Proficio Capital Partners LLC Acquires New Holdings in Synovus Financial Corp. (NYSE:SNV)

Proficio Capital Partners LLC bought a new stake in Synovus Financial Corp. (NYSE:SNV) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 74,130 shares of the bank’s stock, valued at approximately $3,798,000. Proficio Capital Partners LLC owned approximately 0.05% of Synovus Financial at the end of the most recent reporting period.

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

Synovus Financial Trading Up 1.6 %

Shares of SNV stock opened at $46.43 on Tuesday. Synovus Financial Corp. has a fifty-two week low of $33.44 and a fifty-two week high of $59.92. 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 stock has a 50 day simple moving average of $52.56 and a two-hundred day simple moving average of $50.95. The company has a market cap of $6.54 billion, a P/E ratio of 15.22, a PEG ratio of 1.11 and a beta of 1.36.

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

Synovus Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th will be issued a dividend of $0.39 per share. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $1.56 annualized dividend and a dividend yield of 3.36%. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s dividend payout ratio is currently 51.15%.

Analyst Upgrades and Downgrades

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

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.