Cetera Trust Company N.A Buys New Stake in Synovus Financial Corp. (NYSE:SNV)

Cetera Trust Company N.A purchased a new stake in Synovus Financial Corp. (NYSE:SNV) during the fourth quarter, according to its most recent filing with the SEC. The fund purchased 4,834 shares of the bank’s stock, valued at approximately $182,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Allworth Financial LP increased its holdings in Synovus Financial by 333.5% in the 4th quarter. Allworth Financial LP now owns 724 shares of the bank’s stock valued at $27,000 after acquiring an additional 557 shares during the last quarter. International Assets Investment Management LLC bought a new stake in Synovus Financial in the 4th quarter valued at $28,000. Lazard Asset Management LLC increased its holdings in Synovus Financial by 64.8% in the 4th quarter. Lazard Asset Management LLC now owns 809 shares of the bank’s stock valued at $30,000 after acquiring an additional 318 shares during the last quarter. First Command Advisory Services Inc. bought a new stake in Synovus Financial in the 3rd quarter valued at $33,000. Finally, Belpointe Asset Management LLC increased its holdings in Synovus Financial by 138.0% in the 1st quarter. Belpointe Asset Management LLC now owns 1,095 shares of the bank’s stock valued at $34,000 after acquiring an additional 635 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Raymond James downgraded shares of Synovus Financial from a “strong-buy” rating to a “market perform” rating in a report on Thursday. JPMorgan Chase & Co. dropped their price target on shares of Synovus Financial from $50.00 to $48.00 and set an “overweight” rating for the company in a research note on Friday. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $38.00 price target (down from $46.00) on shares of Synovus Financial in a research note on Friday. Truist Financial boosted their price objective on shares of Synovus Financial from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, April 1st. Finally, Evercore ISI boosted their price objective on shares of Synovus Financial from $40.00 to $42.00 and gave the company an “in-line” rating in a research report on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Synovus Financial has a consensus rating of “Moderate Buy” and an average target price of $41.53.

Synovus Financial Trading Up 3.0 %

NYSE SNV opened at $34.91 on Monday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.45. The firm has a market cap of $5.11 billion, a PE ratio of 11.96, a price-to-earnings-growth ratio of 3.83 and a beta of 1.40. The company has a 50 day moving average price of $37.91 and a 200 day moving average price of $34.63. Synovus Financial Corp. has a 52 week low of $24.40 and a 52 week high of $40.92.

Synovus Financial (NYSE:SNV) last released its earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.20). The company had revenue of $537.73 million for the quarter, compared to analysts’ expectations of $547.62 million. Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The firm’s revenue for the quarter was down 12.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.33 EPS. As a group, sell-side analysts forecast that Synovus Financial Corp. will post 3.97 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 4.35%. The ex-dividend date of this dividend was Wednesday, March 20th. Synovus Financial’s dividend payout ratio is presently 52.05%.

Insiders Place Their Bets

In other Synovus Financial news, Director Tim E. Bentsen sold 4,671 shares of the business’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 transaction of $180,394.02. Following the sale, the director now owns 33,144 shares of the company’s stock, valued at approximately $1,280,021.28. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Synovus Financial news, Director Tim E. Bentsen sold 4,671 shares of the business’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 transaction of $180,394.02. Following the sale, the director now owns 33,144 shares of the company’s stock, valued at approximately $1,280,021.28. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the company’s stock in a transaction on Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total transaction 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 disclosure for this sale can be found here. 0.81% of the stock is owned by insiders.

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.