Atria Investments Inc Purchases 2,132 Shares of Synovus Financial Corp. (NYSE:SNV)

Atria Investments Inc grew its position in Synovus Financial Corp. (NYSE:SNV) by 42.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 7,198 shares of the bank’s stock after purchasing an additional 2,132 shares during the quarter. Atria Investments Inc’s holdings in Synovus Financial were worth $320,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the company. V Square Quantitative Management LLC bought a new stake in Synovus Financial in the third quarter worth approximately $30,000. UMB Bank n.a. increased its stake in shares of Synovus Financial by 87.2% in the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock valued at $33,000 after acquiring an additional 348 shares in the last quarter. Innealta Capital LLC acquired a new position in shares of Synovus Financial during the 2nd quarter valued at $43,000. Abich Financial Wealth Management LLC lifted its position in shares of Synovus Financial by 43.5% during the 1st quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock valued at $49,000 after acquiring an additional 371 shares during the period. Finally, Headlands Technologies LLC grew its holdings in Synovus Financial by 404.8% in the second quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock worth $55,000 after purchasing an additional 1,105 shares during the period. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Synovus Financial Stock Up 2.9 %

Synovus Financial stock opened at $57.62 on Friday. Synovus Financial Corp. has a fifty-two week low of $29.34 and a fifty-two week high of $59.79. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.88 and a current ratio of 0.89. The firm’s 50-day simple moving average is $49.06 and its 200 day simple moving average is $44.09. The stock has a market cap of $8.16 billion, a PE ratio of 26.07, a price-to-earnings-growth ratio of 1.99 and a beta of 1.37.

Synovus Financial (NYSE:SNV) last posted its earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, topping the consensus estimate of $1.09 by $0.14. The firm had revenue of $564.72 million for 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 company’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.84 EPS. Research analysts predict that Synovus Financial Corp. will post 4.37 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.64%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial’s dividend payout ratio is presently 68.78%.

Analysts Set New Price Targets

SNV has been the topic of several research reports. Citigroup set a $59.00 price objective on shares of Synovus Financial in a report on Friday, October 18th. DA Davidson increased their price target on Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Raymond James raised Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price objective for the company in a research note on Tuesday, September 17th. Wells Fargo & Company lowered Synovus Financial from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $48.00 to $46.00 in a research report on Tuesday, October 1st. Finally, Truist Financial lifted their price target on shares of Synovus Financial from $52.00 to $57.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Seven analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $52.71.

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.