Synovus Financial Corp. (NYSE:SNV) Position Trimmed by Ellenbecker Investment Group

Ellenbecker Investment Group reduced its stake in Synovus Financial Corp. (NYSE:SNV) by 24.3% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 4,958 shares of the bank’s stock after selling 1,593 shares during the quarter. Ellenbecker Investment Group’s holdings in Synovus Financial were worth $221,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. GAMMA Investing LLC lifted its holdings in Synovus Financial by 6.5% in the 3rd quarter. GAMMA Investing LLC now owns 3,754 shares of the bank’s stock worth $167,000 after purchasing an additional 229 shares during the last quarter. Fifth Third Bancorp increased its position in Synovus Financial by 7.0% in the 2nd quarter. Fifth Third Bancorp now owns 3,760 shares of the bank’s stock worth $151,000 after buying an additional 245 shares during the period. Dana Investment Advisors Inc. increased its position in Synovus Financial by 0.7% in the 2nd quarter. Dana Investment Advisors Inc. now owns 35,759 shares of the bank’s stock worth $1,437,000 after buying an additional 254 shares during the period. Pitcairn Co. increased its position in Synovus Financial by 2.3% in the 1st quarter. Pitcairn Co. now owns 11,542 shares of the bank’s stock worth $462,000 after buying an additional 261 shares during the period. Finally, EverSource Wealth Advisors LLC grew its position in Synovus Financial by 18.5% in the first quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock valued at $76,000 after acquiring an additional 298 shares during the period. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Thomas T. Dierdorff sold 614 shares of Synovus Financial stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total value of $28,366.80. Following the sale, the executive vice president now owns 14,833 shares in the company, valued at $685,284.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.81% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

SNV has been the topic of a number of analyst reports. Stephens upped their price target on Synovus Financial from $43.00 to $46.00 and gave the company an “equal weight” rating in a research report on Friday, July 19th. Keefe, Bruyette & Woods boosted their price objective on Synovus Financial from $38.00 to $42.00 and gave the stock a “market perform” rating in a research note on Tuesday, July 9th. DA Davidson increased their target price on Synovus Financial from $47.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, July 19th. Citigroup initiated coverage on Synovus Financial in a research note on Thursday, October 10th. They issued a “buy” rating and a $53.00 target price on the stock. Finally, Wells Fargo & Company lowered Synovus Financial from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $48.00 to $46.00 in a research note on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $48.41.

Synovus Financial Stock Up 5.1 %

Shares of NYSE:SNV opened at $50.85 on Friday. The company has a market capitalization of $7.45 billion, a price-to-earnings ratio of 17.41, a P/E/G ratio of 2.18 and a beta of 1.38. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.90 and a quick ratio of 0.89. The business’s 50-day moving average is $44.31 and its 200-day moving average is $41.21. Synovus Financial Corp. has a 1 year low of $24.40 and a 1 year high of $51.69.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.14. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The company had revenue of $564.72 million during the quarter, compared to analyst estimates of $557.64 million. During the same period in the prior year, the company posted $0.84 earnings per share. Synovus Financial’s quarterly revenue was up 2.6% on a year-over-year basis. Equities research analysts predict that Synovus Financial Corp. will post 4 earnings per share for the current year.

Synovus Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.99%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial’s dividend payout ratio is currently 52.05%.

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.