Natixis Advisors LLC Lowers Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

Natixis Advisors LLC cut its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 1.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 40,237 shares of the bank’s stock after selling 437 shares during the quarter. Natixis Advisors LLC’s holdings in Synovus Financial were worth $1,789,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of SNV. Dimensional Fund Advisors LP raised its stake in Synovus Financial by 9.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock valued at $231,597,000 after purchasing an additional 491,036 shares during the period. Millennium Management LLC lifted its holdings in shares of Synovus Financial by 181.0% in the second quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock worth $52,343,000 after buying an additional 838,932 shares in the last quarter. Wedge Capital Management L L P NC boosted its position 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 worth $46,025,000 after acquiring an additional 148,842 shares during the last quarter. Diamond Hill Capital Management Inc. purchased a new position in Synovus Financial during the second quarter valued at $19,434,000. Finally, Interval Partners LP increased its holdings in Synovus Financial by 14.5% in the 2nd quarter. Interval Partners LP now owns 445,160 shares of the bank’s stock valued at $17,891,000 after acquiring an additional 56,486 shares during the last quarter. 83.85% of the stock is owned by institutional investors.

Synovus Financial Price Performance

Shares of SNV stock opened at $58.67 on Tuesday. The stock has a 50 day moving average price of $49.34 and a 200 day moving average price of $44.30. Synovus Financial Corp. has a 52-week low of $29.34 and a 52-week high of $59.92. 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 has a market capitalization of $8.31 billion, a P/E ratio of 26.55, a P/E/G ratio of 2.08 and a beta of 1.37.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.14. The business had revenue of $564.72 million during the quarter, compared to the consensus estimate of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period last year, the company earned $0.84 earnings per share. As a group, sell-side analysts predict that Synovus Financial Corp. will post 4.37 earnings per share for the current year.

Synovus Financial Dividend Announcement

The business 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 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial’s dividend payout ratio (DPR) is presently 68.78%.

Analysts Set New Price Targets

Several research analysts have commented on SNV shares. Citigroup set a $59.00 price objective on shares of Synovus Financial in a report on Friday, October 18th. Bank of America raised their price target on Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a report on Friday, October 18th. Barclays upped their price objective on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. JPMorgan Chase & Co. raised their target price on shares of Synovus Financial from $52.00 to $59.00 and gave the company an “overweight” rating in a report on Friday, October 18th. Finally, Wells Fargo & Company downgraded shares of Synovus Financial from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $48.00 to $46.00 in a research note on Tuesday, October 1st. Seven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average 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.