Equitable Trust Co. Increases Position in Synovus Financial Corp. (NYSE:SNV)

Equitable Trust Co. raised its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 7.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,130 shares of the bank’s stock after buying an additional 640 shares during the period. Equitable Trust Co.’s holdings in Synovus Financial were worth $344,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of SNV. American Trust raised its stake in Synovus Financial by 2.9% in the fourth quarter. American Trust now owns 9,208 shares of the bank’s stock worth $346,000 after buying an additional 258 shares in the last quarter. Lazard Asset Management LLC raised its stake in Synovus Financial by 64.8% in the fourth quarter. Lazard Asset Management LLC now owns 809 shares of the bank’s stock worth $30,000 after buying an additional 318 shares in the last quarter. Mariner LLC raised its stake in Synovus Financial by 3.4% in the third quarter. Mariner LLC now owns 12,349 shares of the bank’s stock worth $343,000 after buying an additional 407 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in 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 buying an additional 419 shares in the last quarter. Finally, PFW Advisors LLC increased its position in shares of Synovus Financial by 5.4% during the fourth quarter. PFW Advisors LLC now owns 8,433 shares of the bank’s stock worth $318,000 after purchasing an additional 433 shares in the last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SNV. Stephens began coverage on Synovus Financial in a research report on Tuesday, December 19th. They set an “equal weight” rating and a $40.00 price target on the stock. Jefferies Financial Group reduced their price target on Synovus Financial from $46.00 to $43.00 and set a “buy” rating on the stock in a research report on Monday. Barclays began coverage on Synovus Financial in a research report on Friday, March 8th. They set an “equal weight” rating and a $42.00 price target on the stock. Raymond James raised Synovus Financial from an “outperform” rating to a “strong-buy” rating and upped their price target for the stock from $34.00 to $45.00 in a research report on Friday, January 5th. Finally, Truist Financial upped their price target on Synovus Financial from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, April 1st. One analyst has rated the stock with a sell rating, five have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Synovus Financial has an average rating of “Moderate Buy” and a consensus target price of $40.81.

Insider Activity

In other news, Director Tim E. Bentsen sold 4,671 shares of the company’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total value of $180,394.02. Following the completion of the sale, the director now directly owns 33,144 shares in the company, valued at $1,280,021.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Thomas T. Dierdorff sold 2,045 shares of the company’s stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total value of $78,180.35. Following the completion of the sale, the executive vice president now directly owns 11,086 shares in the company, valued at $423,817.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Tim E. Bentsen sold 4,671 shares of the company’s stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $38.62, for a total value of $180,394.02. Following the completion of the sale, the director now owns 33,144 shares of the company’s stock, valued at $1,280,021.28. The disclosure for this sale can be found here. Company insiders own 0.81% of the company’s stock.

Synovus Financial Price Performance

Shares of Synovus Financial stock opened at $39.03 on Tuesday. The business has a 50 day simple moving average of $37.86 and a two-hundred day simple moving average of $34.04. Synovus Financial Corp. has a 12 month low of $24.40 and a 12 month high of $40.92. The stock has a market capitalization of $5.71 billion, a P/E ratio of 11.28 and a beta of 1.40. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.89.

Synovus Financial (NYSE:SNV) last announced its earnings results on Wednesday, January 17th. The bank reported $0.80 EPS for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.14). Synovus Financial had a net margin of 15.74% and a return on equity of 14.95%. The firm had revenue of $488.68 million for the quarter, compared to analyst estimates of $527.60 million. As a group, analysts predict that Synovus Financial Corp. will post 4.02 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Thursday, March 21st were given a $0.38 dividend. The ex-dividend date was Wednesday, March 20th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.89%. Synovus Financial’s dividend payout ratio (DPR) is presently 43.93%.

Synovus Financial 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.