HighTower Advisors LLC Has $1.10 Million Stock Position in Synovus Financial Corp. (NYSE:SNV)

HighTower Advisors LLC boosted its stake in Synovus Financial Corp. (NYSE:SNV - Free Report) by 45.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,421 shares of the bank's stock after acquiring an additional 6,699 shares during the period. HighTower Advisors LLC's holdings in Synovus Financial were worth $1,097,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Proficio Capital Partners LLC bought a new stake in shares of Synovus Financial in the 4th quarter valued at approximately $3,798,000. Nordea Investment Management AB boosted its holdings in Synovus Financial by 3.8% in the fourth quarter. Nordea Investment Management AB now owns 276,863 shares of the bank's stock worth $14,261,000 after purchasing an additional 10,109 shares during the period. Quantinno Capital Management LP increased its stake in Synovus Financial by 25.1% during the third quarter. Quantinno Capital Management LP now owns 49,099 shares of the bank's stock valued at $2,183,000 after purchasing an additional 9,852 shares during the last quarter. SG Americas Securities LLC raised its holdings in shares of Synovus Financial by 11.0% during the fourth quarter. SG Americas Securities LLC now owns 12,547 shares of the bank's stock worth $643,000 after purchasing an additional 1,240 shares during the period. Finally, Dynamic Technology Lab Private Ltd bought a new position in shares of Synovus Financial in the 3rd quarter worth about $682,000. 83.85% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on SNV shares. Piper Sandler 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 Wednesday, December 11th. Wells Fargo & Company upped their target price on Synovus Financial from $51.00 to $55.00 and gave the company an "equal weight" rating in a report on Tuesday, December 3rd. Morgan Stanley cut their price target on Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating on the stock in a report on Thursday, March 13th. JPMorgan Chase & Co. upped their price objective on Synovus Financial from $60.50 to $62.00 and gave the stock an "overweight" rating in a research note on Friday, January 17th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Synovus Financial in a research note on Monday, December 9th. They issued a "buy" rating and a $64.00 target price on the stock. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $58.67.

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Synovus Financial Price Performance

Shares of SNV traded down $1.28 during midday trading on Friday, reaching $46.12. The stock had a trading volume of 1,659,876 shares, compared to its average volume of 1,398,967. 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 company has a market capitalization of $6.50 billion, a P/E ratio of 15.12, a P/E/G ratio of 1.11 and a beta of 1.36. The firm's 50 day moving average price is $51.56 and its 200-day moving average price is $51.17. Synovus Financial Corp. has a 52 week low of $33.44 and a 52 week high of $59.92.

Synovus Financial (NYSE:SNV - Get Free Report) last issued 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. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The company had revenue of $580.58 million during the quarter, compared to the consensus estimate of $566.83 million. During the same period in the prior year, the company earned $0.80 EPS. Synovus Financial's revenue was up 18.8% on a year-over-year basis. On average, analysts forecast that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th will be given a $0.39 dividend. This is a positive change from Synovus Financial's previous quarterly dividend of $0.38. The ex-dividend date is Thursday, March 20th. This represents a $1.56 annualized dividend and a yield of 3.38%. Synovus Financial's payout ratio is 51.15%.

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.