Interval Partners LP Trims Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

Interval Partners LP lowered its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 10.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 323,761 shares of the bank’s stock after selling 38,761 shares during the period. Interval Partners LP owned 0.23% of Synovus Financial worth $16,586,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in SNV. Colonial Trust Co SC lifted its holdings in Synovus Financial by 554.4% during the 4th quarter. Colonial Trust Co SC now owns 589 shares of the bank’s stock worth $30,000 after purchasing an additional 499 shares in the last quarter. Keystone Financial Group Inc. purchased a new stake in shares of Synovus Financial in the fourth quarter worth about $37,000. Jones Financial Companies Lllp lifted its holdings in shares of Synovus Financial by 72.7% in the fourth quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock worth $56,000 after buying an additional 461 shares in the last quarter. V Square Quantitative Management LLC boosted its position in shares of Synovus Financial by 69.3% in the fourth quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock valued at $58,000 after acquiring an additional 466 shares during the period. Finally, Millstone Evans Group LLC purchased a new position in Synovus Financial during the fourth quarter valued at approximately $59,000. 83.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on SNV shares. Royal Bank of Canada cut their price target on shares of Synovus Financial from $64.00 to $52.00 and set an “outperform” rating for the company in a report on Monday, April 21st. Citigroup lifted their price objective on Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Morgan Stanley decreased their target price on Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 13th. Raymond James downgraded Synovus Financial from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 2nd. Finally, Stephens decreased their price objective on shares of Synovus Financial from $52.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Monday, April 21st. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.17.

Synovus Financial Stock Performance

NYSE SNV opened at $46.09 on Friday. The firm has a market cap of $6.41 billion, a price-to-earnings ratio of 15.11, a PEG ratio of 1.11 and a beta of 1.13. The company has a 50-day simple moving average of $43.97 and a two-hundred day simple moving average of $50.46. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. Synovus Financial Corp. has a 12-month low of $35.81 and a 12-month high of $59.92.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.19. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The business had revenue of $573.24 million for the quarter, compared to analyst estimates of $572.35 million. On average, equities analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Thursday, March 20th were issued a dividend of $0.39 per share. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date was Thursday, March 20th. Synovus Financial’s dividend payout ratio is currently 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.