Synovus Financial Corp. (NYSE:SNV) Shares Sold by Handelsbanken Fonder AB

Handelsbanken Fonder AB lessened its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 3.2% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 36,172 shares of the bank’s stock after selling 1,200 shares during the quarter. Handelsbanken Fonder AB’s holdings in Synovus Financial were worth $1,853,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in SNV. Keystone Financial Group Inc. acquired a new stake in shares of Synovus Financial during the fourth quarter worth about $37,000. Quarry LP purchased a new position in Synovus Financial in the third quarter valued at approximately $41,000. Brooklyn Investment Group purchased a new position in Synovus Financial in the third quarter valued at approximately $56,000. V Square Quantitative Management LLC increased its stake in Synovus Financial by 69.3% in the fourth quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock valued at $58,000 after purchasing an additional 466 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its position in shares of Synovus Financial by 474.9% during the third quarter. Farther Finance Advisors LLC now owns 1,466 shares of the bank’s stock worth $65,000 after acquiring an additional 1,211 shares during the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on SNV shares. Stephens restated an “equal weight” rating and set a $58.00 target price on shares of Synovus Financial in a research report on Thursday, January 16th. Wells Fargo & Company raised their target price on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a report on Tuesday, December 3rd. Barclays raised their target price on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Deutsche Bank Aktiengesellschaft began coverage on Synovus Financial in a report on Monday, December 9th. They issued a “buy” rating and a $64.00 target price for the company. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $64.00 price target on shares of Synovus Financial in a research report on Thursday, December 12th. Seven equities 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 has a consensus rating of “Moderate Buy” and a consensus target price of $58.44.

Synovus Financial Stock Performance

Synovus Financial stock opened at $51.50 on Wednesday. The stock’s 50 day moving average price is $53.60 and its 200 day moving average price is $50.60. Synovus Financial Corp. has a one year low of $33.44 and a one year high of $59.92. The firm has a market capitalization 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 company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current 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 (EPS) for the quarter, beating 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 prior year, the company posted $0.80 EPS. Synovus Financial’s quarterly revenue was up 18.8% on a year-over-year basis. As a group, sell-side analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Announces Dividend

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