Patton Albertson Miller Group LLC Sells 1,000 Shares of Synovus Financial Corp. (NYSE:SNV)

Patton Albertson Miller Group LLC trimmed its holdings in Synovus Financial Corp. (NYSE:SNV) by 17.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,828 shares of the bank’s stock after selling 1,000 shares during the quarter. Patton Albertson Miller Group LLC’s holdings in Synovus Financial were worth $247,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of the business. Blair William & Co. IL bought a new position in shares of Synovus Financial during the second quarter valued at approximately $236,000. Hsbc Holdings PLC increased its position in Synovus Financial by 27.4% during the 2nd quarter. Hsbc Holdings PLC now owns 12,018 shares of the bank’s stock valued at $480,000 after buying an additional 2,586 shares in the last quarter. ProShare Advisors LLC raised its stake in Synovus Financial by 93.4% during the second quarter. ProShare Advisors LLC now owns 13,810 shares of the bank’s stock valued at $555,000 after buying an additional 6,671 shares during the last quarter. Evergreen Capital Management LLC raised its stake in Synovus Financial by 35.4% during the second quarter. Evergreen Capital Management LLC now owns 6,779 shares of the bank’s stock valued at $274,000 after buying an additional 1,773 shares during the last quarter. Finally, Millennium Management LLC grew its stake in shares of Synovus Financial by 181.0% in the second quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock worth $52,343,000 after acquiring an additional 838,932 shares during the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Price Performance

NYSE SNV opened at $55.28 on Friday. 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 business’s fifty day moving average is $54.04 and its 200 day moving average is $48.89. The company has a market capitalization of $7.83 billion, a PE ratio of 18.13, a price-to-earnings-growth ratio of 1.14 and a beta of 1.39. Synovus Financial Corp. has a fifty-two week low of $33.44 and a fifty-two week high of $59.92.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. The firm had revenue of $580.58 million for 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 quarterly revenue was up 18.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.80 EPS. Sell-side analysts predict that Synovus Financial Corp. will post 4.86 earnings per share for the current year.

Synovus Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th were paid a $0.38 dividend. The ex-dividend date was Thursday, December 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.75%. Synovus Financial’s dividend payout ratio (DPR) is presently 49.84%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on SNV. DA Davidson lifted their price target on Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Piper Sandler lifted their target price on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. Truist Financial increased their price target on shares of Synovus Financial from $52.00 to $57.00 and gave the company a “buy” rating in a report on Monday, October 21st. JPMorgan Chase & Co. boosted their target price on Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Finally, Wells Fargo & Company increased their price objective on shares of Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 3rd. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $58.44.

About Synovus Financial

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.