Synovus Financial Corp. (NYSE:SNV) Shares Bought by Sanctuary Advisors LLC

Sanctuary Advisors LLC grew its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 31.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,446 shares of the bank’s stock after purchasing an additional 1,556 shares during the period. Sanctuary Advisors LLC’s holdings in Synovus Financial were worth $364,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Keystone Financial Group Inc. acquired a new position in shares of Synovus Financial during the fourth quarter valued at $37,000. Quarry LP acquired a new position in shares of Synovus Financial during the third quarter valued at $41,000. V Square Quantitative Management LLC increased its holdings in shares of Synovus Financial by 69.3% during the fourth quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock valued at $58,000 after purchasing an additional 466 shares during the period. Brooklyn Investment Group acquired a new position in shares of Synovus Financial during the third quarter valued at $56,000. Finally, Farther Finance Advisors LLC boosted its stake in Synovus Financial by 474.9% during the third quarter. Farther Finance Advisors LLC now owns 1,466 shares of the bank’s stock valued at $65,000 after buying an additional 1,211 shares in the last quarter. 83.85% of the stock is owned by institutional investors and hedge funds.

Synovus Financial Stock Down 2.4 %

SNV opened at $50.65 on Tuesday. Synovus Financial Corp. has a fifty-two week low of $33.44 and a fifty-two week high of $59.92. The business has a 50-day moving average of $53.67 and a 200-day moving average of $50.87. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. The company has a market capitalization of $7.14 billion, a PE ratio of 16.61, a price-to-earnings-growth ratio of 1.11 and a beta of 1.39.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.09. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The company had revenue of $580.58 million during the quarter, compared to the consensus estimate of $566.83 million. During the same period last year, the business earned $0.80 EPS. The business’s quarterly revenue was up 18.8% on a year-over-year basis. Equities research analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Thursday, March 20th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.08%. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s dividend payout ratio (DPR) is presently 49.84%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. JPMorgan Chase & Co. raised their target price on Synovus Financial from $60.50 to $62.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Wells Fargo & Company raised their target price on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Deutsche Bank Aktiengesellschaft assumed coverage on Synovus Financial in a research note on Monday, December 9th. They set a “buy” rating and a $64.00 target price for the company. UBS Group assumed coverage on Synovus Financial in a research note on Tuesday, December 17th. They set a “buy” rating and a $76.00 target price for the company. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $64.00 target price on shares of Synovus Financial in a research note on Thursday, December 12th. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, Synovus Financial has a consensus rating of “Moderate Buy” and an average price target of $58.44.

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.