Advisory Services Network LLC Purchases New Holdings in Synovus Financial Corp. (NYSE:SNV)

Advisory Services Network LLC acquired a new position in shares of Synovus Financial Corp. (NYSE:SNV) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 4,049 shares of the bank’s stock, valued at approximately $207,000.

Other institutional investors also recently made changes to their positions in the company. Sanctuary Advisors LLC bought a new stake in shares of Synovus Financial in the third quarter worth $217,000. Franklin Resources Inc. grew its holdings in Synovus Financial by 4.0% during the 3rd quarter. Franklin Resources Inc. now owns 22,964 shares of the bank’s stock worth $1,069,000 after acquiring an additional 885 shares in the last quarter. Oddo BHF Asset Management Sas bought a new stake in shares of Synovus Financial in the 3rd quarter worth about $753,000. Nordea Investment Management AB raised its stake in shares of Synovus Financial by 3.8% in the 4th quarter. Nordea Investment Management AB now owns 276,863 shares of the bank’s stock valued at $14,261,000 after purchasing an additional 10,109 shares in the last quarter. Finally, Harbor Capital Advisors Inc. raised its stake in shares of Synovus Financial by 2.1% in the 4th quarter. Harbor Capital Advisors Inc. now owns 14,800 shares of the bank’s stock valued at $758,000 after purchasing an additional 302 shares in the last quarter. 83.85% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Citigroup boosted their price objective on Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a report on Friday, January 17th. Wells Fargo & Company lowered their price target on Synovus Financial from $60.00 to $50.00 and set an “equal weight” rating for the company in a report on Wednesday, April 9th. Raymond James cut Synovus Financial from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 2nd. Barclays lowered 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. Finally, Morgan Stanley reduced their price target on shares of Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 13th. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $58.17.

Synovus Financial Stock Performance

Shares of SNV stock opened at $41.24 on Friday. Synovus Financial Corp. has a 12-month low of $34.66 and a 12-month high of $59.92. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. The firm has a market capitalization of $5.81 billion, a price-to-earnings ratio of 13.52, a price-to-earnings-growth ratio of 1.11 and a beta of 1.16. The business has a 50 day simple moving average of $46.67 and a 200 day simple moving average of $50.73.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, April 16th. The bank reported $1.30 EPS for the quarter, beating analysts’ consensus estimates of $1.11 by $0.19. The company had revenue of $573.24 million for the quarter, compared to analyst estimates of $572.35 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. On average, equities research analysts anticipate that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th were issued a $0.39 dividend. The ex-dividend date was Thursday, March 20th. This is a boost from Synovus Financial’s previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a dividend yield of 3.78%. Synovus Financial’s dividend payout ratio (DPR) is 43.70%.

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.