Sanctuary Advisors LLC Invests $217,000 in Synovus Financial Corp. (NYSE:SNV)

Sanctuary Advisors LLC purchased a new stake in shares of Synovus Financial Corp. (NYSE:SNV) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 4,890 shares of the bank’s stock, valued at approximately $217,000.

A number of 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 3rd quarter valued at $30,000. UMB Bank n.a. raised its position in shares of Synovus Financial by 87.2% during the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock valued at $33,000 after buying an additional 348 shares in the last quarter. Quarry LP bought a new position in shares of Synovus Financial during the 3rd quarter valued at approximately $41,000. Brooklyn Investment Group purchased a new position in shares of Synovus Financial during the 3rd quarter worth about $56,000. Finally, Headlands Technologies LLC lifted its stake in shares of Synovus Financial by 404.8% during the 2nd quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock worth $55,000 after acquiring an additional 1,105 shares during the last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Wall Street Analysts Forecast Growth

SNV has been the subject of a number of research reports. Stephens upped 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 note on Friday, October 18th. JPMorgan Chase & Co. upped their price target on shares of Synovus Financial from $52.00 to $59.00 and gave the company an “overweight” rating in a research note on Friday, October 18th. Deutsche Bank Aktiengesellschaft began coverage on Synovus Financial in a research note on Monday, December 9th. They set a “buy” rating and a $64.00 price target on the stock. Bank of America upped their price objective on shares of Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a report on Friday, October 18th. Finally, The Goldman Sachs Group raised their target price on Synovus Financial from $52.00 to $62.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $57.78.

Synovus Financial Stock Down 1.4 %

SNV opened at $51.19 on Monday. The firm has a market cap of $7.25 billion, a P/E ratio of 23.16, a PEG ratio of 1.58 and a beta of 1.38. Synovus Financial Corp. has a 52 week low of $33.44 and a 52 week high of $59.92. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. The business’s fifty day simple moving average is $53.76 and its 200 day simple moving average is $46.83.

Synovus Financial (NYSE:SNV) last issued its quarterly 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 during the quarter, compared to analyst estimates of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. Synovus Financial’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.84 earnings per share. As a group, equities research analysts anticipate that Synovus Financial Corp. will post 4.37 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders 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 annualized dividend and a yield of 2.97%. Synovus Financial’s dividend payout ratio is currently 68.78%.

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.