EverSource Wealth Advisors LLC Buys 473 Shares of Synovus Financial Corp. (NYSE:SNV)

EverSource Wealth Advisors LLC increased its position in shares of Synovus Financial Corp. (NYSE:SNV) by 36.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,766 shares of the bank’s stock after purchasing an additional 473 shares during the quarter. EverSource Wealth Advisors LLC’s holdings in Synovus Financial were worth $91,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Atria Investments Inc boosted its stake in Synovus Financial by 42.1% in the third quarter. Atria Investments Inc now owns 7,198 shares of the bank’s stock valued at $320,000 after buying an additional 2,132 shares in the last quarter. KBC Group NV boosted its stake in shares of Synovus Financial by 15.9% in the 3rd quarter. KBC Group NV now owns 4,460 shares of the bank’s stock valued at $198,000 after purchasing an additional 612 shares in the last quarter. Thrivent Financial for Lutherans grew its holdings in shares of Synovus Financial by 7.6% during the 3rd 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. Quest Partners LLC acquired a new position in Synovus Financial during the 3rd quarter worth approximately $1,264,000. Finally, Pathstone Holdings LLC lifted its stake in Synovus Financial by 1.9% in the 3rd quarter. Pathstone Holdings LLC now owns 52,416 shares of the bank’s stock valued at $2,331,000 after purchasing an additional 980 shares during the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on SNV shares. Deutsche Bank Aktiengesellschaft began coverage on shares of Synovus Financial in a report on Monday, December 9th. They set a “buy” rating and a $64.00 price target for the company. Wells Fargo & Company increased their target price on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 3rd. Morgan Stanley reduced their price target on Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating on the stock in a report on Thursday, March 13th. The Goldman Sachs Group raised their price objective 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, Stephens restated an “equal weight” rating and issued a $58.00 price target on shares of Synovus Financial in a research report on Thursday, January 16th. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $58.67.

Synovus Financial Price Performance

Synovus Financial stock opened at $46.59 on Wednesday. The stock’s 50 day moving average price is $52.45 and its two-hundred day moving average price is $50.95. The stock has a market capitalization of $6.57 billion, a price-to-earnings ratio of 15.28, a PEG ratio of 1.11 and a beta of 1.36. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88. Synovus Financial Corp. has a 52-week low of $33.44 and a 52-week high of $59.92.

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

Synovus Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Thursday, March 20th will be paid a dividend of $0.39 per share. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date of this dividend is Thursday, March 20th. Synovus Financial’s dividend payout ratio is 51.15%.

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.