Keystone Financial Services Buys Shares of 4,277 Synovus Financial Corp. $SNV

Keystone Financial Services purchased a new stake in Synovus Financial Corp. (NYSE:SNV) in the second quarter, HoldingsChannel reports. The firm purchased 4,277 shares of the bank’s stock, valued at approximately $221,000.

Several other institutional investors and hedge funds have also made changes to their positions in the business. AQR Capital Management LLC lifted its holdings in shares of Synovus Financial by 168.2% in the first quarter. AQR Capital Management LLC now owns 2,857,222 shares of the bank’s stock valued at $130,546,000 after purchasing an additional 1,791,973 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Synovus Financial by 0.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,586,599 shares of the bank’s stock worth $82,107,000 after purchasing an additional 8,759 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its stake in Synovus Financial by 1.4% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 885,612 shares of the bank’s stock valued at $41,394,000 after buying an additional 12,036 shares in the last quarter. Invesco Ltd. grew its holdings in Synovus Financial by 201.0% during the 1st quarter. Invesco Ltd. now owns 820,782 shares of the bank’s stock valued at $38,363,000 after buying an additional 548,092 shares during the last quarter. Finally, Wedge Capital Management L L P NC grew its holdings in Synovus Financial by 0.4% during the 2nd quarter. Wedge Capital Management L L P NC now owns 703,947 shares of the bank’s stock valued at $36,429,000 after buying an additional 2,983 shares during the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SNV has been the subject of a number of analyst reports. Truist Financial cut their price target on Synovus Financial from $56.00 to $55.00 and set a “buy” rating for the company in a report on Friday, October 17th. Keefe, Bruyette & Woods lowered shares of Synovus Financial from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $65.00 to $50.00 in a report on Tuesday, August 12th. JPMorgan Chase & Co. decreased their price target on shares of Synovus Financial from $65.00 to $58.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 1st. Weiss Ratings lowered shares of Synovus Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, October 8th. Finally, Royal Bank Of Canada reduced their price objective on shares of Synovus Financial from $65.00 to $58.00 and set an “outperform” rating on the stock in a research note on Friday, October 17th. Eight equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat, Synovus Financial presently has a consensus rating of “Hold” and a consensus target price of $58.56.

Synovus Financial Stock Up 1.7%

Shares of SNV opened at $45.47 on Friday. Synovus Financial Corp. has a fifty-two week low of $35.94 and a fifty-two week high of $61.06. The company’s fifty day moving average is $48.17 and its two-hundred day moving average is $48.94. The firm has a market cap of $6.31 billion, a PE ratio of 8.48, a price-to-earnings-growth ratio of 0.77 and a beta of 1.28. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.57.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, October 15th. The bank reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.10. Synovus Financial had a return on equity of 16.13% and a net margin of 21.97%.The business had revenue of $612.79 million for the quarter, compared to analyst estimates of $604.59 million. During the same period last year, the company posted $1.23 EPS. The business’s quarterly revenue was up 9.0% on a year-over-year basis. Analysts forecast that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Thursday, September 18th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend was Thursday, September 18th. Synovus Financial’s payout ratio is currently 29.10%.

Insider Buying and Selling at Synovus Financial

In other news, Director Gregory G. Montana bought 1,000 shares of the firm’s stock in a transaction dated Monday, October 20th. The stock was acquired at an average price of $45.37 per share, for a total transaction of $45,370.00. Following the acquisition, the director owned 5,464 shares of the company’s stock, valued at $247,901.68. This trade represents a 22.40% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 1.00% of the stock is owned by corporate insiders.

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.