Keystone Financial Group Inc. Makes New Investment in Synovus Financial Corp. (NYSE:SNV)

Keystone Financial Group Inc. bought a new position in Synovus Financial Corp. (NYSE:SNV) in the fourth quarter, Holdings Channel reports. The firm bought 722 shares of the bank’s stock, valued at approximately $37,000.

Other large investors have also bought and sold shares of the company. V Square Quantitative Management LLC purchased a new stake in Synovus Financial in the third quarter worth $30,000. UMB Bank n.a. boosted its holdings in shares of Synovus Financial by 87.2% in the third quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock worth $33,000 after acquiring an additional 348 shares during the period. Quarry LP bought a new position in shares of Synovus Financial in the third quarter worth $41,000. Brooklyn Investment Group bought a new position in shares of Synovus Financial in the third quarter worth $56,000. Finally, Farther Finance Advisors LLC boosted its holdings in shares of 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 acquiring an additional 1,211 shares during the period. 83.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on SNV shares. UBS Group started coverage on Synovus Financial in a report on Tuesday, December 17th. They issued a “buy” rating and a $76.00 price target for the company. Truist Financial raised their price target on Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Piper Sandler raised their price target on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. Evercore ISI lifted their price objective on Synovus Financial from $48.00 to $54.00 and gave the company an “in-line” rating in a research note on Wednesday, October 30th. Finally, DA Davidson lifted their price objective on Synovus Financial from $53.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, Synovus Financial presently has an average rating of “Moderate Buy” and an average target price of $58.44.

Synovus Financial Trading Up 0.4 %

Shares of SNV stock opened at $56.83 on Friday. 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 business has a 50-day moving average price of $53.88 and a two-hundred day moving average price of $49.61. Synovus Financial Corp. has a 12-month low of $33.44 and a 12-month high of $59.92. The firm has a market cap of $8.05 billion, a P/E ratio of 18.63, a price-to-earnings-growth ratio of 1.17 and a beta of 1.39.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.09. The firm had revenue of $580.58 million during 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 revenue was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.80 earnings per share. Equities analysts anticipate that Synovus Financial Corp. will post 4.86 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th were issued a $0.38 dividend. The ex-dividend date of this dividend was Thursday, December 19th. This represents a $1.52 annualized dividend and a dividend yield of 2.67%. Synovus Financial’s dividend payout ratio is currently 49.84%.

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.