Amalgamated Bank Sells 1,148 Shares of Synovus Financial Corp. (NYSE:SNV)

Amalgamated Bank decreased its holdings in Synovus Financial Corp. (NYSE:SNV) by 1.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 67,413 shares of the bank’s stock after selling 1,148 shares during the quarter. Amalgamated Bank’s holdings in Synovus Financial were worth $3,454,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SNV. Montgomery Investment Management Inc. lifted its position in Synovus Financial by 0.6% during the fourth quarter. Montgomery Investment Management Inc. now owns 42,493 shares of the bank’s stock valued at $2,177,000 after purchasing an additional 235 shares during the period. Deroy & Devereaux Private Investment Counsel Inc. grew its position in Synovus Financial by 0.3% during the fourth quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 103,480 shares of the bank’s stock valued at $5,301,000 after buying an additional 270 shares during the period. Wedmont Private Capital increased its stake in shares of Synovus Financial by 3.3% in the 4th quarter. Wedmont Private Capital now owns 9,401 shares of the bank’s stock valued at $479,000 after purchasing an additional 299 shares in the last quarter. Harbor Capital Advisors Inc. increased its position in shares of Synovus Financial by 2.1% in the fourth quarter. Harbor Capital Advisors Inc. now owns 14,800 shares of the bank’s stock valued at $758,000 after buying an additional 302 shares in the last quarter. Finally, Savant Capital LLC raised its position in Synovus Financial by 2.7% during the fourth quarter. Savant Capital LLC now owns 11,923 shares of the bank’s stock worth $611,000 after acquiring an additional 314 shares during the period. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Synovus Financial Stock Performance

SNV stock opened at $51.86 on Friday. Synovus Financial Corp. has a 1 year low of $33.44 and a 1 year high of $59.92. The stock has a market capitalization of $7.35 billion, a price-to-earnings ratio of 17.00, a PEG ratio of 1.11 and a beta of 1.39. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88. The stock’s fifty day moving average is $53.68 and its two-hundred day moving average is $50.68.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.09. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The firm had revenue of $580.58 million for the quarter, compared to the consensus estimate of $566.83 million. During the same period last year, the firm posted $0.80 EPS. Synovus Financial’s quarterly revenue was up 18.8% compared to the same quarter last year. On average, research analysts predict that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Thursday, December 19th were given a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.93%. The ex-dividend date was Thursday, December 19th. Synovus Financial’s dividend payout ratio is currently 49.84%.

Analyst Upgrades and Downgrades

A number of research firms have commented on SNV. Citigroup increased their price objective on shares of Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a report on Friday, January 17th. Deutsche Bank Aktiengesellschaft began coverage on Synovus Financial in a report on Monday, December 9th. They set a “buy” rating and a $64.00 price target for the company. Barclays boosted their target price on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. upped their target price on shares of Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $64.00 price objective on shares of Synovus Financial in a research note on Thursday, December 12th. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $58.44.

About Synovus Financial

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.