Atria Investments Inc Sells 1,278 Shares of Synovus Financial Corp. (NYSE:SNV)

Atria Investments Inc reduced its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 17.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,920 shares of the bank’s stock after selling 1,278 shares during the quarter. Atria Investments Inc’s holdings in Synovus Financial were worth $303,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. KBC Group NV grew its stake in shares of Synovus Financial by 15.9% in the 3rd quarter. KBC Group NV now owns 4,460 shares of the bank’s stock valued at $198,000 after purchasing an additional 612 shares during the period. Huntington National Bank increased its stake in shares of Synovus Financial by 53.6% in the 3rd quarter. Huntington National Bank now owns 2,712 shares of the bank’s stock valued at $121,000 after buying an additional 946 shares during the period. Thrivent Financial for Lutherans raised its holdings in Synovus Financial by 7.6% during the 3rd 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 during the last quarter. Quest Partners LLC bought a new stake in shares of Synovus Financial during the third quarter worth approximately $1,264,000. Finally, Pathstone Holdings LLC lifted its stake in shares of Synovus Financial by 1.9% in the 3rd quarter. Pathstone Holdings LLC now owns 52,416 shares of the bank’s stock valued at $2,331,000 after purchasing an additional 980 shares during the period. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Price Performance

SNV stock opened at $46.43 on Tuesday. The firm has a market cap of $6.54 billion, a P/E ratio of 15.22, a P/E/G ratio of 1.11 and a beta of 1.36. The firm’s fifty day moving average is $52.56 and its 200 day moving average is $50.95. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88. Synovus Financial Corp. has a 52 week low of $33.44 and a 52 week high of $59.92.

Synovus Financial (NYSE:SNV) last announced its earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, beating 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 firm’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.80 earnings per share. Research analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th will be given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 3.36%. 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 currently 51.15%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Stephens reissued an “equal weight” rating and issued a $58.00 target price on shares of Synovus Financial in a research note on Thursday, January 16th. Morgan Stanley lowered their price target on shares of Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 13th. Royal Bank of Canada reiterated an “outperform” rating and set a $64.00 price objective on shares of Synovus Financial in a research note on Thursday, December 12th. Citigroup raised their target price on shares of Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Finally, The Goldman Sachs Group raised their price target on Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price 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.