Ellenbecker Investment Group Decreases Holdings in Synovus Financial Corp. (NYSE:SNV)


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Ellenbecker Investment Group cut its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 24.3% in the first quarter, Holdings Channel.com reports. The institutional investor owned 8,660 shares of the bank’s stock after selling 2,782 shares during the quarter. Ellenbecker Investment Group’s holdings in Synovus Financial were worth $396,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Dimensional Fund Advisors LP raised its stake in Synovus Financial by 4.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,589,790 shares of the bank’s stock valued at $116,202,000 after buying an additional 146,909 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Synovus Financial by 38.4% during the 4th quarter. Bank of New York Mellon Corp now owns 2,770,036 shares of the bank’s stock valued at $89,666,000 after buying an additional 768,018 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Synovus Financial by 2.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,685,174 shares of the bank’s stock valued at $86,920,000 after buying an additional 69,027 shares during the last quarter. Channing Capital Management LLC raised its stake in Synovus Financial by 2.9% during the 4th quarter. Channing Capital Management LLC now owns 1,786,445 shares of the bank’s stock valued at $57,827,000 after buying an additional 50,699 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Synovus Financial in the 4th quarter worth $56,753,000. Institutional investors and hedge funds own 76.11% of the company’s stock.

Shares of SNV traded down $0.38 during midday trading on Thursday, hitting $45.49. 12,037 shares of the company traded hands, compared to its average volume of 1,001,596. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.90 and a current ratio of 0.92. Synovus Financial Corp. has a 52 week low of $14.65 and a 52 week high of $50.51. The firm has a 50 day moving average of $45.54 and a 200-day moving average of $34.72. The stock has a market cap of $6.76 billion, a price-to-earnings ratio of 19.94, a PEG ratio of 1.56 and a beta of 1.66.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Monday, January 25th. The bank reported $1.08 EPS for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.26. Synovus Financial had a net margin of 15.84% and a return on equity of 8.20%. The firm had revenue of $500.69 million during the quarter, compared to the consensus estimate of $483.82 million. During the same quarter last year, the firm earned $0.97 EPS. Sell-side analysts predict that Synovus Financial Corp. will post 2.11 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 1st. Investors of record on Thursday, March 18th were issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.90%. The ex-dividend date of this dividend was Wednesday, March 17th. Synovus Financial’s payout ratio is 33.85%.

Several equities research analysts have recently commented on the company. Zacks Investment Research lowered Synovus Financial from a “buy” rating to a “hold” rating and set a $49.00 price objective for the company. in a research note on Monday. Morgan Stanley upped their price objective on Synovus Financial from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 24th. Raymond James increased their price target on Synovus Financial from $42.00 to $53.00 and gave the stock an “outperform” rating in a research note on Wednesday. Truist increased their price target on Synovus Financial from $45.00 to $52.00 in a research note on Monday, March 8th. Finally, Seaport Global Securities began coverage on Synovus Financial in a research note on Tuesday, March 30th. They issued a “buy” rating and a $53.00 price target for the company. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $41.23.

Synovus Financial Company Profile

Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides various financial products and services. It operates through three segments: Community Banking, Wholesale Banking, and Financial Management Services. The company's commercial banking services include treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.

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Institutional Ownership by Quarter for Synovus Financial (NYSE:SNV)

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