Synovus Financial Corp. (NYSE:SNV) Shares Sold by Carson Advisory Inc.

Carson Advisory Inc. decreased its position in shares of Synovus Financial Corp. (NYSE:SNV) by 1.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 48,962 shares of the bank’s stock after selling 788 shares during the period. Synovus Financial accounts for approximately 1.4% of Carson Advisory Inc.’s portfolio, making the stock its 17th biggest holding. Carson Advisory Inc.’s holdings in Synovus Financial were worth $1,843,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of SNV. North Reef Capital Management LP boosted its stake in shares of Synovus Financial by 52.7% in the third quarter. North Reef Capital Management LP now owns 4,485,000 shares of the bank’s stock valued at $124,683,000 after buying an additional 1,548,370 shares in the last quarter. FMR LLC boosted its stake in shares of Synovus Financial by 10.0% in the third quarter. FMR LLC now owns 10,702,534 shares of the bank’s stock valued at $297,530,000 after buying an additional 977,155 shares in the last quarter. New York State Common Retirement Fund boosted its stake in shares of Synovus Financial by 346.6% in the fourth quarter. New York State Common Retirement Fund now owns 570,880 shares of the bank’s stock valued at $21,494,000 after buying an additional 443,056 shares in the last quarter. Strs Ohio purchased a new stake in shares of Synovus Financial in the fourth quarter valued at approximately $16,415,000. Finally, Qube Research & Technologies Ltd boosted its position in Synovus Financial by 1,020.1% during the third quarter. Qube Research & Technologies Ltd now owns 448,010 shares of the bank’s stock worth $12,455,000 after purchasing an additional 408,014 shares in the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Stock Performance

NYSE:SNV traded up $1.11 during trading hours on Thursday, reaching $37.51. 1,024,279 shares of the stock were exchanged, compared to its average volume of 1,490,240. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.45. The firm has a 50 day simple moving average of $37.88 and a 200-day simple moving average of $35.11. Synovus Financial Corp. has a 52 week low of $24.40 and a 52 week high of $40.92. The stock has a market capitalization of $5.49 billion, a P/E ratio of 12.75, a P/E/G ratio of 4.12 and a beta of 1.41.

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

Synovus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Thursday, March 21st were given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.05%. The ex-dividend date was Wednesday, March 20th. Synovus Financial’s payout ratio is 52.05%.

Wall Street Analyst Weigh In

A number of research firms have commented on SNV. Raymond James downgraded Synovus Financial from a “strong-buy” rating to a “market perform” rating in a research report on Thursday, April 18th. DA Davidson decreased their target price on Synovus Financial from $45.00 to $43.00 and set a “buy” rating on the stock in a research report on Friday, April 19th. Royal Bank of Canada decreased their target price on Synovus Financial from $44.00 to $41.00 and set an “outperform” rating on the stock in a research report on Friday, April 19th. Jefferies Financial Group decreased their target price on Synovus Financial from $46.00 to $43.00 and set a “buy” rating on the stock in a research report on Monday, April 8th. Finally, Bank of America decreased their target price on Synovus Financial from $44.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday, April 19th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Synovus Financial currently has a consensus rating of “Hold” and a consensus price target of $41.38.

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.