HighTower Advisors LLC Buys 6,699 Shares of Synovus Financial Corp. (NYSE:SNV)

HighTower Advisors LLC boosted its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 45.5% in the 4th quarter, HoldingsChannel.com reports. The fund owned 21,421 shares of the bank’s stock after purchasing an additional 6,699 shares during the quarter. HighTower Advisors LLC’s holdings in Synovus Financial were worth $1,097,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SNV. Keystone Financial Group Inc. acquired a new stake in shares of Synovus Financial during the 4th quarter worth about $37,000. Quarry LP acquired a new position in Synovus Financial in the third quarter valued at about $41,000. Jones Financial Companies Lllp grew its stake in Synovus Financial by 72.7% during the fourth quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock worth $56,000 after buying an additional 461 shares during the last quarter. V Square Quantitative Management LLC increased its holdings in shares of Synovus Financial by 69.3% during the fourth quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock worth $58,000 after buying an additional 466 shares in the last quarter. Finally, Brooklyn Investment Group bought a new position in shares of Synovus Financial in the third quarter valued at approximately $56,000. 83.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

SNV has been the topic of a number of research analyst reports. Wells Fargo & Company increased their price target on Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd. Piper Sandler increased their target price on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $64.00 price target on shares of Synovus Financial in a report on Thursday, December 12th. Stephens reissued an “equal weight” rating and set a $58.00 price objective on shares of Synovus Financial in a report on Thursday, January 16th. Finally, Citigroup raised their price objective on shares of Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $58.67.

Synovus Financial Stock Down 0.6 %

NYSE:SNV opened at $48.34 on Thursday. 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 Corp. has a 12-month low of $33.44 and a 12-month high of $59.92. The stock’s fifty day simple moving average is $51.87 and its 200-day simple moving average is $51.07. The firm has a market capitalization of $6.81 billion, a P/E ratio of 15.85, a P/E/G ratio of 1.11 and a beta of 1.36.

Synovus Financial (NYSE:SNV) last issued its 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. The firm had revenue of $580.58 million for the quarter, compared to analysts’ expectations of $566.83 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The company’s revenue was up 18.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.80 earnings per share. Equities research analysts expect that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 3.23%. The ex-dividend date is Thursday, March 20th. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s dividend payout ratio is presently 51.15%.

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.