HighTower Advisors LLC Lowers Stake in Synovus Financial Corp. (NYSE:SNV)

HighTower Advisors LLC cut its stake in Synovus Financial Corp. (NYSE:SNV – Free Report) by 15.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,722 shares of the bank’s stock after selling 2,685 shares during the period. HighTower Advisors LLC’s holdings in Synovus Financial were worth $658,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Centiva Capital LP purchased a new stake in Synovus Financial in the 3rd quarter valued at about $385,000. Paloma Partners Management Co bought a new stake in shares of Synovus Financial during the third quarter valued at approximately $368,000. Edgestream Partners L.P. purchased a new stake in shares of Synovus Financial in the third quarter valued at approximately $1,930,000. Verition Fund Management LLC purchased a new stake in shares of Synovus Financial in the third quarter valued at approximately $294,000. Finally, Capstone Investment Advisors LLC bought a new position in Synovus Financial in the third quarter worth approximately $240,000. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SNV. Truist Financial lifted their target price on Synovus Financial from $52.00 to $57.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Wells Fargo & Company lifted their price objective on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a report on Tuesday, December 3rd. Raymond James upgraded shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price on the stock in a report on Tuesday, September 17th. StockNews.com raised shares of Synovus Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Finally, Morgan Stanley upped their price target on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Monday, October 21st. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, Synovus Financial currently has an average rating of “Moderate Buy” and an average price target of $57.78.

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Synovus Financial Price Performance

NYSE SNV opened at $49.68 on Friday. The firm’s fifty day simple moving average is $53.40 and its two-hundred day simple moving average is $46.19. The firm has a market capitalization of $7.04 billion, a P/E ratio of 22.48, a P/E/G ratio of 1.58 and a beta of 1.38. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42. Synovus Financial Corp. has a 12-month low of $33.44 and a 12-month high of $59.92.

Synovus Financial (NYSE:SNV – Get Free Report) last announced its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The firm had revenue of $564.72 million for the quarter, compared to the consensus estimate of $557.64 million. During the same period in the previous year, the business earned $0.84 EPS. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. Analysts forecast that Synovus Financial Corp. will post 4.37 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th will be issued a dividend of $0.38 per share. The ex-dividend date is Thursday, December 19th. This represents a $1.52 annualized dividend and a dividend yield of 3.06%. Synovus Financial’s dividend payout ratio (DPR) is currently 68.78%.

Synovus Financial Company Profile

(Free Report)

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.