Proficio Capital Partners LLC Makes New Investment in Synovus Financial Corp. (NYSE:SNV)

Proficio Capital Partners LLC purchased a new stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 74,130 shares of the bank's stock, valued at approximately $3,798,000. Proficio Capital Partners LLC owned 0.05% of Synovus Financial as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SNV. Wellington Management Group LLP grew its stake in shares of Synovus Financial by 12.8% in the 3rd quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank's stock valued at $430,213,000 after purchasing an additional 1,095,557 shares during the period. FMR LLC grew its stake in shares of Synovus Financial by 5.4% in the 3rd quarter. FMR LLC now owns 11,626,424 shares of the bank's stock valued at $517,027,000 after purchasing an additional 598,644 shares during the period. TruWealth Advisors LLC bought a new stake in shares of Synovus Financial in the 4th quarter valued at approximately $12,350,000. Blue Trust Inc. grew its stake in shares of Synovus Financial by 934.0% in the 4th quarter. Blue Trust Inc. now owns 246,686 shares of the bank's stock valued at $12,638,000 after purchasing an additional 222,828 shares during the period. Finally, State Street Corp grew its stake in shares of Synovus Financial by 3.2% in the 3rd quarter. State Street Corp now owns 6,561,056 shares of the bank's stock valued at $294,255,000 after purchasing an additional 201,362 shares during the period. 83.85% of the stock is currently owned by institutional investors.

Synovus Financial Trading Down 0.0 %

Shares of SNV stock traded down $0.01 during trading hours on Friday, reaching $46.81. The company had a trading volume of 2,018,951 shares, compared to its average volume of 1,312,737. The company has a 50 day moving average of $53.46 and a 200 day moving average of $50.86. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. The firm has a market cap of $6.59 billion, a price-to-earnings ratio of 15.35, a P/E/G ratio of 1.11 and a beta of 1.36. Synovus Financial Corp. has a 1-year low of $33.44 and a 1-year high of $59.92.

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Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, beating analysts' consensus estimates of $1.16 by $0.09. The company had revenue of $580.58 million for 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 quarterly revenue was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.80 EPS. On average, equities research analysts anticipate that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Thursday, March 20th will be given a $0.39 dividend. The ex-dividend date is Thursday, March 20th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.33%. This is a boost from Synovus Financial's previous quarterly dividend of $0.38. Synovus Financial's dividend payout ratio is currently 51.15%.

Analyst Upgrades and Downgrades

SNV has been the topic of several recent analyst reports. 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. Piper Sandler boosted their target price on Synovus Financial from $56.00 to $64.00 and gave the stock an "overweight" rating in a report on Wednesday, December 11th. Deutsche Bank Aktiengesellschaft initiated coverage on Synovus Financial in a report on Monday, December 9th. They issued a "buy" rating and a $64.00 target price on the stock. Royal Bank of Canada reissued an "outperform" rating and issued a $64.00 target price on shares of Synovus Financial in a report on Thursday, December 12th. Finally, UBS Group initiated coverage on Synovus Financial in a report on Tuesday, December 17th. They issued a "buy" rating and a $76.00 target price on the stock. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $58.44.

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.