Sage Mountain Advisors LLC Has $318,000 Holdings in Synovus Financial Corp. (NYSE:SNV)

Sage Mountain Advisors LLC decreased its holdings in Synovus Financial Corp. (NYSE:SNV) by 23.6% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 6,216 shares of the bank’s stock after selling 1,923 shares during the quarter. Sage Mountain Advisors LLC’s holdings in Synovus Financial were worth $318,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in SNV. Farther Finance Advisors LLC raised its stake in Synovus Financial by 474.9% in 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 period. Janney Montgomery Scott LLC increased its holdings in shares of Synovus Financial by 0.7% in the third quarter. Janney Montgomery Scott LLC now owns 49,191 shares of the bank’s stock valued at $2,188,000 after purchasing an additional 360 shares during the last quarter. Atria Investments Inc raised its position in shares of Synovus Financial by 42.1% in the third quarter. Atria Investments Inc now owns 7,198 shares of the bank’s stock valued at $320,000 after purchasing an additional 2,132 shares during the period. Wolverine Asset Management LLC acquired a new stake in shares of Synovus Financial during the 3rd quarter worth about $195,000. Finally, Entropy Technologies LP bought a new stake in shares of Synovus Financial during the 3rd quarter worth about $286,000. 83.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on SNV. Stephens reissued an “equal weight” rating and issued a $58.00 price target on shares of Synovus Financial in a report on Thursday, January 16th. Citigroup increased their target price on Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Wells Fargo & Company lifted their price target on Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. Royal Bank of Canada reiterated an “outperform” rating and set a $64.00 price objective on shares of Synovus Financial in a research report on Thursday, December 12th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Synovus Financial from $60.50 to $62.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, Synovus Financial has a consensus rating of “Moderate Buy” and a consensus price target of $58.44.

Synovus Financial Stock Up 2.2 %

Shares of SNV opened at $44.80 on Thursday. The firm has a 50 day simple moving average of $52.95 and a two-hundred day simple moving average of $50.92. The company has a market cap of $6.31 billion, a P/E ratio of 14.69, a P/E/G ratio of 1.11 and a beta of 1.36. Synovus Financial Corp. has a one year low of $33.44 and a one year high of $59.92. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.09. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The business 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 for the quarter was up 18.8% on a year-over-year basis. Research analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th will be paid a $0.39 dividend. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date is Thursday, March 20th. Synovus Financial’s dividend payout ratio (DPR) is presently 51.15%.

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.