Parallel Advisors LLC lowered its holdings in Synovus Financial Corp. (NYSE:SNV – Free Report) by 19.4% during the first quarter, Holdings Channel.com reports. The firm owned 1,127 shares of the bank’s stock after selling 272 shares during the period. Parallel Advisors LLC’s holdings in Synovus Financial were worth $53,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SNV. Colonial Trust Co SC raised its holdings in shares of Synovus Financial by 554.4% in the 4th quarter. Colonial Trust Co SC now owns 589 shares of the bank’s stock valued at $30,000 after buying an additional 499 shares during the period. Jones Financial Companies Lllp boosted its position in shares of Synovus Financial by 72.7% during the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock worth $56,000 after acquiring an additional 461 shares in the last quarter. V Square Quantitative Management LLC boosted its position in shares of Synovus Financial by 69.3% during the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock worth $58,000 after acquiring an additional 466 shares in the last quarter. Millstone Evans Group LLC acquired a new position in shares of Synovus Financial during the 4th quarter worth about $59,000. Finally, Quent Capital LLC lifted its holdings in shares of Synovus Financial by 205.6% in the 1st quarter. Quent Capital LLC now owns 1,797 shares of the bank’s stock valued at $84,000 after purchasing an additional 1,209 shares during the last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.
Synovus Financial Price Performance
SNV stock opened at $49.07 on Monday. Synovus Financial Corp. has a 52-week low of $35.81 and a 52-week high of $59.92. The stock’s fifty day simple moving average is $44.63 and its 200-day simple moving average is $49.69. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $6.82 billion, a price-to-earnings ratio of 16.09, a price-to-earnings-growth ratio of 1.11 and a beta of 1.18.
Synovus Financial (NYSE:SNV – Get Free Report) last posted its quarterly earnings data on Wednesday, April 16th. The bank reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.19. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The business had revenue of $573.24 million for the quarter, compared to analysts’ expectations of $572.35 million. Equities research analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current year.
Synovus Financial Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Thursday, June 19th will be given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 3.18%. The ex-dividend date of this dividend is Wednesday, June 18th. Synovus Financial’s dividend payout ratio (DPR) is currently 43.70%.
Analyst Upgrades and Downgrades
Several analysts have recently weighed in on the company. Stephens reduced their target price on Synovus Financial from $52.00 to $46.00 and set an “equal weight” rating for the company in a report on Monday, April 21st. Raymond James downgraded Synovus Financial from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 2nd. Wells Fargo & Company cut their target price on Synovus Financial from $60.00 to $50.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 9th. JPMorgan Chase & Co. lowered their price target on Synovus Financial from $54.00 to $50.00 and set an “overweight” rating on the stock in a report on Monday, April 21st. Finally, Morgan Stanley lowered their price target on Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating on the stock in a report on Thursday, March 13th. Nine equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $56.56.
View Our Latest Stock Analysis on SNV
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.
Further Reading
Want to see what other hedge funds are holding SNV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Synovus Financial Corp. (NYSE:SNV – Free Report).
Receive News & Ratings for Synovus Financial Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Synovus Financial and related companies with MarketBeat.com’s FREE daily email newsletter.
