management LLC acquired a new stake in shares of Synovus Financial in the third quarter worth $30,000. Keystone Financial Group Inc. acquired a new stake in Synovus Financial during the 4th quarter worth about $37,000. Quarry LP purchased a new position in Synovus Financial during the 3rd quarter valued at about $41,000. Brooklyn Investment Group acquired a new position in shares of Synovus Financial in the 3rd quarter valued at about $56,000. Finally, Farther Finance Advisors LLC lifted its position in shares of Synovus Financial by 474.9% in the third quarter. Farther Finance Advisors LLC now owns 1,466 shares of the bank’s stock worth $65,000 after purchasing an additional 1,211 shares in the last quarter. 83.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently commented on SNV shares. Wells Fargo & Company boosted their price objective on shares of Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 3rd. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $64.00 price target on shares of Synovus Financial in a research note on Thursday, December 12th. UBS Group assumed coverage on Synovus Financial in a research report on Tuesday, December 17th. They set a “buy” rating and a $76.00 price objective for the company. Barclays upped their target price on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Finally, Evercore ISI lifted their price target on Synovus Financial from $48.00 to $54.00 and gave the company an “in-line” rating in a report on Wednesday, October 30th. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $58.44.

Synovus Financial Price Performance

Shares of NYSE:SNV opened at $55.21 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. The business has a 50 day moving average price of $53.76 and a 200 day moving average price of $49.99. The company has a market cap of $7.82 billion, a price-to-earnings ratio of 18.10, a PEG ratio of 1.17 and a beta of 1.39. Synovus Financial Corp. has a twelve month low of $33.44 and a twelve month high of $59.92.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.09. The business had revenue of $580.58 million for the quarter, compared to the consensus estimate of $566.83 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. Synovus Financial’s quarterly revenue was up 18.8% on a year-over-year basis. During the same quarter last year, the company posted $0.80 earnings per share. Research analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Announces Dividend

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

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.