Greenwood Capital Associates LLC Makes New Investment in Synovus Financial Corp. (NYSE:SNV)

Greenwood Capital Associates LLC bought a new stake in Synovus Financial Corp. (NYSE:SNV - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 30,872 shares of the bank's stock, valued at approximately $1,373,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Harbor Capital Advisors Inc. boosted its position in Synovus Financial by 118.8% in the third quarter. Harbor Capital Advisors Inc. now owns 14,498 shares of the bank's stock valued at $645,000 after buying an additional 7,871 shares in the last quarter. Janney Montgomery Scott LLC boosted its position in Synovus Financial by 0.7% in the third quarter. Janney Montgomery Scott LLC now owns 49,191 shares of the bank's stock valued at $2,188,000 after buying an additional 360 shares in the last quarter. Farther Finance Advisors LLC raised its stake in shares of Synovus Financial by 474.9% during the third quarter. Farther Finance Advisors LLC now owns 1,466 shares of the bank's stock valued at $65,000 after acquiring an additional 1,211 shares during the last quarter. Deroy & Devereaux Private Investment Counsel Inc. raised its stake in shares of Synovus Financial by 0.7% during the third quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 103,210 shares of the bank's stock valued at $4,590,000 after acquiring an additional 670 shares during the last quarter. Finally, State of Alaska Department of Revenue raised its stake in shares of Synovus Financial by 7.2% during the third quarter. State of Alaska Department of Revenue now owns 16,928 shares of the bank's stock valued at $752,000 after acquiring an additional 1,135 shares during the last quarter. Institutional investors and hedge funds own 83.85% of the company's stock.

Synovus Financial Stock Up 2.2 %

Shares of NYSE SNV traded up $1.07 during trading on Tuesday, hitting $49.77. 814,497 shares of the company traded hands, compared to its average volume of 1,400,762. The business's fifty day moving average is $45.80 and its 200 day moving average is $42.27. Synovus Financial Corp. has a fifty-two week low of $26.76 and a fifty-two week high of $51.69. The firm has a market capitalization of $7.17 billion, a price-to-earnings ratio of 22.49, a P/E/G ratio of 1.79 and a beta of 1.37. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.88 and a current ratio of 0.89.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.14. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The firm had revenue of $564.72 million for the quarter, compared to analyst estimates of $557.64 million. During the same quarter in the prior year, the business earned $0.84 earnings per share. The business's quarterly revenue was up 2.6% compared to the same quarter last year. Equities research analysts predict that Synovus Financial Corp. will post 4.34 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 3.05%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial's payout ratio is presently 68.78%.

Analyst Ratings Changes

SNV has been the subject of several analyst reports. Bank of America raised their price target on shares of Synovus Financial from $48.00 to $57.00 and gave the company a "buy" rating in a research note on Friday, October 18th. Royal Bank of Canada raised their price target on shares of Synovus Financial from $49.00 to $57.00 and gave the company an "outperform" rating in a research note on Friday, October 18th. Evercore ISI raised their price target on shares of Synovus Financial from $48.00 to $54.00 and gave the company an "in-line" rating in a research note on Wednesday, October 30th. Wells Fargo & Company downgraded shares of Synovus Financial from an "overweight" rating to an "equal weight" rating and dropped their price target for the company from $48.00 to $46.00 in a research note on Tuesday, October 1st. Finally, Stephens raised their price target on shares of Synovus Financial from $46.00 to $52.00 and gave the company an "equal weight" rating in a research note on Friday, October 18th. Seven analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $52.24.

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.