Phocas Financial Corp. Sells 66,292 Shares of Synovus Financial Corp. (NYSE:SNV)

Phocas Financial Corp. lowered its holdings in Synovus Financial Corp. (NYSE:SNV) by 71.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 26,903 shares of the bank’s stock after selling 66,292 shares during the quarter. Synovus Financial comprises approximately 1.0% of Phocas Financial Corp.’s investment portfolio, making the stock its 25th largest holding. Phocas Financial Corp.’s holdings in Synovus Financial were worth $1,378,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Wellington Management Group LLP grew its holdings in Synovus Financial by 12.8% during the third quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock worth $430,213,000 after buying an additional 1,095,557 shares in the last quarter. FMR LLC boosted its stake in shares of Synovus Financial by 5.4% in the 3rd quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock worth $517,027,000 after buying an additional 598,644 shares during the last quarter. TruWealth Advisors LLC bought a new position in shares of Synovus Financial in the fourth quarter valued at approximately $12,350,000. Blue Trust Inc. lifted its holdings in Synovus Financial by 934.0% during the fourth quarter. Blue Trust Inc. now owns 246,686 shares of the bank’s stock worth $12,638,000 after acquiring an additional 222,828 shares during the period. Finally, State Street Corp lifted its holdings in Synovus Financial by 3.2% during the third quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock worth $294,255,000 after acquiring an additional 201,362 shares during the period. 83.85% of the stock is owned by institutional investors.

Analyst Ratings Changes

SNV has been the subject of several research analyst reports. Citigroup raised their target price on Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Barclays raised their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. UBS Group started coverage on Synovus Financial in a research report on Tuesday, December 17th. They issued a “buy” rating and a $76.00 target price for the company. Wells Fargo & Company boosted their price objective on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $64.00 target price on shares of Synovus Financial in a research report on Thursday, December 12th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, Synovus Financial currently has a consensus rating of “Moderate Buy” and an average price target of $58.44.

Synovus Financial Trading Down 0.1 %

Shares of NYSE:SNV opened at $51.50 on Wednesday. Synovus Financial Corp. has a 12-month low of $33.44 and a 12-month high of $59.92. The company has a market cap of $7.30 billion, a PE ratio of 16.88, a price-to-earnings-growth ratio of 1.11 and a beta of 1.39. The stock has a 50 day moving average of $53.60 and a 200 day moving average of $50.60. 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 EPS for the quarter, beating the consensus estimate of $1.16 by $0.09. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The business had revenue of $580.58 million for the quarter, compared to the consensus estimate of $566.83 million. During the same period in the previous year, the business earned $0.80 earnings per share. The business’s revenue was up 18.8% on a year-over-year basis. As a group, equities research analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, December 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.95%. Synovus Financial’s dividend payout ratio is currently 49.84%.

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.