Vest Financial LLC Increases Stake in Synovus Financial Corp. (NYSE:SNV)

Vest Financial LLC increased its holdings in Synovus Financial Corp. (NYSE:SNV) by 12.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 33,341 shares of the bank’s stock after acquiring an additional 3,814 shares during the quarter. Vest Financial LLC’s holdings in Synovus Financial were worth $1,483,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. V Square Quantitative Management LLC bought a new position in shares of Synovus Financial during the third quarter valued at approximately $30,000. UMB Bank n.a. lifted its holdings in Synovus Financial by 87.2% during the third quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock worth $33,000 after buying an additional 348 shares during the period. Innealta Capital LLC bought a new stake in Synovus Financial during the 2nd quarter valued at $43,000. Abich Financial Wealth Management LLC increased its holdings in shares of Synovus Financial by 43.5% in the 1st quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock valued at $49,000 after acquiring an additional 371 shares during the period. Finally, Fidelis Capital Partners LLC purchased a new position in shares of Synovus Financial in the 1st quarter valued at $51,000. 83.85% of the stock is currently owned by institutional investors.

Synovus Financial Stock Down 0.6 %

Shares of SNV stock opened at $50.55 on Monday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.89 and a current ratio of 0.89. Synovus Financial Corp. has a fifty-two week low of $24.40 and a fifty-two week high of $51.69. The firm has a market capitalization of $7.28 billion, a PE ratio of 22.87, a P/E/G ratio of 2.36 and a beta of 1.38. The stock’s 50-day simple moving average is $44.49 and its 200-day simple moving average is $41.31.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $557.64 million. During the same quarter in the prior year, the company earned $0.84 EPS. Synovus Financial’s quarterly revenue was up 2.6% on a year-over-year basis. Equities analysts expect that Synovus Financial Corp. will post 4.04 earnings per share for the current year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a yield of 3.01%. Synovus Financial’s dividend payout ratio is presently 68.78%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Jefferies Financial Group raised their price objective on Synovus Financial from $44.00 to $47.00 and gave the company a “buy” rating in a research report on Wednesday, July 3rd. Bank of America raised their price target on shares of Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a report on Friday. Evercore ISI reduced their price objective on shares of Synovus Financial from $50.00 to $48.00 and set an “in-line” rating for the company in a research note on Wednesday, October 2nd. StockNews.com upgraded shares of Synovus Financial from a “sell” rating to a “hold” rating in a research note on Friday. Finally, Citigroup set a $59.00 price target on shares of Synovus Financial in a report on Friday. Seven equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, Synovus Financial has a consensus rating of “Moderate Buy” and an average target price of $51.35.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of Synovus Financial stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total transaction of $28,366.80. Following the completion of the transaction, the executive vice president now owns 14,833 shares in the company, valued at approximately $685,284.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.81% of the stock is owned by corporate insiders.

About Synovus Financial

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.