HB Wealth Management LLC Buys 12,891 Shares of Synovus Financial Corp. $SNV

HB Wealth Management LLC increased its position in Synovus Financial Corp. (NYSE:SNV) by 233.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,407 shares of the bank’s stock after buying an additional 12,891 shares during the period. HB Wealth Management LLC’s holdings in Synovus Financial were worth $903,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in SNV. Fifth Third Bancorp grew its stake in Synovus Financial by 4.9% in the second quarter. Fifth Third Bancorp now owns 4,082 shares of the bank’s stock valued at $211,000 after acquiring an additional 189 shares during the period. Fifth Third Wealth Advisors LLC grew its position in Synovus Financial by 4.6% in the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 5,166 shares of the bank’s stock valued at $254,000 after purchasing an additional 226 shares during the period. UMB Bank n.a. increased its stake in Synovus Financial by 17.0% during the 2nd quarter. UMB Bank n.a. now owns 2,118 shares of the bank’s stock valued at $110,000 after purchasing an additional 308 shares in the last quarter. MFA Wealth Advisors LLC raised its holdings in Synovus Financial by 4.2% during the second quarter. MFA Wealth Advisors LLC now owns 8,066 shares of the bank’s stock worth $417,000 after buying an additional 326 shares during the last quarter. Finally, Treasurer of the State of North Carolina lifted its stake in shares of Synovus Financial by 0.6% in the second quarter. Treasurer of the State of North Carolina now owns 64,777 shares of the bank’s stock valued at $3,352,000 after buying an additional 399 shares in the last quarter. 83.85% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Gregory G. Montana bought 1,000 shares of Synovus Financial stock in a transaction dated Monday, October 20th. The stock was purchased at an average cost of $45.37 per share, with a total value of $45,370.00. Following the transaction, the director directly owned 5,464 shares of the company’s stock, valued at approximately $247,901.68. The trade was a 22.40% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

SNV has been the subject of several recent research reports. DA Davidson reissued a “buy” rating and set a $63.00 target price on shares of Synovus Financial in a research report on Thursday, October 16th. JPMorgan Chase & Co. increased their price objective on Synovus Financial from $58.00 to $65.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 16th. UBS Group cut their target price on Synovus Financial from $53.00 to $49.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 5th. Weiss Ratings lowered Synovus Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, October 8th. Finally, Royal Bank Of Canada dropped their price objective on Synovus Financial from $65.00 to $58.00 and set an “outperform” rating on the stock in a research note on Friday, October 17th. Six investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, Synovus Financial presently has a consensus rating of “Hold” and a consensus price target of $58.38.

Synovus Financial Stock Performance

Shares of Synovus Financial stock opened at $50.51 on Tuesday. The business’s fifty day simple moving average is $49.46 and its 200 day simple moving average is $49.80. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.57. Synovus Financial Corp. has a 12 month low of $35.94 and a 12 month high of $61.06. The firm has a market capitalization of $7.01 billion, a P/E ratio of 9.42, a price-to-earnings-growth ratio of 0.88 and a beta of 1.21.

Synovus Financial (NYSE:SNV) last announced its earnings results on Wednesday, October 15th. The bank reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.10. The firm had revenue of $612.79 million during the quarter, compared to analyst estimates of $604.59 million. Synovus Financial had a return on equity of 16.13% and a net margin of 21.97%.The business’s revenue was up 9.0% compared to the same quarter last year. During the same period last year, the firm posted $1.23 EPS. As a group, analysts anticipate that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 24th. Shareholders of record on Thursday, December 18th were given a $0.39 dividend. The ex-dividend date of this dividend was Thursday, December 18th. This represents a $1.56 annualized dividend and a yield of 3.1%. Synovus Financial’s payout ratio is currently 29.10%.

Synovus Financial Company 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.