Basswood Capital Management L.L.C. Sells 297,343 Shares of Synovus Financial Corp. (NYSE:SNV)

Basswood Capital Management L.L.C. lowered its stake in Synovus Financial Corp. (NYSE:SNV - Free Report) by 40.8% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 430,841 shares of the bank's stock after selling 297,343 shares during the quarter. Basswood Capital Management L.L.C. owned about 0.30% of Synovus Financial worth $19,159,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD raised its holdings in shares of Synovus Financial by 81.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 230,856 shares of the bank's stock valued at $9,249,000 after purchasing an additional 103,891 shares during the last quarter. Comerica Bank raised its holdings in shares of Synovus Financial by 93.1% in the first quarter. Comerica Bank now owns 121,852 shares of the bank's stock valued at $4,881,000 after purchasing an additional 58,738 shares during the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in shares of Synovus Financial in the first quarter valued at approximately $100,000. EverSource Wealth Advisors LLC increased its holdings in Synovus Financial by 18.5% during the first quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank's stock worth $76,000 after buying an additional 298 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in Synovus Financial by 17.7% during the second quarter. GAMMA Investing LLC now owns 3,525 shares of the bank's stock worth $142,000 after buying an additional 530 shares during the last quarter. Institutional investors own 83.85% of the company's stock.

Synovus Financial Stock Down 0.0 %

Shares of SNV traded down $0.01 during trading hours on Monday, reaching $57.06. The stock had a trading volume of 456,721 shares, compared to its average volume of 1,389,594. Synovus Financial Corp. has a 12 month low of $32.53 and a 12 month high of $59.92. The firm has a 50-day simple moving average of $50.33 and a 200 day simple moving average of $44.79. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $8.08 billion, a price-to-earnings ratio of 25.82, a P/E/G ratio of 2.06 and a beta of 1.38.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The company had revenue of $564.72 million for the quarter, compared to analysts' expectations of $557.64 million. During the same period last year, the business earned $0.84 EPS. Synovus Financial's quarterly revenue was up 2.6% compared to the same quarter last year. Equities research analysts predict that Synovus Financial Corp. will post 4.37 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.66%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial's dividend payout ratio (DPR) is presently 68.78%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Royal Bank of Canada upped their price objective on shares of Synovus Financial from $49.00 to $57.00 and gave the company an "outperform" rating in a report on Friday, October 18th. Wells Fargo & Company cut shares of Synovus Financial from an "overweight" rating to an "equal weight" rating and cut their price objective for the stock from $48.00 to $46.00 in a research report on Tuesday, October 1st. Barclays upped their price objective on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an "overweight" rating in a research report on Friday, November 8th. Stephens boosted their target price on Synovus Financial from $46.00 to $52.00 and gave the stock an "equal weight" rating in a research note on Friday, October 18th. Finally, Citigroup set a $59.00 price objective on Synovus Financial in a research note on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, Synovus Financial has a consensus rating of "Moderate Buy" and an average target price of $53.94.

Synovus Financial Company 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.