Ellenbecker Investment Group Cuts Stock Position in Synovus Financial Corp. (NYSE:SNV)

Ellenbecker Investment Group trimmed its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 24.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,958 shares of the bank’s stock after selling 1,593 shares during the quarter. Ellenbecker Investment Group’s holdings in Synovus Financial were worth $221,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. GAMMA Investing LLC grew its stake in Synovus Financial by 6.5% in the third quarter. GAMMA Investing LLC now owns 3,754 shares of the bank’s stock valued at $167,000 after purchasing an additional 229 shares during the last quarter. Fifth Third Bancorp boosted its position in Synovus Financial by 7.0% in the second quarter. Fifth Third Bancorp now owns 3,760 shares of the bank’s stock valued at $151,000 after buying an additional 245 shares during the last quarter. Dana Investment Advisors Inc. lifted its holdings in Synovus Financial by 0.7% in the second quarter. Dana Investment Advisors Inc. now owns 35,759 shares of the bank’s stock valued at $1,437,000 after acquiring an additional 254 shares during the period. Pitcairn Co. lifted its holdings in Synovus Financial by 2.3% in the first quarter. Pitcairn Co. now owns 11,542 shares of the bank’s stock valued at $462,000 after acquiring an additional 261 shares during the period. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Synovus Financial by 18.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock worth $76,000 after buying an additional 298 shares during the period. 83.85% of the stock is currently owned by institutional investors.

Synovus Financial Trading Up 5.1 %

Synovus Financial stock opened at $50.85 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.89 and a current ratio of 0.90. The business’s 50-day simple moving average is $44.31 and its 200-day simple moving average is $41.21. The firm has a market capitalization of $7.45 billion, a PE ratio of 17.41, a PEG ratio of 2.18 and a beta of 1.38. Synovus Financial Corp. has a 52 week low of $24.40 and a 52 week high of $51.69.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. The company had revenue of $564.72 million for the quarter, compared to the consensus estimate of $557.64 million. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The company’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.84 earnings per share. Equities research analysts forecast that Synovus Financial Corp. will post 4 earnings per share for the current year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.99%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial’s payout ratio is currently 52.05%.

Insider Transactions at Synovus Financial

In other news, EVP Thomas T. Dierdorff sold 614 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total value of $28,366.80. Following the transaction, the executive vice president now directly owns 14,833 shares of the company’s stock, valued at $685,284.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.81% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on SNV. Raymond James upgraded Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price for the company in a report on Tuesday, September 17th. Evercore ISI decreased their target price on Synovus Financial from $50.00 to $48.00 and set an “in-line” rating on the stock in a research note on Wednesday, October 2nd. DA Davidson raised their target price on Synovus Financial from $47.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, July 19th. Stephens raised their price target on Synovus Financial from $43.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Friday, July 19th. Finally, JPMorgan Chase & Co. lowered their target price on Synovus Financial from $55.00 to $52.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $48.41.

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.