Blue Trust Inc. Sells 37,456 Shares of Synovus Financial Corp. $SNV

Blue Trust Inc. cut its stake in Synovus Financial Corp. (NYSE:SNV) by 17.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 173,929 shares of the bank’s stock after selling 37,456 shares during the period. Blue Trust Inc.’s holdings in Synovus Financial were worth $8,536,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Elevation Point Wealth Partners LLC bought a new position in shares of Synovus Financial in the second quarter worth approximately $31,000. Armstrong Advisory Group Inc. bought a new stake in Synovus Financial in the 2nd quarter worth $41,000. Ransom Advisory Ltd increased its position in shares of Synovus Financial by 90.0% in the third quarter. Ransom Advisory Ltd now owns 950 shares of the bank’s stock valued at $47,000 after acquiring an additional 450 shares during the period. IFP Advisors Inc raised its position in Synovus Financial by 650.4% during the 2nd quarter. IFP Advisors Inc now owns 1,058 shares of the bank’s stock valued at $60,000 after purchasing an additional 917 shares during the last quarter. Finally, Cullen Frost Bankers Inc. bought a new stake in Synovus Financial in the second quarter valued at $60,000. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Synovus Financial Stock Performance

NYSE SNV opened at $52.95 on Friday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.57. Synovus Financial Corp. has a twelve month low of $35.94 and a twelve month high of $61.06. The business has a 50-day moving average price of $48.12 and a 200-day moving average price of $49.64. The firm has a market cap of $7.35 billion, a price-to-earnings ratio of 9.88, a price-to-earnings-growth ratio of 0.92 and a beta of 1.21.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, October 15th. The bank reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.36 by $0.10. The company had revenue of $612.79 million for the quarter, compared to analysts’ expectations of $604.59 million. Synovus Financial had a return on equity of 16.13% and a net margin of 21.97%.The firm’s revenue was up 9.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.23 EPS. As a group, equities research analysts predict that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 24th. Investors of record on Thursday, December 18th were issued a $0.39 dividend. The ex-dividend date of this dividend was Thursday, December 18th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.9%. Synovus Financial’s dividend payout ratio (DPR) is 29.10%.

Insider Activity

In other Synovus Financial news, Director Gregory G. Montana bought 1,000 shares of the firm’s stock in a transaction dated Monday, October 20th. The shares were purchased at an average cost of $45.37 per share, for a total transaction of $45,370.00. Following the transaction, the director owned 5,464 shares of the company’s stock, valued at $247,901.68. This represents a 22.40% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.00% of the company’s stock.

Wall Street Analyst Weigh In

SNV has been the subject of several research reports. Weiss Ratings lowered shares of Synovus Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, October 8th. Stephens decreased their price target on shares of Synovus Financial from $54.00 to $51.00 and set an “equal weight” rating for the company in a research note on Friday, October 17th. DA Davidson reissued a “buy” rating and issued a $63.00 price target on shares of Synovus Financial in a research report on Thursday, October 16th. Truist Financial reduced their price objective on Synovus Financial from $56.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, October 17th. Finally, Royal Bank Of Canada lowered their price objective on Synovus Financial from $65.00 to $58.00 and set an “outperform” rating on the stock in a research report on Friday, October 17th. Six research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, Synovus Financial presently has an average rating of “Hold” and an average target price of $58.38.

Synovus Financial Profile

Synovus Financial Corp (NYSE: SNV) is a regional financial services company headquartered in Columbus, Georgia. The company offers a comprehensive range of banking and financial products to individual consumers, small businesses, and large corporations. Synovus operates through various business segments, including commercial and retail banking, mortgage lending, treasury and payment solutions, and wealth management services.

In its commercial banking division, Synovus provides loans, lines of credit, and treasury management services tailored to the needs of businesses across multiple industries.