Asio Capital LLC Sells 37,732 Shares of Synovus Financial Corp. (NYSE:SNV)

Asio Capital LLC reduced its stake in Synovus Financial Corp. (NYSE:SNV) by 29.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 88,567 shares of the bank’s stock after selling 37,732 shares during the quarter. Asio Capital LLC owned 0.06% of Synovus Financial worth $4,537,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Thrivent Financial for Lutherans raised its holdings in shares of Synovus Financial by 7.6% in the third quarter. Thrivent Financial for Lutherans now owns 146,734 shares of the bank’s stock valued at $6,525,000 after purchasing an additional 10,346 shares during the last quarter. Nordea Investment Management AB increased its stake in Synovus Financial by 3.8% in the 4th quarter. Nordea Investment Management AB now owns 276,863 shares of the bank’s stock valued at $14,261,000 after buying an additional 10,109 shares during the last quarter. Quest Partners LLC bought a new stake in Synovus Financial during the 3rd quarter worth about $1,264,000. Quantinno Capital Management LP boosted its stake in shares of Synovus Financial by 25.1% during the 3rd quarter. Quantinno Capital Management LP now owns 49,099 shares of the bank’s stock worth $2,183,000 after buying an additional 9,852 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Synovus Financial by 3.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank’s stock valued at $222,022,000 after acquiring an additional 147,599 shares in the last quarter. 83.85% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently weighed in on SNV. Barclays raised their target price on shares of Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Deutsche Bank Aktiengesellschaft started coverage on shares of Synovus Financial in a research note on Monday, December 9th. They set a “buy” rating and a $64.00 price objective on the stock. Piper Sandler raised their target price on shares of Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research note on Wednesday, December 11th. Royal Bank of Canada reissued an “outperform” rating and set a $64.00 price target on shares of Synovus Financial in a research report on Thursday, December 12th. Finally, Bank of America raised their price objective on Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $58.44.

Synovus Financial Price Performance

Shares of Synovus Financial stock opened at $55.28 on Friday. The firm has a market cap of $7.83 billion, a PE ratio of 18.13, a price-to-earnings-growth ratio of 1.14 and a beta of 1.39. The company’s fifty day simple moving average is $54.04 and its two-hundred day simple moving average is $48.89. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. Synovus Financial Corp. has a 12-month low of $33.44 and a 12-month high of $59.92.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The company had revenue of $580.58 million for the quarter, compared to the consensus estimate of $566.83 million. During the same quarter in the previous year, the business earned $0.80 EPS. Synovus Financial’s revenue was up 18.8% compared to the same quarter last year. As a group, equities analysts expect that Synovus Financial Corp. will post 4.86 EPS for the current year.

Synovus Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th were issued a $0.38 dividend. The ex-dividend date was Thursday, December 19th. This represents a $1.52 dividend on an annualized basis and a yield of 2.75%. Synovus Financial’s dividend payout ratio (DPR) is 49.84%.

Synovus Financial 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.