Greenwood Capital Associates LLC Lowers Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

Greenwood Capital Associates LLC lowered its position in shares of Synovus Financial Corp. (NYSE:SNV) by 3.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,727 shares of the bank’s stock after selling 1,145 shares during the period. Greenwood Capital Associates LLC’s holdings in Synovus Financial were worth $1,523,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of SNV. V Square Quantitative Management LLC purchased a new position in shares of Synovus Financial during the 3rd quarter valued at $30,000. UMB Bank n.a. boosted its stake in Synovus Financial by 87.2% during the third quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock valued at $33,000 after buying an additional 348 shares during the period. Quarry LP purchased a new position in Synovus Financial during the third quarter worth about $41,000. Brooklyn Investment Group bought a new position in Synovus Financial in the 3rd quarter worth about $56,000. Finally, Farther Finance Advisors LLC boosted its position in shares of Synovus Financial by 474.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,466 shares of the bank’s stock valued at $65,000 after acquiring an additional 1,211 shares during the last quarter. Institutional investors own 83.85% of the company’s stock.

Synovus Financial Stock Down 1.9 %

Shares of NYSE SNV opened at $55.32 on Tuesday. The company has a market cap of $7.84 billion, a price-to-earnings ratio of 18.07, a PEG ratio of 1.17 and a beta of 1.39. 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 fifty day moving average is $53.94 and its 200 day moving average is $49.43. Synovus Financial Corp. has a 52 week low of $33.44 and a 52 week high of $59.92.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. The firm had revenue of $580.58 million for the quarter, compared to analysts’ expectations of $566.83 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.80 earnings per share. On average, equities research analysts expect that Synovus Financial Corp. will post 4.86 earnings per share for the current year.

Synovus Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th were given a $0.38 dividend. The ex-dividend date was Thursday, December 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.75%. Synovus Financial’s dividend payout ratio is currently 49.84%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on SNV shares. Barclays upped their price objective on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Evercore ISI increased their price target on shares of Synovus Financial from $48.00 to $54.00 and gave the stock an “in-line” rating in a report on Wednesday, October 30th. Truist Financial lifted their price objective 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. UBS Group began coverage on Synovus Financial in a research note on Tuesday, December 17th. They issued a “buy” rating and a $76.00 target price on the stock. Finally, JPMorgan Chase & Co. lifted their price target on Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.44.

Synovus Financial 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.