Carson Advisory Inc. Has $1.89 Million Stake in Synovus Financial Corp. (NYSE:SNV)

Carson Advisory Inc. trimmed its position in shares of Synovus Financial Corp. (NYSE:SNV) by 1.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 40,379 shares of the bank’s stock after selling 793 shares during the quarter. Synovus Financial accounts for 1.3% of Carson Advisory Inc.’s investment portfolio, making the stock its 19th largest holding. Carson Advisory Inc.’s holdings in Synovus Financial were worth $1,887,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Colonial Trust Co SC raised its position in shares of Synovus Financial by 554.4% during the fourth quarter. Colonial Trust Co SC now owns 589 shares of the bank’s stock worth $30,000 after purchasing an additional 499 shares during the period. Millstone Evans Group LLC purchased a new position in shares of Synovus Financial in the 4th quarter worth about $59,000. Quent Capital LLC boosted its holdings in shares of Synovus Financial by 205.6% in the 1st quarter. Quent Capital LLC now owns 1,797 shares of the bank’s stock worth $84,000 after buying an additional 1,209 shares during the last quarter. UMB Bank n.a. boosted its holdings in shares of Synovus Financial by 142.3% in the 1st quarter. UMB Bank n.a. now owns 1,810 shares of the bank’s stock worth $85,000 after buying an additional 1,063 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd purchased a new position in shares of Synovus Financial in the 4th quarter worth about $102,000. 83.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Barclays boosted their price target on shares of Synovus Financial from $60.00 to $67.00 and gave the stock an “overweight” rating in a report on Tuesday, July 8th. Royal Bank Of Canada cut their price target on shares of Synovus Financial from $64.00 to $52.00 and set an “outperform” rating on the stock in a report on Monday, April 21st. Truist Financial boosted their price target on shares of Synovus Financial from $56.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, July 11th. Keefe, Bruyette & Woods raised shares of Synovus Financial from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $58.00 to $65.00 in a report on Friday. Finally, Raymond James Financial raised shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $62.00 price target on the stock in a report on Friday. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $60.50.

Synovus Financial Trading Up 2.0%

NYSE SNV opened at $53.91 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.43. Synovus Financial Corp. has a twelve month low of $35.94 and a twelve month high of $59.92. The firm has a market capitalization of $7.49 billion, a PE ratio of 10.35, a P/E/G ratio of 1.01 and a beta of 1.19. The stock’s 50 day moving average is $50.14 and its 200 day moving average is $49.20.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, July 16th. The bank reported $1.48 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.23. The company had revenue of $592.08 million for the quarter, compared to analyst estimates of $584.89 million. Synovus Financial had a return on equity of 16.44% and a net margin of 21.52%. During the same period in the previous year, the company posted $1.16 earnings per share. Research analysts forecast that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Thursday, June 19th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date was Wednesday, June 18th. Synovus Financial’s dividend payout ratio (DPR) is 43.70%.

Synovus Financial 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.