Phocas Financial Corp. Sells 66,292 Shares of Synovus Financial Corp. (NYSE:SNV)

Phocas Financial Corp. cut its holdings in Synovus Financial Corp. (NYSE:SNV - Free Report) by 71.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 26,903 shares of the bank's stock after selling 66,292 shares during the period. Synovus Financial makes up 1.0% of Phocas Financial Corp.'s portfolio, making the stock its 25th largest position. Phocas Financial Corp.'s holdings in Synovus Financial were worth $1,378,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Keystone Financial Group Inc. bought a new stake in Synovus Financial in the fourth quarter worth $37,000. Quarry LP bought a new stake in Synovus Financial in the third quarter worth $41,000. Brooklyn Investment Group bought a new stake in Synovus Financial in the third quarter worth $56,000. V Square Quantitative Management LLC lifted its stake in Synovus Financial by 69.3% in the fourth quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank's stock worth $58,000 after purchasing an additional 466 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its stake in Synovus Financial by 474.9% in the third quarter. Farther Finance Advisors LLC now owns 1,466 shares of the bank's stock worth $65,000 after purchasing an additional 1,211 shares during the last quarter. 83.85% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on SNV shares. Barclays boosted their price objective on shares of Synovus Financial from $56.00 to $64.00 and gave the company an "overweight" rating in a research report on Friday, November 8th. JPMorgan Chase & Co. boosted their price objective on shares of Synovus Financial from $60.50 to $62.00 and gave the company an "overweight" rating in a research report on Friday, January 17th. Citigroup boosted their price objective on shares of Synovus Financial from $59.00 to $62.00 and gave the company a "buy" rating in a research report on Friday, January 17th. UBS Group started coverage on shares of Synovus Financial in a research report on Tuesday, December 17th. They issued a "buy" rating and a $76.00 price objective on the stock. Finally, Wells Fargo & Company boosted their price objective on shares of Synovus Financial from $51.00 to $55.00 and gave the company an "equal weight" rating in a research report on Tuesday, December 3rd. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $58.44.

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Synovus Financial Stock Up 1.2 %

SNV traded up $0.61 during midday trading on Friday, reaching $51.86. The company's stock had a trading volume of 1,281,976 shares, compared to its average volume of 1,242,692. The firm has a market capitalization of $7.31 billion, a price-to-earnings ratio of 17.00, a PEG ratio of 1.11 and a beta of 1.39. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. Synovus Financial Corp. has a 1 year low of $33.44 and a 1 year high of $59.92. The stock's 50-day moving average is $53.68 and its 200-day moving average is $50.68.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, topping analysts' consensus estimates of $1.16 by $0.09. The business had revenue of $580.58 million for the quarter, compared to analysts' expectations of $566.83 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The business's revenue was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.80 earnings per share. As a group, research analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 2.93%. The ex-dividend date was Thursday, December 19th. Synovus Financial's dividend payout ratio (DPR) is presently 49.84%.

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.