Synovus Financial Corp. (NYSE:SNV) Position Reduced by Stieven Capital Advisors L.P.

Stieven Capital Advisors L.P. lessened its stake in Synovus Financial Corp. (NYSE:SNV) by 47.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 239,042 shares of the bank’s stock after selling 215,200 shares during the quarter. Synovus Financial makes up approximately 2.2% of Stieven Capital Advisors L.P.’s holdings, making the stock its 20th biggest holding. Stieven Capital Advisors L.P. owned about 0.17% of Synovus Financial worth $12,246,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. V Square Quantitative Management LLC acquired a new stake in Synovus Financial during the third quarter valued at approximately $30,000. Keystone Financial Group Inc. bought a new stake in shares of Synovus Financial in the 4th quarter valued at approximately $37,000. Quarry LP acquired a new stake in shares of Synovus Financial during the 3rd quarter valued at approximately $41,000. Brooklyn Investment Group bought a new position in Synovus Financial during the third quarter worth $56,000. Finally, Farther Finance Advisors LLC boosted its holdings in Synovus Financial by 474.9% in the third quarter. Farther Finance Advisors LLC now owns 1,466 shares of the bank’s stock worth $65,000 after purchasing an additional 1,211 shares during the period. Institutional investors own 83.85% of the company’s stock.

Synovus Financial Trading Up 1.4 %

Shares of NYSE:SNV opened at $55.21 on Friday. Synovus Financial Corp. has a twelve month low of $33.44 and a twelve month high of $59.92. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. The firm has a market cap of $7.82 billion, a P/E ratio of 18.10, a P/E/G ratio of 1.17 and a beta of 1.39. The company has a 50 day moving average of $53.76 and a 200-day moving average of $49.99.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.09. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The firm had revenue of $580.58 million during the quarter, compared to the consensus estimate of $566.83 million. During the same period in the prior year, the firm posted $0.80 earnings per share. The firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. As a group, analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th were given a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.75%. The ex-dividend date of this dividend was Thursday, December 19th. Synovus Financial’s dividend payout ratio (DPR) is presently 49.84%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on SNV shares. Evercore ISI increased their target price on shares of Synovus Financial from $48.00 to $54.00 and gave the stock an “in-line” rating in a report on Wednesday, October 30th. Truist Financial increased their price objective on shares of Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. UBS Group started coverage on Synovus Financial in a research note on Tuesday, December 17th. They issued a “buy” rating and a $76.00 target price for the company. Stephens reiterated an “equal weight” rating and set a $58.00 price target on shares of Synovus Financial in a research report on Thursday, January 16th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Synovus Financial in a research note on Monday, December 9th. They set a “buy” rating and a $64.00 price objective for the company. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, Synovus Financial presently has a consensus rating of “Moderate Buy” and an average target price of $58.44.

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.