Synovus Financial Corp. (NYSE:SNV) Shares Sold by HB Wealth Management LLC

HB Wealth Management LLC cut its holdings in Synovus Financial Corp. (NYSE:SNV) by 12.6% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 13,955 shares of the bank’s stock after selling 2,014 shares during the period. HB Wealth Management LLC’s holdings in Synovus Financial were worth $715,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the business. Vanguard Personalized Indexing Management LLC increased its stake in Synovus Financial by 8.9% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 20,847 shares of the bank’s stock valued at $838,000 after purchasing an additional 1,706 shares during the last quarter. Blair William & Co. IL acquired a new position in shares of Synovus Financial during the 2nd quarter valued at about $236,000. Hsbc Holdings PLC lifted its holdings in shares of Synovus Financial by 27.4% during the 2nd quarter. Hsbc Holdings PLC now owns 12,018 shares of the bank’s stock worth $480,000 after acquiring an additional 2,586 shares during the period. Intech Investment Management LLC purchased a new position in shares of Synovus Financial during the 2nd quarter worth about $1,751,000. Finally, AE Wealth Management LLC acquired a new stake in shares of Synovus Financial in the second quarter worth approximately $510,000. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Synovus Financial Price Performance

SNV stock opened at $55.37 on Wednesday. The stock’s 50 day moving average is $54.09 and its two-hundred day moving average is $48.62. Synovus Financial Corp. has a 52-week low of $33.44 and a 52-week high of $59.92. The company has a market capitalization of $7.84 billion, a PE ratio of 18.15, a P/E/G ratio of 1.38 and a beta of 1.39. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.09. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The business had revenue of $580.58 million during the quarter, compared to analyst estimates of $566.83 million. During the same quarter in the previous year, the firm earned $0.80 earnings per share. The business’s revenue was up 18.8% compared to the same quarter last year. Analysts predict that Synovus Financial Corp. will post 4.76 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Thursday, December 19th were paid a $0.38 dividend. The ex-dividend date of this dividend was Thursday, December 19th. This represents a $1.52 dividend on an annualized basis and a yield of 2.75%. Synovus Financial’s dividend payout ratio (DPR) is 49.84%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on SNV shares. Wells Fargo & Company increased their price target on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 3rd. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $64.00 target price on shares of Synovus Financial in a research report on Thursday, December 12th. The Goldman Sachs Group boosted their price target on Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Barclays raised their price objective on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Synovus Financial in a report on Monday, December 9th. They set a “buy” rating and a $64.00 target price for the company. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $58.44.

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.