Janney Montgomery Scott LLC Has $2.63 Million Stock Position in Synovus Financial Corp. (NYSE:SNV)

Janney Montgomery Scott LLC grew its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 4.4% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 51,357 shares of the bank’s stock after acquiring an additional 2,166 shares during the period. Janney Montgomery Scott LLC’s holdings in Synovus Financial were worth $2,631,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Thrivent Financial for Lutherans increased its holdings in Synovus Financial by 7.6% in the third quarter. Thrivent Financial for Lutherans now owns 146,734 shares of the bank’s stock worth $6,525,000 after purchasing an additional 10,346 shares in the last quarter. Nordea Investment Management AB boosted its stake in shares of Synovus Financial by 3.8% in the 4th quarter. Nordea Investment Management AB now owns 276,863 shares of the bank’s stock worth $14,261,000 after buying an additional 10,109 shares during the last quarter. Quest Partners LLC purchased a new stake in Synovus Financial during the third quarter worth about $1,264,000. Quantinno Capital Management LP grew its stake in shares of Synovus Financial by 25.1% during the 3rd quarter. Quantinno Capital Management LP now owns 49,099 shares of the bank’s stock worth $2,183,000 after acquiring an additional 9,852 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in Synovus Financial by 3.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank’s stock valued at $222,022,000 after acquiring an additional 147,599 shares during the period. 83.85% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on SNV shares. Barclays lifted their price objective on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Stephens reaffirmed an “equal weight” rating and issued a $58.00 price target on shares of Synovus Financial in a research note on Thursday, January 16th. Wells Fargo & Company boosted their target price on shares of Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a report on Tuesday, December 3rd. Deutsche Bank Aktiengesellschaft began coverage on Synovus Financial in a report on Monday, December 9th. They issued a “buy” rating and a $64.00 target price on the stock. Finally, Evercore ISI boosted their price target on Synovus Financial from $48.00 to $54.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 30th. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Synovus Financial has a consensus rating of “Moderate Buy” and an average price target of $58.44.

Synovus Financial Trading Down 0.1 %

SNV stock opened at $56.44 on Friday. The company has a market capitalization of $8.00 billion, a price-to-earnings ratio of 18.50, a PEG ratio of 1.15 and a beta of 1.39. The business has a 50 day simple moving average of $54.02 and a two-hundred day simple moving average of $49.31. Synovus Financial Corp. has a 1-year low of $33.44 and a 1-year high of $59.92. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The company had revenue of $580.58 million for the quarter, compared to the consensus estimate of $566.83 million. During the same quarter in the prior year, the firm earned $0.80 earnings per share. Synovus Financial’s revenue was up 18.8% on a year-over-year basis. Research analysts anticipate that Synovus Financial Corp. will post 4.86 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Thursday, December 19th were issued a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, December 19th. This represents a $1.52 annualized dividend and a yield of 2.69%. Synovus Financial’s payout ratio is 49.84%.

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.