Synovus Financial Corp. (NYSE:SNV) Stock Holdings Lifted by HighTower Advisors LLC

HighTower Advisors LLC lifted its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 45.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,421 shares of the bank’s stock after acquiring an additional 6,699 shares during the quarter. HighTower Advisors LLC’s holdings in Synovus Financial were worth $1,097,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Keystone Financial Group Inc. purchased a new stake in shares of Synovus Financial in the 4th quarter valued at approximately $37,000. Quarry LP acquired a new stake in shares of Synovus Financial during the third quarter worth approximately $41,000. Brooklyn Investment Group purchased a new position in Synovus Financial during the third quarter valued at approximately $56,000. Jones Financial Companies Lllp increased its stake in Synovus Financial by 72.7% in the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock valued at $56,000 after buying an additional 461 shares during the period. Finally, V Square Quantitative Management LLC lifted its position in Synovus Financial by 69.3% in the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock worth $58,000 after buying an additional 466 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Piper Sandler upped their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 11th. Wells Fargo & Company raised their price target on Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 3rd. Deutsche Bank Aktiengesellschaft began coverage on Synovus Financial in a research note on Monday, December 9th. They issued a “buy” rating and a $64.00 price target for the company. Morgan Stanley cut their price objective on shares of Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 13th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, Synovus Financial has an average rating of “Moderate Buy” and a consensus target price of $58.67.

Synovus Financial Stock Performance

NYSE:SNV opened at $48.34 on Thursday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88. The firm’s 50-day moving average is $51.87 and its 200-day moving average is $51.07. Synovus Financial Corp. has a 52-week low of $33.44 and a 52-week high of $59.92. The company has a market cap of $6.81 billion, a price-to-earnings ratio of 15.85, a PEG ratio of 1.11 and a beta of 1.36.

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

Synovus Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 3.23%. The ex-dividend date of this dividend is Thursday, March 20th. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s payout ratio is 51.15%.

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.