Thrivent Financial for Lutherans Has $6.53 Million Stake in Synovus Financial Corp. (NYSE:SNV)

Thrivent Financial for Lutherans lifted its position in Synovus Financial Corp. (NYSE:SNV) by 7.6% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 146,734 shares of the bank’s stock after buying an additional 10,346 shares during the quarter. Thrivent Financial for Lutherans owned about 0.10% of Synovus Financial worth $6,525,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. &PARTNERS bought a new stake in Synovus Financial in the second quarter worth approximately $284,000. Texas Permanent School Fund Corp boosted its holdings in Synovus Financial by 19.6% in the second quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank’s stock worth $6,150,000 after purchasing an additional 25,028 shares in the last quarter. Private Capital Management LLC increased its position in Synovus Financial by 6.2% during the first quarter. Private Capital Management LLC now owns 365,557 shares of the bank’s stock worth $14,644,000 after buying an additional 21,456 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Synovus Financial by 81.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 230,856 shares of the bank’s stock valued at $9,249,000 after buying an additional 103,891 shares in the last quarter. Finally, Wedge Capital Management L L P NC lifted its position in shares of Synovus Financial by 14.9% in the second quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock worth $46,025,000 after buying an additional 148,842 shares during the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Stock Performance

Shares of NYSE SNV opened at $57.62 on Friday. The firm has a market capitalization of $8.16 billion, a price-to-earnings ratio of 26.07, a PEG ratio of 1.99 and a beta of 1.37. Synovus Financial Corp. has a one year low of $29.34 and a one year high of $59.79. The business has a fifty day simple moving average of $49.06 and a 200 day simple moving average of $44.09. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The company had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. During the same quarter in the prior year, the company posted $0.84 EPS. The business’s revenue was up 2.6% on a year-over-year basis. Sell-side analysts expect that Synovus Financial Corp. will post 4.37 EPS for the current year.

Synovus Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial’s payout ratio is 68.78%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SNV. JPMorgan Chase & Co. increased their price objective on Synovus Financial from $52.00 to $59.00 and gave the company an “overweight” rating in a report on Friday, October 18th. Royal Bank of Canada lifted their price target on shares of Synovus Financial from $49.00 to $57.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Raymond James raised shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price objective for the company in a report on Tuesday, September 17th. Barclays boosted their target price on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Finally, Wells Fargo & Company downgraded Synovus Financial from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $48.00 to $46.00 in a research report on Tuesday, October 1st. Seven equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.71.

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.