Blue Trust Inc. Raises Stake in Synovus Financial Corp. (NYSE:SNV)

Blue Trust Inc. grew its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 934.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 246,686 shares of the bank’s stock after purchasing an additional 222,828 shares during the quarter. Blue Trust Inc. owned approximately 0.17% of Synovus Financial worth $12,638,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SNV. Hsbc Holdings PLC raised its holdings in Synovus Financial by 27.4% during the second quarter. Hsbc Holdings PLC now owns 12,018 shares of the bank’s stock worth $480,000 after purchasing an additional 2,586 shares in the last quarter. ProShare Advisors LLC boosted its position in shares of Synovus Financial by 93.4% in the 2nd quarter. ProShare Advisors LLC now owns 13,810 shares of the bank’s stock worth $555,000 after buying an additional 6,671 shares in the last quarter. Millennium Management LLC boosted its position in shares of Synovus Financial by 181.0% in the 2nd quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock worth $52,343,000 after buying an additional 838,932 shares in the last quarter. Algert Global LLC boosted its position in shares of Synovus Financial by 5.2% in the 2nd quarter. Algert Global LLC now owns 172,216 shares of the bank’s stock worth $6,921,000 after buying an additional 8,436 shares in the last quarter. Finally, Creative Planning boosted its position in shares of Synovus Financial by 18.3% in the 2nd quarter. Creative Planning now owns 43,392 shares of the bank’s stock worth $1,744,000 after buying an additional 6,710 shares in the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Price Performance

Shares of SNV opened at $55.28 on Monday. The firm has a market capitalization of $7.83 billion, a price-to-earnings ratio of 18.13, a price-to-earnings-growth ratio of 1.14 and a beta of 1.39. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88. Synovus Financial Corp. has a one year low of $33.44 and a one year high of $59.92. The stock’s fifty day moving average is $54.04 and its 200-day moving average is $48.94.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. The company had revenue of $580.58 million for the quarter, compared to analyst estimates of $566.83 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The company’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same period last year, the company earned $0.80 earnings per share. Equities analysts anticipate that Synovus Financial Corp. will post 4.86 EPS for the current year.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Thursday, December 19th were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date of this dividend was Thursday, December 19th. Synovus Financial’s payout ratio is currently 49.84%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. DA Davidson upped their target price on shares of Synovus Financial from $53.00 to $60.00 and gave the company a “buy” rating in a report on Friday, October 18th. Wells Fargo & Company upped their price objective on shares of Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. UBS Group began coverage on shares of Synovus Financial in a research report on Tuesday, December 17th. They set a “buy” rating and a $76.00 target price for the company. Truist Financial increased their target price on shares of Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Finally, Barclays upped their price target on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, Synovus Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.44.

About Synovus Financial

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.