Sigma Planning Corp Cuts Stake in Synovus Financial Corp. (NYSE:SNV)

Sigma Planning Corp reduced its stake in Synovus Financial Corp. (NYSE:SNV) by 18.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,111 shares of the bank’s stock after selling 1,809 shares during the period. Sigma Planning Corp’s holdings in Synovus Financial were worth $305,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its stake in shares of Synovus Financial by 3.2% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 13,612 shares of the bank’s stock worth $378,000 after acquiring an additional 419 shares during the last quarter. PFW Advisors LLC grew its stake in shares of Synovus Financial by 5.4% in the fourth quarter. PFW Advisors LLC now owns 8,433 shares of the bank’s stock worth $318,000 after acquiring an additional 433 shares during the last quarter. Fifth Third Bancorp grew its stake in shares of Synovus Financial by 12.6% in the third quarter. Fifth Third Bancorp now owns 4,035 shares of the bank’s stock worth $112,000 after acquiring an additional 452 shares during the last quarter. Sippican Capital Advisors grew its stake in shares of Synovus Financial by 7.2% in the third quarter. Sippican Capital Advisors now owns 7,400 shares of the bank’s stock worth $206,000 after acquiring an additional 500 shares during the last quarter. Finally, Wedmont Private Capital grew its stake in shares of Synovus Financial by 5.1% in the fourth quarter. Wedmont Private Capital now owns 11,093 shares of the bank’s stock worth $413,000 after acquiring an additional 535 shares during the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SNV has been the topic of several recent analyst reports. Piper Sandler dropped their price objective on Synovus Financial from $46.00 to $42.00 and set an “overweight” rating on the stock in a research report on Friday, April 19th. UBS Group increased their price objective on Synovus Financial from $42.00 to $44.00 and gave the company a “buy” rating in a research report on Tuesday, January 23rd. Morgan Stanley reaffirmed an “equal weight” rating and set a $37.00 price objective on shares of Synovus Financial in a research report on Monday, April 22nd. Evercore ISI increased their price objective on Synovus Financial from $40.00 to $42.00 and gave the company an “in-line” rating in a research report on Thursday, March 28th. Finally, StockNews.com cut Synovus Financial from a “hold” rating to a “sell” rating in a research report on Thursday, February 15th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Synovus Financial currently has a consensus rating of “Hold” and a consensus target price of $41.38.

Synovus Financial Stock Up 0.7 %

NYSE SNV opened at $36.85 on Friday. The stock’s 50-day moving average price is $37.92 and its 200-day moving average price is $34.91. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.45. Synovus Financial Corp. has a 52 week low of $24.40 and a 52 week high of $40.92. The company has a market capitalization of $5.40 billion, a P/E ratio of 12.62, a price-to-earnings-growth ratio of 4.25 and a beta of 1.40.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Thursday, April 18th. The bank reported $0.79 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.20). Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The company had revenue of $537.73 million during the quarter, compared to the consensus estimate of $547.62 million. During the same period last year, the business earned $1.33 EPS. The firm’s quarterly revenue was down 12.4% compared to the same quarter last year. On average, equities research analysts predict that Synovus Financial Corp. will post 3.77 earnings per share for the current year.

Synovus Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Thursday, March 21st were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 4.12%. The ex-dividend date of this dividend was Wednesday, March 20th. Synovus Financial’s dividend payout ratio (DPR) is currently 52.05%.

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.