Blue Trust Inc. Raises Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

Blue Trust Inc. grew its position in Synovus Financial Corp. (NYSE:SNV - Free Report) by 781.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 210,282 shares of the bank's stock after acquiring an additional 186,424 shares during the quarter. Blue Trust Inc. owned about 0.15% of Synovus Financial worth $10,773,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. V Square Quantitative Management LLC purchased a new stake in Synovus Financial in the 3rd quarter worth about $30,000. Keystone Financial Group Inc. bought a new stake in shares of Synovus Financial during the 4th quarter worth approximately $37,000. Quarry LP purchased a new position in Synovus Financial during the 3rd quarter valued at $41,000. Brooklyn Investment Group bought a new position in Synovus Financial in the 3rd quarter valued at $56,000. Finally, Farther Finance Advisors LLC increased 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 period. Institutional investors own 83.85% of the company's stock.

Synovus Financial Stock Down 0.7 %

Shares of SNV stock traded down $0.39 during trading hours on Wednesday, reaching $55.29. 767,984 shares of the company's stock were exchanged, compared to its average volume of 1,260,134. Synovus Financial Corp. has a fifty-two week low of $33.44 and a fifty-two week high of $59.92. The stock's 50 day moving average is $53.76 and its 200-day moving average is $50.22. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. The company has a market cap of $7.83 billion, a price-to-earnings ratio of 18.13, a P/E/G ratio of 1.14 and a beta of 1.39.

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, beating the consensus estimate of $1.16 by $0.09. The company had revenue of $580.58 million for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the prior year, the company posted $0.80 EPS. Analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Thursday, December 19th were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date was Thursday, December 19th. Synovus Financial's dividend payout ratio (DPR) is presently 49.84%.

Analyst Ratings Changes

A number of research firms have recently commented on SNV. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Synovus Financial in a report on Monday, December 9th. They issued a "buy" rating and a $64.00 price target on the stock. Citigroup raised their target price on shares of Synovus Financial from $59.00 to $62.00 and gave the stock a "buy" rating in a research 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. Stephens reaffirmed an "equal weight" rating and set a $58.00 target price on shares of Synovus Financial in a research report on Thursday, January 16th. Finally, Wells Fargo & Company increased their price target on Synovus Financial from $51.00 to $55.00 and gave the stock 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 issued a buy rating to the stock. According to MarketBeat, Synovus Financial currently has a consensus rating of "Moderate Buy" and a consensus target price 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.