Ferguson Wellman Capital Management Inc. Grows Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

Ferguson Wellman Capital Management Inc. increased its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 0.8% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 378,318 shares of the bank’s stock after purchasing an additional 2,979 shares during the period. Ferguson Wellman Capital Management Inc. owned approximately 0.26% of Synovus Financial worth $11,444,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Lazard Asset Management LLC raised its holdings in shares of Synovus Financial by 64.8% during the fourth quarter. Lazard Asset Management LLC now owns 809 shares of the bank’s stock valued at $30,000 after purchasing an additional 318 shares during the last quarter. Ameritas Advisory Services LLC purchased a new stake in Synovus Financial during the first quarter valued at approximately $27,000. Covestor Ltd increased its holdings in Synovus Financial by 76.7% during the first quarter. Covestor Ltd now owns 1,087 shares of the bank’s stock valued at $53,000 after buying an additional 472 shares during the last quarter. Belpointe Asset Management LLC increased its holdings in Synovus Financial by 138.0% during the first quarter. Belpointe Asset Management LLC now owns 1,095 shares of the bank’s stock valued at $34,000 after buying an additional 635 shares during the last quarter. Finally, CoreCap Advisors LLC purchased a new stake in Synovus Financial during the fourth quarter valued at approximately $48,000. 79.92% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Price Performance

Shares of Synovus Financial stock traded up $0.01 during trading hours on Friday, hitting $30.29. The company’s stock had a trading volume of 2,445,481 shares, compared to its average volume of 1,116,545. The business has a 50 day moving average price of $31.99 and a two-hundred day moving average price of $30.88. Synovus Financial Corp. has a 12-month low of $25.19 and a 12-month high of $44.91. The company has a market cap of $4.43 billion, a PE ratio of 5.90, a PEG ratio of 2.34 and a beta of 1.39. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.92 and a current ratio of 0.93.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, July 19th. The bank reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.02. Synovus Financial had a return on equity of 19.61% and a net margin of 25.05%. The firm had revenue of $567.81 million for the quarter, compared to analysts’ expectations of $570.82 million. Analysts expect that Synovus Financial Corp. will post 4.3 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Thursday, September 21st will be issued a $0.38 dividend. The ex-dividend date is Wednesday, September 20th. This represents a $1.52 annualized dividend and a dividend yield of 5.02%. Synovus Financial’s dividend payout ratio (DPR) is 29.63%.

Wall Street Analyst Weigh In

SNV has been the subject of a number of research reports. JPMorgan Chase & Co. upped their target price on shares of Synovus Financial from $37.00 to $40.00 and gave the company an “overweight” rating in a report on Friday, July 21st. Wells Fargo & Company reduced their target price on shares of Synovus Financial from $50.00 to $45.00 and set an “overweight” rating for the company in a report on Friday, July 21st. Truist Financial upped their target price on shares of Synovus Financial from $34.00 to $37.00 and gave the company a “buy” rating in a report on Friday, July 21st. Royal Bank of Canada reaffirmed an “outperform” rating and set a $38.00 target price on shares of Synovus Financial in a report on Wednesday, August 30th. Finally, DA Davidson raised their price objective on shares of Synovus Financial from $34.00 to $37.00 in a research report on Friday, July 21st. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $37.30.

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 loans.