Sound View Wealth Advisors Group LLC Increases Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

Sound View Wealth Advisors Group LLC increased its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 3.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,941 shares of the bank’s stock after buying an additional 241 shares during the quarter. Sound View Wealth Advisors Group LLC’s holdings in Synovus Financial were worth $407,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its holdings in shares of Synovus Financial by 12.8% during the 3rd quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock worth $430,213,000 after acquiring an additional 1,095,557 shares during the period. FMR LLC increased its position in Synovus Financial by 5.4% during the third quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock worth $517,027,000 after purchasing an additional 598,644 shares during the last quarter. TruWealth Advisors LLC purchased a new position in Synovus Financial during the fourth quarter worth approximately $12,350,000. Blue Trust Inc. boosted its holdings in shares of Synovus Financial by 934.0% in the 4th quarter. Blue Trust Inc. now owns 246,686 shares of the bank’s stock valued at $12,638,000 after purchasing an additional 222,828 shares during the last quarter. Finally, State Street Corp grew its stake in shares of Synovus Financial by 3.2% during the 3rd quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock valued at $294,255,000 after buying an additional 201,362 shares during the period. 83.85% of the stock is owned by institutional investors and hedge funds.

Synovus Financial Trading Down 6.7 %

Shares of SNV opened at $43.72 on Tuesday. Synovus Financial Corp. has a one year low of $33.44 and a one year high of $59.92. The stock has a 50-day moving average price of $53.23 and a 200 day moving average price of $50.98. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88. The company has a market capitalization of $6.16 billion, a P/E ratio of 14.33, a P/E/G ratio of 1.11 and a beta of 1.36.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, beating the consensus estimate of $1.16 by $0.09. The company had revenue of $580.58 million during the quarter, compared to analysts’ expectations of $566.83 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The business’s revenue was up 18.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.80 EPS. Sell-side analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th will be given a $0.39 dividend. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $1.56 annualized dividend and a dividend yield of 3.57%. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s payout ratio is presently 51.15%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SNV. Deutsche Bank Aktiengesellschaft initiated coverage on Synovus Financial in a research report on Monday, December 9th. They issued a “buy” rating and a $64.00 target price on the stock. Stephens restated an “equal weight” rating and issued a $58.00 price objective on shares of Synovus Financial in a report on Thursday, January 16th. JPMorgan Chase & Co. boosted their target price on Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. The Goldman Sachs Group raised their price target on shares of Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Finally, Wells Fargo & Company raised their target price on shares of Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $58.44.

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.