Synovus Financial Corp. (NYSE:SNV) Holdings Lifted by Icon Advisers Inc. Co.

Icon Advisers Inc. Co. raised its holdings in Synovus Financial Corp. (NYSE:SNV) by 34.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 32,375 shares of the bank’s stock after acquiring an additional 8,350 shares during the quarter. Icon Advisers Inc. Co.’s holdings in Synovus Financial were worth $1,659,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the business. Keystone Financial Group Inc. purchased a new stake in shares of Synovus Financial during the fourth quarter worth $37,000. Jones Financial Companies Lllp grew its position in Synovus Financial by 72.7% in the fourth quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock worth $56,000 after acquiring an additional 461 shares in the last quarter. V Square Quantitative Management LLC raised its holdings in shares of Synovus Financial by 69.3% during the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock valued at $58,000 after purchasing an additional 466 shares in the last quarter. Millstone Evans Group LLC acquired a new position in Synovus Financial during the fourth quarter worth $59,000. Finally, EverSource Wealth Advisors LLC grew its holdings in Synovus Financial by 36.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,766 shares of the bank’s stock valued at $91,000 after purchasing an additional 473 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on SNV. Raymond James downgraded shares of Synovus Financial from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 2nd. Citigroup increased their price target on shares of Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a research report on Friday, January 17th. UBS Group assumed coverage on Synovus Financial in a report on Tuesday, December 17th. They issued a “buy” rating and a $76.00 price target for the company. Stephens reissued an “equal weight” rating and issued a $58.00 price target on shares of Synovus Financial in a research note on Thursday, January 16th. Finally, Barclays cut their target price on shares of Synovus Financial from $66.00 to $60.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $58.17.

Synovus Financial Stock Down 0.0 %

NYSE:SNV opened at $39.57 on Monday. The firm has a 50-day simple moving average of $48.20 and a two-hundred day simple moving average of $50.87. The firm has a market cap of $5.58 billion, a P/E ratio of 12.97, a P/E/G ratio of 1.11 and a beta of 1.16. Synovus Financial Corp. has a fifty-two week low of $33.44 and a fifty-two week high of $59.92. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The company had revenue of $580.58 million for the quarter, compared to the consensus estimate of $566.83 million. During the same quarter in the prior year, the firm earned $0.80 earnings per share. The firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. Analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Thursday, March 20th were given a dividend of $0.39 per share. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.94%. Synovus Financial’s dividend payout ratio is currently 51.15%.

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.