Investors Asset Management of Georgia Inc. GA ADV Raises Holdings in Synovus Financial Corp. (NYSE:SNV)

Investors Asset Management of Georgia Inc. GA ADV boosted its position in Synovus Financial Corp. (NYSE:SNV) by 1.7% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 23,476 shares of the bank’s stock after purchasing an additional 401 shares during the quarter. Investors Asset Management of Georgia Inc. GA ADV’s holdings in Synovus Financial were worth $1,203,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. CWM LLC grew its holdings in shares of Synovus Financial by 93.3% during the third quarter. CWM LLC now owns 2,003 shares of the bank’s stock valued at $89,000 after buying an additional 967 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Synovus Financial by 4.2% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 239,165 shares of the bank’s stock worth $10,636,000 after buying an additional 9,721 shares during the last quarter. Waldron Private Wealth LLC purchased a new stake in shares of Synovus Financial during the third quarter worth $109,000. Values First Advisors Inc. grew its position in shares of Synovus Financial by 1.1% in the third quarter. Values First Advisors Inc. now owns 52,190 shares of the bank’s stock valued at $2,321,000 after purchasing an additional 555 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Synovus Financial by 12.2% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 89,295 shares of the bank’s stock worth $3,912,000 after acquiring an additional 9,693 shares during the period. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Synovus Financial Price Performance

Shares of Synovus Financial stock opened at $54.01 on Friday. The stock has a market cap of $7.65 billion, a PE ratio of 17.71, a price-to-earnings-growth ratio of 1.14 and a beta of 1.39. Synovus Financial Corp. has a 52 week low of $33.44 and a 52 week high of $59.92. The company’s 50-day moving average price is $53.75 and its two-hundred day moving average price is $50.24. 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 earnings results 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 return on equity of 14.70% and a net margin of 14.05%. The company had revenue of $580.58 million for the quarter, compared to analyst estimates of $566.83 million. During the same period in the previous year, the firm earned $0.80 earnings per share. Synovus Financial’s revenue for the quarter was up 18.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.81%. The ex-dividend date of this dividend was Thursday, December 19th. Synovus Financial’s payout ratio is 49.84%.

Analyst Upgrades and Downgrades

SNV has been the subject of several research analyst reports. The Goldman Sachs Group increased their target price on shares of Synovus Financial from $52.00 to $62.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Deutsche Bank Aktiengesellschaft began coverage on Synovus Financial in a research report on Monday, December 9th. They set a “buy” rating and a $64.00 price objective for the company. Barclays lifted their price target on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Stephens reissued an “equal weight” rating and issued a $58.00 target price on shares of Synovus Financial in a research report on Thursday, January 16th. Finally, JPMorgan Chase & Co. boosted their target price on Synovus Financial from $60.50 to $62.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $58.44.

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.