Confluence Wealth Services Inc. Has $447,000 Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

Confluence Wealth Services Inc. lessened its stake in Synovus Financial Corp. (NYSE:SNV) by 27.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,148 shares of the bank’s stock after selling 4,237 shares during the quarter. Confluence Wealth Services Inc.’s holdings in Synovus Financial were worth $447,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the stock. Allworth Financial LP boosted its position in shares of Synovus Financial by 333.5% during the fourth quarter. Allworth Financial LP now owns 724 shares of the bank’s stock worth $27,000 after buying an additional 557 shares during the period. International Assets Investment Management LLC bought a new position in shares of Synovus Financial in the fourth quarter valued at $28,000. MeadowBrook Investment Advisors LLC acquired a new position in Synovus Financial during the fourth quarter worth $30,000. First Command Advisory Services Inc. acquired a new stake in Synovus Financial in the 3rd quarter valued at about $33,000. Finally, American National Bank bought a new position in Synovus Financial during the fourth quarter worth about $38,000. Institutional investors own 83.85% of the company’s stock.

Synovus Financial Trading Down 1.9 %

Shares of NYSE SNV traded down $0.69 during trading on Tuesday, reaching $35.80. The company had a trading volume of 1,458,442 shares, compared to its average volume of 1,499,334. The stock has a market cap of $5.24 billion, a P/E ratio of 12.26, a PEG ratio of 4.25 and a beta of 1.40. The company’s fifty day moving average price is $37.92 and its 200-day moving average price is $35.03. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.45. Synovus Financial Corp. has a 12 month low of $24.40 and a 12 month high of $40.92.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The firm had revenue of $537.73 million during the quarter, compared to analyst estimates of $547.62 million. During the same quarter last year, the firm posted $1.33 EPS. The firm’s revenue for the quarter was down 12.4% on a year-over-year basis. As a group, research analysts expect that Synovus Financial Corp. will post 3.77 earnings per share for the current year.

Synovus Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were issued a dividend of $0.38 per share. The ex-dividend date was Wednesday, March 20th. This represents a $1.52 dividend on an annualized basis and a yield of 4.25%. Synovus Financial’s payout ratio is currently 52.05%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Barclays lowered their price objective on Synovus Financial from $42.00 to $39.00 and set an “equal weight” rating on the stock in a research report on Friday, April 19th. JPMorgan Chase & Co. cut their target price on Synovus Financial from $50.00 to $48.00 and set an “overweight” rating for the company in a research note on Friday, April 19th. Truist Financial decreased their price target on Synovus Financial from $45.00 to $39.00 and set a “buy” rating on the stock in a research note on Monday, April 22nd. Evercore ISI upped their price objective on Synovus Financial from $40.00 to $42.00 and gave the stock an “in-line” rating in a research report on Thursday, March 28th. Finally, Bank of America decreased their target price on Synovus Financial from $44.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday, April 19th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, Synovus Financial presently has an average rating of “Hold” and an average price target of $41.38.

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.