Confluence Wealth Services Inc. Trims Stake in Synovus Financial Corp. (NYSE:SNV)

Confluence Wealth Services Inc. lowered its position in Synovus Financial Corp. (NYSE:SNV) by 27.5% in the 1st quarter, Holdings Channel reports. The fund owned 11,148 shares of the bank’s stock after selling 4,237 shares during the quarter. Confluence Wealth Services Inc.’s holdings in Synovus Financial were worth $447,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Allworth Financial LP grew its stake in Synovus Financial by 333.5% in the fourth quarter. Allworth Financial LP now owns 724 shares of the bank’s stock worth $27,000 after purchasing an additional 557 shares during the period. International Assets Investment Management LLC bought a new stake in shares of Synovus Financial during the 4th quarter valued at $28,000. MeadowBrook Investment Advisors LLC bought a new stake in shares of Synovus Financial during the 4th quarter valued at $30,000. First Command Advisory Services Inc. purchased a new stake in shares of Synovus Financial in the 3rd quarter worth about $33,000. Finally, American National Bank bought a new position in shares of Synovus Financial in the 4th quarter worth about $38,000. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Synovus Financial Stock Performance

SNV traded down $0.69 during trading on Tuesday, hitting $35.80. The company’s stock had a trading volume of 1,458,442 shares, compared to its average volume of 1,499,334. The business’s 50 day simple moving average is $37.92 and its 200-day simple moving average is $35.03. The firm has a market cap of $5.24 billion, a PE ratio of 12.26, a P/E/G ratio of 4.25 and a beta of 1.40. Synovus Financial Corp. has a one year low of $24.40 and a one year high of $40.92. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.45.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Thursday, April 18th. The bank reported $0.79 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.20). The company had revenue of $537.73 million during the quarter, compared to analysts’ expectations of $547.62 million. Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The company’s revenue for the quarter was down 12.4% on a year-over-year basis. During the same quarter last year, the company earned $1.33 earnings per share. As a group, sell-side analysts predict that Synovus Financial Corp. will post 3.77 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 4.25%. The ex-dividend date of this dividend was Wednesday, March 20th. Synovus Financial’s payout ratio is 52.05%.

Analyst Ratings Changes

SNV has been the topic of several research reports. JPMorgan Chase & Co. dropped their price objective on shares of Synovus Financial from $50.00 to $48.00 and set an “overweight” rating on the stock in a research note on Friday, April 19th. Piper Sandler cut their price target on Synovus Financial from $46.00 to $42.00 and set an “overweight” rating on the stock in a research note on Friday, April 19th. The Goldman Sachs Group reduced their price objective on Synovus Financial from $46.00 to $41.00 and set a “neutral” rating for the company in a research report on Friday, April 19th. Truist Financial dropped their target price on Synovus Financial from $45.00 to $39.00 and set a “buy” rating on the stock in a report on Monday, April 22nd. Finally, Morgan Stanley restated an “equal weight” rating and set a $37.00 price target on shares of Synovus Financial in a report on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $41.38.

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.