Asio Capital LLC Lowers Holdings in Synovus Financial Corp. (NYSE:SNV)

Asio Capital LLC trimmed its stake in Synovus Financial Corp. (NYSE:SNV) by 29.9% during the 4th quarter, HoldingsChannel reports. The fund owned 88,567 shares of the bank’s stock after selling 37,732 shares during the quarter. Asio Capital LLC’s holdings in Synovus Financial were worth $4,537,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. V Square Quantitative Management LLC bought a new position in Synovus Financial in the 3rd quarter worth about $30,000. UMB Bank n.a. raised its holdings in Synovus Financial by 87.2% in the third quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock worth $33,000 after buying an additional 348 shares during the last quarter. Quarry LP bought a new position in shares of Synovus Financial in the third quarter worth approximately $41,000. Brooklyn Investment Group purchased a new stake in shares of Synovus Financial during the third quarter valued at approximately $56,000. Finally, Farther Finance Advisors LLC increased its position in shares of Synovus Financial by 474.9% during the third quarter. Farther Finance Advisors LLC now owns 1,466 shares of the bank’s stock valued at $65,000 after acquiring an additional 1,211 shares in the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SNV has been the topic of several recent analyst reports. JPMorgan Chase & Co. increased their target price on Synovus Financial from $60.50 to $62.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Bank of America increased their price objective on Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a research report on Friday, October 18th. StockNews.com raised Synovus Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Evercore ISI raised their price target on shares of Synovus Financial from $48.00 to $54.00 and gave the company an “in-line” rating in a report on Wednesday, October 30th. Finally, DA Davidson lifted their price target on shares of Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $58.44.

Synovus Financial Trading Up 0.2 %

Shares of NYSE:SNV opened at $55.28 on Friday. The stock has a 50 day moving average of $54.04 and a 200 day moving average of $48.89. The company has a market cap 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 12-month low of $33.44 and a 12-month high of $59.92. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.09. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The firm had revenue of $580.58 million during the quarter, compared to analysts’ expectations of $566.83 million. During the same period in the prior year, the company posted $0.80 earnings per share. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. As a group, equities research analysts expect that Synovus Financial Corp. will post 4.86 EPS for the current year.

Synovus Financial Announces Dividend

The firm 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. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date of this dividend was Thursday, December 19th. Synovus Financial’s dividend payout ratio (DPR) is 49.84%.

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.