Synovus Financial Corp. (NYSE:SNV) Stake Boosted by Investors Asset Management of Georgia Inc. GA ADV

Investors Asset Management of Georgia Inc. GA ADV grew its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 15.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 28,446 shares of the bank’s stock after purchasing an additional 3,901 shares during the quarter. Investors Asset Management of Georgia Inc. GA ADV’s holdings in Synovus Financial were worth $1,049,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Phocas Financial Corp. bought a new position in shares of Synovus Financial during the fourth quarter valued at approximately $7,115,000. American Century Companies Inc. grew its holdings in shares of Synovus Financial by 46.0% during the third quarter. American Century Companies Inc. now owns 957,939 shares of the bank’s stock valued at $26,631,000 after purchasing an additional 301,604 shares during the last quarter. Prudential PLC bought a new position in shares of Synovus Financial during the third quarter valued at approximately $1,025,000. rhino investment partners Inc bought a new position in shares of Synovus Financial during the third quarter valued at approximately $5,984,000. Finally, Barclays PLC grew its holdings in shares of Synovus Financial by 17.6% during the third quarter. Barclays PLC now owns 437,126 shares of the bank’s stock valued at $12,151,000 after purchasing an additional 65,434 shares during the last quarter. 83.85% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

SNV has been the subject of several recent research reports. Evercore ISI upped their target price on Synovus Financial from $40.00 to $42.00 and gave the company an “in-line” rating in a report on Thursday, March 28th. Barclays initiated coverage on Synovus Financial in a research report on Friday, March 8th. They issued an “equal weight” rating and a $42.00 target price on the stock. Keefe, Bruyette & Woods raised their target price on Synovus Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Friday, January 19th. DA Davidson restated a “buy” rating on shares of Synovus Financial in a research report on Monday, January 15th. Finally, StockNews.com cut Synovus Financial from a “hold” rating to a “sell” rating in a research report on Thursday, February 15th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Synovus Financial has an average rating of “Moderate Buy” and a consensus target price of $41.50.

Synovus Financial Price Performance

Shares of SNV stock traded down $2.51 during mid-day trading on Thursday, hitting $34.11. 3,835,842 shares of the stock traded hands, compared to its average volume of 1,468,643. Synovus Financial Corp. has a twelve month low of $24.40 and a twelve month high of $40.92. The firm has a market cap of $4.99 billion, a price-to-earnings ratio of 9.87, a price-to-earnings-growth ratio of 3.93 and a beta of 1.40. The company’s 50-day simple moving average is $37.96 and its 200-day simple moving average is $34.46. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.89 and a current ratio of 0.89.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, April 17th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by ($0.20). The firm had revenue of $537.73 million for the quarter, compared to analyst estimates of $547.62 million. Synovus Financial had a net margin of 15.74% and a return on equity of 14.95%. The firm’s revenue for the quarter was down 12.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.33 earnings per share. As a group, equities research analysts expect that Synovus Financial Corp. will post 4.05 earnings per share for the current year.

Synovus Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Thursday, March 21st were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 4.46%. The ex-dividend date was Wednesday, March 20th. Synovus Financial’s dividend payout ratio is presently 43.93%.

Insider Transactions at Synovus Financial

In other news, Director Tim E. Bentsen sold 4,671 shares of the firm’s stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total transaction of $180,394.02. Following the completion of the sale, the director now directly owns 33,144 shares of the company’s stock, valued at approximately $1,280,021.28. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, EVP Thomas T. Dierdorff sold 2,045 shares of the firm’s stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total transaction of $78,180.35. Following the completion of the sale, the executive vice president now directly owns 11,086 shares of the company’s stock, valued at approximately $423,817.78. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Tim E. Bentsen sold 4,671 shares of the firm’s stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total value of $180,394.02. Following the sale, the director now directly owns 33,144 shares of the company’s stock, valued at $1,280,021.28. The disclosure for this sale can be found here. Corporate insiders own 0.81% of the company’s stock.

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.