Tennessee Valley Asset Management Partners Purchases New Position in Synovus Financial Corp. (NYSE:SNV)

Tennessee Valley Asset Management Partners purchased a new stake in shares of Synovus Financial Corp. (NYSE:SNV) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 1,115 shares of the bank’s stock, valued at approximately $42,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. FMR LLC increased its position in shares of Synovus Financial by 10.0% during the third quarter. FMR LLC now owns 10,702,534 shares of the bank’s stock valued at $297,530,000 after buying an additional 977,155 shares during the period. North Reef Capital Management LP grew its holdings in Synovus Financial by 52.7% in the third quarter. North Reef Capital Management LP now owns 4,485,000 shares of the bank’s stock worth $124,683,000 after purchasing an additional 1,548,370 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Synovus Financial by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,709,107 shares of the bank’s stock worth $103,113,000 after purchasing an additional 132,904 shares during the period. American Century Companies Inc. grew its holdings in Synovus Financial by 46.0% in the third quarter. American Century Companies Inc. now owns 957,939 shares of the bank’s stock worth $26,631,000 after purchasing an additional 301,604 shares during the period. Finally, Pzena Investment Management LLC grew its holdings in Synovus Financial by 55.0% in the third quarter. Pzena Investment Management LLC now owns 842,439 shares of the bank’s stock worth $23,420,000 after purchasing an additional 298,941 shares during the period. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Synovus Financial Stock Up 2.7 %

Shares of Synovus Financial stock opened at $36.63 on Wednesday. The company has a market cap of $5.36 billion, a price-to-earnings ratio of 12.54, a price-to-earnings-growth ratio of 3.83 and a beta of 1.40. The company’s 50 day moving average is $37.91 and its 200 day moving average is $34.76. Synovus Financial Corp. has a twelve month low of $24.40 and a twelve month high of $40.92. 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 (NYSE:SNV) last issued its quarterly earnings data 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). The company had revenue of $537.73 million for the quarter, compared to the consensus estimate of $547.62 million. Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The firm’s revenue for the quarter was down 12.4% on a year-over-year basis. During the same quarter last year, the company earned $1.33 EPS. Research analysts anticipate that Synovus Financial Corp. will post 3.97 EPS 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 given a $0.38 dividend. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $1.52 annualized dividend and a yield of 4.15%. Synovus Financial’s payout ratio is presently 52.05%.

Analyst Upgrades and Downgrades

SNV has been the topic of a number of recent research reports. DA Davidson cut their price objective on shares of Synovus Financial from $45.00 to $43.00 and set a “buy” 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 objective (down previously from $46.00) on shares of Synovus Financial in a report on Friday, April 19th. Bank of America cut their price objective on shares of Synovus Financial from $44.00 to $40.00 and set a “buy” rating on the stock in a report on Friday, April 19th. Truist Financial cut their price objective on shares of Synovus Financial from $45.00 to $39.00 and set a “buy” rating on the stock in a report on Monday. Finally, Barclays cut their price target on shares of Synovus Financial from $42.00 to $39.00 and set an “equal weight” rating on the stock in a report on Friday, April 19th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $41.18.

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.