Wedmont Private Capital Acquires 299 Shares of Synovus Financial Corp. (NYSE:SNV)

Wedmont Private Capital lifted its holdings in Synovus Financial Corp. (NYSE:SNV) by 3.3% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 9,401 shares of the bank’s stock after purchasing an additional 299 shares during the period. Wedmont Private Capital’s holdings in Synovus Financial were worth $479,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. V Square Quantitative Management LLC bought a new position in Synovus Financial in the third quarter worth about $30,000. UMB Bank n.a. boosted its stake in Synovus Financial by 87.2% in the third quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock valued at $33,000 after acquiring an additional 348 shares in the last quarter. Quarry LP purchased a new position in Synovus Financial in the third quarter worth $41,000. Brooklyn Investment Group acquired a new position in shares of Synovus Financial during the third quarter worth $56,000. Finally, Abich Financial Wealth Management LLC lifted its holdings in shares of Synovus Financial by 30.6% during the 2nd quarter. Abich Financial Wealth Management LLC now owns 1,598 shares of the bank’s stock valued at $64,000 after purchasing an additional 374 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on SNV. UBS Group assumed 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. DA Davidson raised their price target on shares of Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Stephens upped their target price on Synovus Financial from $46.00 to $52.00 and gave the company an “equal weight” rating in a research report on Friday, October 18th. Wells Fargo & Company lifted their price target on Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd. Finally, Deutsche Bank Aktiengesellschaft started coverage on Synovus Financial in a research note on Monday, December 9th. They issued 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 company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $57.86.

Synovus Financial Trading Up 4.2 %

SNV stock opened at $55.94 on Thursday. The business’s 50-day moving average is $54.36 and its 200 day moving average is $48.11. Synovus Financial Corp. has a 12-month low of $33.44 and a 12-month high of $59.92. The stock has a market cap of $7.92 billion, a price-to-earnings ratio of 25.31, a PEG ratio of 1.58 and a beta of 1.39. 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 (NYSE:SNV) last posted its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, beating the consensus estimate of $1.16 by $0.09. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. 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 company earned $0.80 EPS. The firm’s revenue was up 18.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Synovus Financial Corp. will post 4.37 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date of this dividend was Thursday, December 19th. Synovus Financial’s dividend payout ratio (DPR) is 68.78%.

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.