Values First Advisors Inc. Grows Position in Synovus Financial Corp. (NYSE:SNV)

Values First Advisors Inc. raised its holdings in Synovus Financial Corp. (NYSE:SNV) by 1.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 52,190 shares of the bank’s stock after purchasing an additional 555 shares during the quarter. Synovus Financial comprises approximately 1.3% of Values First Advisors Inc.’s portfolio, making the stock its 17th largest holding. Values First Advisors Inc.’s holdings in Synovus Financial were worth $2,321,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. State of Michigan Retirement System boosted its stake in shares of Synovus Financial by 2.3% during the 1st quarter. State of Michigan Retirement System now owns 35,904 shares of the bank’s stock worth $1,438,000 after acquiring an additional 800 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Synovus Financial by 2.6% in the first quarter. Principal Financial Group Inc. now owns 550,500 shares of the bank’s stock worth $22,053,000 after acquiring an additional 13,690 shares in the last quarter. SpiderRock Advisors LLC purchased a new position in Synovus Financial in the first quarter valued at about $2,476,000. Janney Montgomery Scott LLC lifted its position in Synovus Financial by 2.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 49,151 shares of the bank’s stock worth $1,969,000 after acquiring an additional 953 shares in the last quarter. Finally, Fidelis Capital Partners LLC acquired a new position in shares of Synovus Financial during the first quarter worth $51,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Stock Up 0.1 %

Shares of Synovus Financial stock opened at $49.07 on Friday. Synovus Financial Corp. has a 12-month low of $24.40 and a 12-month high of $51.69. The stock has a market capitalization of $7.06 billion, a P/E ratio of 22.20, a PEG ratio of 1.80 and a beta of 1.38. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. The stock has a 50 day moving average price of $45.07 and a two-hundred day moving average price of $41.59.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. 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 previous year, the company earned $0.84 earnings per share. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. Equities analysts expect that Synovus Financial Corp. will post 4.3 earnings per share for the current year.

Synovus Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were given a $0.38 dividend. The ex-dividend date was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.10%. Synovus Financial’s dividend payout ratio is currently 68.78%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Wells Fargo & Company lowered shares of 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. Raymond James upgraded shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price target on the stock in a research note on Tuesday, September 17th. Barclays increased their target price on shares of Synovus Financial from $49.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, October 18th. Royal Bank of Canada boosted their price objective on Synovus Financial from $49.00 to $57.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Finally, Stephens lifted their price target on shares of Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Friday, October 18th. Seven investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $51.88.

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.