Private Capital Management LLC Reduces Stock Position in Synovus Financial Corp. (NYSE:SNV)

Private Capital Management LLC reduced its stake in Synovus Financial Corp. (NYSE:SNV - Free Report) by 14.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 305,844 shares of the bank's stock after selling 50,462 shares during the period. Synovus Financial accounts for 2.7% of Private Capital Management LLC's holdings, making the stock its 22nd biggest holding. Private Capital Management LLC owned 0.22% of Synovus Financial worth $13,601,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC raised its stake in Synovus Financial by 6.0% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 6,449 shares of the bank's stock worth $287,000 after buying an additional 365 shares during the period. State of Alaska Department of Revenue raised its position 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 worth $752,000 after purchasing an additional 1,135 shares during the period. Deroy & Devereaux Private Investment Counsel Inc. lifted its holdings in shares of Synovus Financial by 0.7% in the 3rd quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 103,210 shares of the bank's stock worth $4,590,000 after purchasing an additional 670 shares in the last quarter. Farther Finance Advisors LLC grew its position in Synovus Financial by 474.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,466 shares of the bank's stock valued at $65,000 after purchasing an additional 1,211 shares during the period. Finally, Janney Montgomery Scott LLC increased its stake in Synovus Financial by 0.7% during the 3rd quarter. Janney Montgomery Scott LLC now owns 49,191 shares of the bank's stock valued at $2,188,000 after purchasing an additional 360 shares in the last quarter. Institutional investors and hedge funds own 83.85% of the company's stock.

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Wall Street Analyst Weigh In

A number of research firms have weighed in on SNV. UBS Group initiated coverage on shares of Synovus Financial in a research note on Tuesday, December 17th. They issued a "buy" rating and a $76.00 price objective on the stock. Stephens reaffirmed an "equal weight" rating and issued a $58.00 price target on shares of Synovus Financial in a research report on Thursday, January 16th. Citigroup boosted their price objective on Synovus Financial from $59.00 to $62.00 and gave the stock a "buy" rating in a report on Friday, January 17th. Piper Sandler increased their price objective on Synovus Financial from $56.00 to $64.00 and gave the stock an "overweight" rating in a research note on Wednesday, December 11th. Finally, The Goldman Sachs Group lifted their target price on Synovus Financial from $52.00 to $62.00 and gave the company a "neutral" rating in a research report on Tuesday, November 26th. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $58.44.

Synovus Financial Stock Performance

SNV traded down $1.81 during midday trading on Tuesday, reaching $48.89. The company had a trading volume of 1,643,855 shares, compared to its average volume of 1,311,629. Synovus Financial Corp. has a 12-month low of $33.44 and a 12-month high of $59.92. The business has a 50-day moving average price of $53.67 and a two-hundred day moving average price of $50.87. The stock has a market cap of $6.89 billion, a PE ratio of 16.03, a P/E/G ratio of 1.11 and a beta of 1.39. 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 (NYSE:SNV - Get Free Report) last posted its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, beating 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 the consensus estimate of $566.83 million. During the same quarter in the prior year, the business earned $0.80 earnings per share. Synovus Financial's revenue for the quarter was up 18.8% on a year-over-year basis. On average, sell-side analysts expect that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal 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 issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 3.19%. This is a positive change from Synovus Financial's previous quarterly dividend of $0.38. Synovus Financial's dividend payout ratio (DPR) is 49.84%.

Synovus Financial 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.