1,917,697 Shares in Synovus Financial Corp. (NYSE:SNV) Bought by Channing Capital Management LLC

Channing Capital Management LLC acquired a new position in shares of Synovus Financial Corp. (NYSE:SNV) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 1,917,697 shares of the bank’s stock, valued at approximately $72,201,000. Synovus Financial accounts for about 2.1% of Channing Capital Management LLC’s investment portfolio, making the stock its 13th largest holding. Channing Capital Management LLC owned approximately 1.31% of Synovus Financial as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in SNV. North Reef Capital Management LP lifted its holdings in Synovus Financial by 52.7% during the third quarter. North Reef Capital Management LP now owns 4,485,000 shares of the bank’s stock worth $124,683,000 after acquiring an additional 1,548,370 shares in the last quarter. FMR LLC lifted its holdings in Synovus Financial by 10.0% during the third quarter. FMR LLC now owns 10,702,534 shares of the bank’s stock worth $297,530,000 after acquiring an additional 977,155 shares in the last quarter. New York State Common Retirement Fund lifted its holdings in Synovus Financial by 346.6% during the fourth quarter. New York State Common Retirement Fund now owns 570,880 shares of the bank’s stock worth $21,494,000 after acquiring an additional 443,056 shares in the last quarter. Strs Ohio bought a new position in Synovus Financial during the fourth quarter worth about $16,415,000. Finally, Qube Research & Technologies Ltd lifted its holdings in Synovus Financial by 1,020.1% during the third quarter. Qube Research & Technologies Ltd now owns 448,010 shares of the bank’s stock worth $12,455,000 after acquiring an additional 408,014 shares in the last quarter. 83.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SNV has been the topic of several recent analyst reports. UBS Group lifted their target price on Synovus Financial from $42.00 to $44.00 and gave the stock a “buy” rating in a report on Tuesday, January 23rd. JPMorgan Chase & Co. cut their price target on Synovus Financial from $50.00 to $48.00 and set an “overweight” rating on the stock in a report on Friday, April 19th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $38.00 price target (down from $46.00) on shares of Synovus Financial in a report on Friday, April 19th. Raymond James lowered Synovus Financial from a “strong-buy” rating to a “market perform” rating in a report on Thursday, April 18th. Finally, Evercore ISI boosted their price target on Synovus Financial from $40.00 to $42.00 and gave the company an “in-line” rating in a report on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $41.38.

Synovus Financial Stock Performance

NYSE:SNV traded up $0.57 on Friday, hitting $38.08. The company’s stock had a trading volume of 1,402,076 shares, compared to its average volume of 1,574,840. Synovus Financial Corp. has a one year low of $24.40 and a one year high of $40.92. The firm has a market capitalization of $5.58 billion, a P/E ratio of 13.04, a price-to-earnings-growth ratio of 4.39 and a beta of 1.41. The stock has a fifty day moving average of $37.90 and a two-hundred day moving average of $35.25. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.45.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The business had revenue of $537.73 million during the quarter, compared to the consensus estimate of $547.62 million. During the same quarter last year, the company posted $1.33 EPS. The firm’s revenue was down 12.4% on a year-over-year basis. Research analysts predict that Synovus Financial Corp. will post 3.76 earnings per share for the current year.

Synovus Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Thursday, March 21st were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 3.99%. The ex-dividend date of this dividend was Wednesday, March 20th. Synovus Financial’s payout ratio is 52.05%.

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.