Family Firm Inc. Makes New Investment in Synovus Financial Corp. (NYSE:SNV)

Family Firm Inc. purchased a new stake in Synovus Financial Corp. (NYSE:SNV) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,293 shares of the bank’s stock, valued at approximately $220,000.

Several other institutional investors have also recently modified their holdings of SNV. Thrivent Financial for Lutherans grew its holdings in shares of Synovus Financial by 7.6% during the third quarter. Thrivent Financial for Lutherans now owns 146,734 shares of the bank’s stock worth $6,525,000 after buying an additional 10,346 shares in the last quarter. Nordea Investment Management AB raised its holdings 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 acquiring an additional 10,109 shares during the last quarter. Quest Partners LLC acquired a new stake in shares of Synovus Financial during the third quarter worth $1,264,000. Quantinno Capital Management LP grew its position in shares of Synovus Financial by 25.1% in the third quarter. Quantinno Capital Management LP now owns 49,099 shares of the bank’s stock valued at $2,183,000 after purchasing an additional 9,852 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in Synovus Financial by 3.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank’s stock valued at $222,022,000 after purchasing an additional 147,599 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Synovus Financial Stock Up 3.4 %

Shares of NYSE SNV opened at $45.67 on Friday. The firm has a market cap of $6.44 billion, a price-to-earnings ratio of 14.97, a PEG ratio of 1.11 and a beta of 1.36. Synovus Financial Corp. has a 1 year low of $33.44 and a 1 year high of $59.92. 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 stock’s 50-day simple moving average is $52.69 and its 200-day simple moving average is $50.91.

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. As a group, equities analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th will be given a dividend of $0.39 per share. This is a boost from Synovus Financial’s previous quarterly dividend of $0.38. The ex-dividend date is Thursday, March 20th. This represents a $1.56 annualized dividend and a dividend yield of 3.42%. Synovus Financial’s dividend payout ratio (DPR) is presently 51.15%.

Analysts Set New Price Targets

SNV has been the subject of several recent analyst reports. Wells Fargo & Company lifted their price target on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a report on Tuesday, December 3rd. Morgan Stanley dropped their price target on shares of Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating for the company in a research report on Thursday. Stephens reiterated an “equal weight” rating and issued a $58.00 price target on shares of Synovus Financial in a report on Thursday, January 16th. Royal Bank of Canada restated an “outperform” rating and set a $64.00 price objective on shares of Synovus Financial in a report on Thursday, December 12th. Finally, The Goldman Sachs Group boosted their price target on Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $58.67.

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.