HBK Sorce Advisory LLC Sells 15,732 Shares of Synovus Financial Corp. (NYSE:SNV)

HBK Sorce Advisory LLC lessened its holdings in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 74.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,401 shares of the bank's stock after selling 15,732 shares during the quarter. HBK Sorce Advisory LLC's holdings in Synovus Financial were worth $277,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Atria Investments Inc boosted its position in Synovus Financial by 42.1% during the 3rd quarter. Atria Investments Inc now owns 7,198 shares of the bank's stock valued at $320,000 after acquiring an additional 2,132 shares in the last quarter. Entropy Technologies LP bought a new stake in shares of Synovus Financial during the third quarter valued at approximately $286,000. KBC Group NV grew its stake in Synovus Financial by 15.9% in the third quarter. KBC Group NV now owns 4,460 shares of the bank's stock worth $198,000 after purchasing an additional 612 shares during the period. Huntington National Bank raised its holdings in Synovus Financial by 53.6% in the third quarter. Huntington National Bank now owns 2,712 shares of the bank's stock worth $121,000 after purchasing an additional 946 shares in the last quarter. Finally, Cornercap Investment Counsel Inc. bought a new stake in shares of Synovus Financial during the 3rd quarter valued at $508,000. Hedge funds and other institutional investors own 83.85% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Royal Bank of Canada reiterated an "outperform" rating and issued a $64.00 price target on shares of Synovus Financial in a research note on Thursday, December 12th. Morgan Stanley dropped their price target on 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. JPMorgan Chase & Co. raised their price objective on Synovus Financial from $60.50 to $62.00 and gave the company an "overweight" rating in a research report on Friday, January 17th. The Goldman Sachs Group boosted their target price on Synovus Financial from $52.00 to $62.00 and gave the stock a "neutral" rating in a report on Tuesday, November 26th. Finally, Wells Fargo & Company raised their price target on Synovus Financial from $51.00 to $55.00 and gave the company an "equal weight" rating in a report on Tuesday, December 3rd. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $58.67.

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Synovus Financial Stock Performance

Shares of NYSE SNV traded up $1.09 during midday trading on Wednesday, hitting $47.71. 1,821,887 shares of the stock traded hands, compared to its average volume of 1,308,786. 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 one year low of $33.44 and a one year high of $59.92. The firm has a market capitalization of $6.73 billion, a P/E ratio of 15.64, a PEG ratio of 1.11 and a beta of 1.36. The firm has a 50-day moving average of $52.45 and a two-hundred day moving average of $50.95.

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

Synovus Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Thursday, March 20th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 3.27%. This is a positive change from Synovus Financial's previous quarterly dividend of $0.38. The ex-dividend date is Thursday, March 20th. Synovus Financial's payout ratio is 51.15%.

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.