Synovus Financial Corp. (NYSE:SNV) Shares Sold by Channing Capital Management LLC

Channing Capital Management LLC cut its stake in Synovus Financial Corp. (NYSE:SNV) by 2.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,974,851 shares of the bank’s stock after selling 41,887 shares during the quarter. Synovus Financial makes up approximately 2.7% of Channing Capital Management LLC’s portfolio, making the stock its 2nd largest holding. Channing Capital Management LLC owned approximately 1.39% of Synovus Financial worth $101,172,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Synovus Financial by 34.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 39,548 shares of the bank’s stock valued at $2,026,000 after acquiring an additional 10,039 shares in the last quarter. Sound View Wealth Advisors Group LLC raised its stake in Synovus Financial by 3.1% in the 4th quarter. Sound View Wealth Advisors Group LLC now owns 7,941 shares of the bank’s stock valued at $407,000 after purchasing an additional 241 shares during the last quarter. Berkshire Asset Management LLC PA raised its stake in Synovus Financial by 21.4% in the 4th quarter. Berkshire Asset Management LLC PA now owns 12,241 shares of the bank’s stock valued at $677,000 after purchasing an additional 2,161 shares during the last quarter. Edgestream Partners L.P. lifted its holdings in Synovus Financial by 157.5% in the 4th quarter. Edgestream Partners L.P. now owns 111,764 shares of the bank’s stock valued at $5,726,000 after purchasing an additional 68,358 shares in the last quarter. Finally, Callan Family Office LLC boosted its stake in Synovus Financial by 7.1% during the 4th quarter. Callan Family Office LLC now owns 24,239 shares of the bank’s stock worth $1,242,000 after purchasing an additional 1,616 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Synovus Financial Stock Down 6.7 %

Synovus Financial stock opened at $43.72 on Tuesday. 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 company has a market capitalization of $6.16 billion, a PE ratio of 14.33, a price-to-earnings-growth ratio of 1.11 and a beta of 1.36. Synovus Financial Corp. has a fifty-two week low of $33.44 and a fifty-two week high of $59.92. The firm has a 50 day moving average price of $53.23 and a 200 day moving average price of $50.98.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.09. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The company had revenue of $580.58 million for the quarter, compared to analyst estimates of $566.83 million. During the same period in the prior year, the firm earned $0.80 earnings per share. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. Research analysts expect that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th will be given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 3.57%. The ex-dividend date of this dividend is Thursday, March 20th. This is a boost from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s dividend payout ratio (DPR) is currently 51.15%.

Analyst Ratings Changes

A number of brokerages have recently commented on SNV. Citigroup increased their target price on shares of Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Royal Bank of Canada reiterated an “outperform” rating and issued a $64.00 price objective on shares of Synovus Financial in a report on Thursday, December 12th. Wells Fargo & Company boosted their target price on Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. JPMorgan Chase & Co. increased their price target on Synovus Financial from $60.50 to $62.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Finally, UBS Group began coverage on Synovus Financial in a research report on Tuesday, December 17th. They set a “buy” rating and a $76.00 price objective on the stock. 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.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $58.44.

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.