HighTower Advisors LLC Sells 2,685 Shares of Synovus Financial Corp. (NYSE:SNV)

HighTower Advisors LLC lessened its holdings in Synovus Financial Corp. (NYSE:SNV) by 15.4% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 14,722 shares of the bank’s stock after selling 2,685 shares during the period. HighTower Advisors LLC’s holdings in Synovus Financial were worth $658,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Centiva Capital LP purchased a new stake in shares of Synovus Financial during the third quarter worth about $385,000. Paloma Partners Management Co bought a new position in Synovus Financial in the 3rd quarter worth approximately $368,000. Edgestream Partners L.P. purchased a new stake in Synovus Financial during the 3rd quarter valued at approximately $1,930,000. Verition Fund Management LLC bought a new stake in shares of Synovus Financial during the third quarter valued at approximately $294,000. Finally, Capstone Investment Advisors LLC purchased a new position in shares of Synovus Financial in the third quarter worth $240,000. 83.85% of the stock is owned by institutional investors.

Synovus Financial Stock Down 1.4 %

NYSE SNV opened at $49.68 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. Synovus Financial Corp. has a 52 week low of $33.44 and a 52 week high of $59.92. The firm has a market capitalization of $7.04 billion, a price-to-earnings ratio of 22.48, a PEG ratio of 1.58 and a beta of 1.38. The company has a fifty day moving average of $53.40 and a two-hundred day moving average of $46.19.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, topping 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 firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.84 EPS. On average, analysts predict that Synovus Financial Corp. will post 4.37 earnings per share for the current year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th will be paid a dividend of $0.38 per share. The ex-dividend date is Thursday, December 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.06%. Synovus Financial’s dividend payout ratio is 68.78%.

Analysts Set New Price Targets

SNV has been the subject of several research analyst reports. StockNews.com raised shares of Synovus Financial from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. JPMorgan Chase & Co. increased their price objective 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. Raymond James raised Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price on the stock in a report on Tuesday, September 17th. UBS Group began coverage on Synovus Financial in a research note on Tuesday. They set a “buy” rating and a $76.00 price target for the company. Finally, Royal Bank of Canada restated an “outperform” rating and set a $64.00 price target on shares of Synovus Financial in a report on Thursday, December 12th. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, Synovus Financial currently has a consensus rating of “Moderate Buy” and an average target price of $57.78.

Synovus Financial 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.