Pallas Capital Advisors LLC Makes New Investment in Synovus Financial Corp. (NYSE:SNV)

Pallas Capital Advisors LLC bought a new position in shares of Synovus Financial Corp. (NYSE:SNV) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 19,425 shares of the bank’s stock, valued at approximately $908,000.

Several other large investors also recently bought and sold shares of the stock. Sound View Wealth Advisors Group LLC grew its position in Synovus Financial by 3.1% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 7,941 shares of the bank’s stock worth $407,000 after purchasing an additional 241 shares during the last quarter. Savant Capital LLC lifted its stake in Synovus Financial by 2.7% during the 4th quarter. Savant Capital LLC now owns 11,923 shares of the bank’s stock valued at $611,000 after acquiring an additional 314 shares during the period. M&T Bank Corp lifted its stake in Synovus Financial by 4.8% during the 4th quarter. M&T Bank Corp now owns 7,265 shares of the bank’s stock valued at $372,000 after acquiring an additional 331 shares during the period. ProShare Advisors LLC lifted its stake in Synovus Financial by 5.6% during the 4th quarter. ProShare Advisors LLC now owns 6,628 shares of the bank’s stock valued at $340,000 after acquiring an additional 352 shares during the period. Finally, Blair William & Co. IL lifted its stake in Synovus Financial by 6.4% during the 4th quarter. Blair William & Co. IL now owns 6,241 shares of the bank’s stock valued at $320,000 after acquiring an additional 374 shares during the period. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Analyst Upgrades and Downgrades

SNV has been the subject of several research reports. Wells Fargo & Company decreased their price objective on shares of Synovus Financial from $60.00 to $50.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 9th. JPMorgan Chase & Co. decreased their price objective on shares of Synovus Financial from $54.00 to $50.00 and set an “overweight” rating for the company in a research note on Monday, April 21st. DA Davidson decreased their price objective on shares of Synovus Financial from $65.00 to $60.00 and set a “buy” rating for the company in a research note on Monday, April 21st. Stephens decreased their price objective on shares of Synovus Financial from $52.00 to $46.00 and set an “equal weight” rating for the company in a research note on Monday, April 21st. Finally, Truist Financial initiated coverage on shares of Synovus Financial in a research note on Tuesday, May 13th. They set a “buy” rating and a $56.00 price objective for the company. Nine investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $56.56.

Synovus Financial Price Performance

Shares of NYSE SNV opened at $49.46 on Wednesday. The firm has a market cap of $6.88 billion, a PE ratio of 16.22, a PEG ratio of 1.11 and a beta of 1.18. The firm has a fifty day moving average of $44.87 and a 200 day moving average of $49.63. 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 one year low of $35.81 and a one year high of $59.92.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, April 16th. The bank reported $1.30 EPS for the quarter, topping the consensus estimate of $1.11 by $0.19. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The company had revenue of $573.24 million during the quarter, compared to analyst estimates of $572.35 million. As a group, research analysts predict that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Thursday, June 19th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date of this dividend is Wednesday, June 18th. Synovus Financial’s payout ratio is 43.70%.

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.