Synovus Financial Corp. (NYSE:SNV) Stake Decreased by Channing Capital Management LLC

Channing Capital Management LLC decreased its position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 2.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,974,851 shares of the bank's stock after selling 41,887 shares during the period. Synovus Financial comprises 2.7% of Channing Capital Management LLC's holdings, making the stock its 2nd largest holding. Channing Capital Management LLC owned approximately 1.39% of Synovus Financial worth $101,172,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC raised its stake in Synovus Financial by 6.0% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 6,449 shares of the bank's stock worth $287,000 after acquiring an additional 365 shares in the last quarter. Farther Finance Advisors LLC increased its position in Synovus Financial by 474.9% during the 3rd 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 in the last quarter. Janney Montgomery Scott LLC lifted its stake in Synovus Financial by 0.7% in 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 during the last quarter. Atria Investments Inc boosted its position in Synovus Financial by 42.1% in the third quarter. Atria Investments Inc now owns 7,198 shares of the bank's stock valued at $320,000 after buying an additional 2,132 shares in the last quarter. Finally, Wolverine Asset Management LLC acquired a new stake in Synovus Financial in the third quarter valued at approximately $195,000. 83.85% of the stock is owned by institutional investors.

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Synovus Financial Stock Up 3.4 %

SNV stock traded up $1.49 during mid-day trading on Friday, reaching $45.67. 1,248,017 shares of the company traded hands, compared to its average volume of 1,319,306. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. The firm's 50 day moving average price is $52.95 and its 200 day moving average price is $50.92. The stock has a market cap of $6.44 billion, a price-to-earnings ratio of 14.97, a P/E/G ratio of 1.11 and a beta of 1.36. Synovus Financial Corp. has a fifty-two week low of $33.44 and a fifty-two week high of $59.92.

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 analysts' expectations of $566.83 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. Synovus Financial's quarterly revenue was up 18.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.80 earnings per share. As a group, equities research analysts predict that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th will be paid a $0.39 dividend. This is a positive change from Synovus Financial's previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $1.56 annualized dividend and a dividend yield of 3.42%. Synovus Financial's dividend payout ratio is presently 51.15%.

Analyst Ratings Changes

Several research analysts have commented on the company. Piper Sandler lifted 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 started coverage on Synovus Financial in a research report on Monday, December 9th. They issued a "buy" rating and a $64.00 price objective for the company. Stephens reiterated an "equal weight" rating and issued a $58.00 target price on shares of Synovus Financial in a report on Thursday, January 16th. UBS Group assumed coverage on Synovus Financial in a research note on Tuesday, December 17th. They issued a "buy" rating and a $76.00 price target on the stock. Finally, JPMorgan Chase & Co. raised their price objective on shares of Synovus Financial from $60.50 to $62.00 and gave the stock an "overweight" rating in a research report on Friday, January 17th. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $58.67.

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.