AM Investment Strategies LLC Has $964,000 Stock Position in Synovus Financial Corp. (NYSE:SNV)

AM Investment Strategies LLC decreased its position in shares of Synovus Financial Corp. (NYSE:SNV) by 95.9% in the 4th quarter, HoldingsChannel reports. The fund owned 18,813 shares of the bank’s stock after selling 434,845 shares during the period. AM Investment Strategies LLC’s holdings in Synovus Financial were worth $964,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Wellington Management Group LLP raised 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 during the last quarter. Millennium Management LLC lifted its position in Synovus Financial by 181.0% in the 2nd quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock valued at $52,343,000 after acquiring an additional 838,932 shares in the last quarter. FMR LLC boosted its stake in Synovus Financial by 5.4% during the 3rd quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock valued at $517,027,000 after purchasing an additional 598,644 shares during the last quarter. TruWealth Advisors LLC bought a new stake in Synovus Financial during the 4th quarter worth approximately $12,350,000. Finally, State Street Corp raised its stake in shares of Synovus Financial by 3.2% in the third quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock worth $294,255,000 after purchasing an additional 201,362 shares during the last quarter. 83.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SNV. Royal Bank of Canada reiterated an “outperform” rating and set a $64.00 price target on shares of Synovus Financial in a report on Thursday, December 12th. Barclays upped their target price 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. Deutsche Bank Aktiengesellschaft started coverage on shares of Synovus Financial in a report on Monday, December 9th. They set a “buy” rating and a $64.00 price target on the stock. Evercore ISI increased their price objective on shares of Synovus Financial from $48.00 to $54.00 and gave the company an “in-line” rating in a research note on Wednesday, October 30th. Finally, Citigroup boosted their target price on Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, Synovus Financial has an average rating of “Moderate Buy” and an average target price of $58.44.

Synovus Financial Stock Up 0.2 %

Shares of NYSE:SNV opened at $55.28 on Friday. The company has a market cap of $7.83 billion, a price-to-earnings ratio of 18.13, a PEG ratio of 1.14 and a beta of 1.39. Synovus Financial Corp. has a one year low of $33.44 and a one year high of $59.92. The firm has a fifty day moving average price of $54.04 and a two-hundred day moving average price of $48.82. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88.

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

Synovus Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th were given a dividend of $0.38 per share. The ex-dividend date was Thursday, December 19th. This represents a $1.52 annualized dividend and a yield of 2.75%. Synovus Financial’s payout ratio is presently 49.84%.

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.