Creative Planning Sells 2,355 Shares of Synovus Financial Corp. (NYSE:SNV)

Creative Planning decreased its stake in Synovus Financial Corp. (NYSE:SNV) by 5.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 41,037 shares of the bank’s stock after selling 2,355 shares during the period. Creative Planning’s holdings in Synovus Financial were worth $1,825,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Millennium Management LLC raised its stake in shares of Synovus Financial by 181.0% during the second quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock valued at $52,343,000 after acquiring an additional 838,932 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Synovus Financial by 9.3% during the second quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock valued at $231,597,000 after acquiring an additional 491,036 shares during the last quarter. Diamond Hill Capital Management Inc. bought a new position in shares of Synovus Financial during the second quarter valued at $19,434,000. Interval Partners LP raised its stake in shares of Synovus Financial by 74.2% during the first quarter. Interval Partners LP now owns 388,674 shares of the bank’s stock valued at $15,570,000 after acquiring an additional 165,548 shares during the last quarter. Finally, Wedge Capital Management L L P NC raised its stake in shares of Synovus Financial by 14.9% during the second quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock valued at $46,025,000 after acquiring an additional 148,842 shares during the last quarter. Institutional investors own 83.85% of the company’s stock.

Wall Street Analysts Forecast Growth

SNV has been the subject of several analyst reports. Morgan Stanley raised their price target on shares of Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. StockNews.com raised shares of Synovus Financial from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. DA Davidson increased their price objective on shares of Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Stephens increased their price objective on shares of Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Friday, October 18th. Finally, Royal Bank of Canada increased their price objective on shares of Synovus Financial from $49.00 to $57.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Seven investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, Synovus Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.88.

Synovus Financial Trading Up 3.0 %

NYSE:SNV opened at $50.04 on Tuesday. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $7.20 billion, a price-to-earnings ratio of 22.64, a PEG ratio of 1.76 and a beta of 1.38. The firm has a fifty day simple moving average of $45.29 and a two-hundred day simple moving average of $41.80. Synovus Financial Corp. has a 12 month low of $25.10 and a 12 month high of $51.69.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. The firm had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The business’s revenue was up 2.6% on a year-over-year basis. During the same period last year, the company earned $0.84 earnings per share. Analysts expect that Synovus Financial Corp. will post 4.34 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.04%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial’s dividend payout ratio is currently 68.78%.

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.