TruWealth Advisors LLC Takes Position in Synovus Financial Corp. (NYSE:SNV)

TruWealth Advisors LLC acquired a new position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 241,060 shares of the bank's stock, valued at approximately $12,350,000. TruWealth Advisors LLC owned about 0.17% of Synovus Financial at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of SNV. V Square Quantitative Management LLC purchased a new position in Synovus Financial during the third quarter worth about $30,000. UMB Bank n.a. increased its holdings in Synovus Financial by 87.2% in the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank's stock valued at $33,000 after purchasing an additional 348 shares during the last quarter. Quarry LP purchased a new position in shares of Synovus Financial during the third quarter worth $41,000. Brooklyn Investment Group acquired a new stake in shares of Synovus Financial in the third quarter valued at $56,000. Finally, Abich Financial Wealth Management LLC raised its holdings in shares of Synovus Financial by 30.6% in the 2nd quarter. Abich Financial Wealth Management LLC now owns 1,598 shares of the bank's stock valued at $64,000 after buying an additional 374 shares during the period. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have weighed in on SNV. UBS Group initiated coverage on Synovus Financial in a research report on Tuesday, December 17th. They issued a "buy" rating and a $76.00 target price for the company. Truist Financial increased their target price on shares of Synovus Financial from $52.00 to $57.00 and gave the stock a "buy" rating in a report on Monday, October 21st. JPMorgan Chase & Co. boosted their price target on shares of Synovus Financial from $60.50 to $62.00 and gave the stock an "overweight" rating in a research note on Friday. Piper Sandler lifted their target price on Synovus Financial from $56.00 to $64.00 and gave the company an "overweight" rating in a report on Wednesday, December 11th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Synovus Financial in a report on Monday, December 9th. They set a "buy" rating and a $64.00 price target on the stock. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $58.44.

Synovus Financial Stock Performance

Shares of SNV traded up $0.37 during midday trading on Friday, reaching $54.60. 1,600,638 shares of the stock were exchanged, compared to its average volume of 1,017,272. The company has a market capitalization of $7.73 billion, a price-to-earnings ratio of 24.70, a PEG ratio of 1.31 and a beta of 1.39. Synovus Financial Corp. has a twelve month low of $33.44 and a twelve month high of $59.92. The business's 50-day moving average price is $54.23 and its 200 day moving average price is $48.35. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88.

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, topping analysts' consensus estimates of $1.16 by $0.09. The firm had revenue of $580.58 million during the quarter, compared to analysts' expectations of $566.83 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. Synovus Financial's quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.80 EPS. On average, sell-side analysts expect that Synovus Financial Corp. will post 4.39 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.78%. The ex-dividend date was Thursday, December 19th. Synovus Financial's dividend payout ratio is presently 68.78%.

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.