Coldstream Capital Management Inc. Makes New Investment in Synovus Financial Corp. (NYSE:SNV)

Coldstream Capital Management Inc. purchased a new stake in shares of Synovus Financial Corp. (NYSE:SNV) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 4,830 shares of the bank’s stock, valued at approximately $220,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC grew its holdings in Synovus Financial by 6.5% during the third quarter. GAMMA Investing LLC now owns 3,754 shares of the bank’s stock worth $167,000 after acquiring an additional 229 shares during the period. Fifth Third Bancorp grew its stake in shares of Synovus Financial by 7.0% in the 2nd quarter. Fifth Third Bancorp now owns 3,760 shares of the bank’s stock worth $151,000 after purchasing an additional 245 shares during the last quarter. Dana Investment Advisors Inc. raised its holdings in shares of Synovus Financial by 0.7% in the 2nd quarter. Dana Investment Advisors Inc. now owns 35,759 shares of the bank’s stock worth $1,437,000 after purchasing an additional 254 shares in the last quarter. Hanseatic Management Services Inc. lifted its stake in Synovus Financial by 2.6% during the second quarter. Hanseatic Management Services Inc. now owns 11,885 shares of the bank’s stock valued at $478,000 after purchasing an additional 303 shares during the last quarter. Finally, Wedmont Private Capital lifted its stake in Synovus Financial by 3.8% during the third quarter. Wedmont Private Capital now owns 9,102 shares of the bank’s stock valued at $394,000 after purchasing an additional 335 shares during the last quarter. Institutional investors own 83.85% of the company’s stock.

Synovus Financial Trading Up 1.1 %

NYSE SNV opened at $54.75 on Tuesday. 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 Corp. has a 1-year low of $33.44 and a 1-year high of $59.92. The firm’s fifty day simple moving average is $52.94 and its 200-day simple moving average is $46.04. The company has a market capitalization of $7.76 billion, a PE ratio of 24.77, a price-to-earnings-growth ratio of 1.58 and a beta of 1.38.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.14. The company had revenue of $564.72 million for the quarter, compared to analyst estimates of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The business’s revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.84 EPS. As a group, sell-side analysts anticipate that Synovus Financial Corp. will post 4.37 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Thursday, December 19th will be given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.78%. The ex-dividend date is Thursday, December 19th. Synovus Financial’s payout ratio is presently 68.78%.

Analysts Set New Price Targets

Several research analysts have issued reports on SNV shares. Raymond James raised Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price target on the stock in a report on Tuesday, September 17th. Piper Sandler boosted their target price on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. Citigroup set a $59.00 price target on Synovus Financial in a research report on Friday, October 18th. StockNews.com upgraded Synovus Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Finally, Stephens raised their target price on shares of Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a report on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Synovus Financial has a consensus rating of “Moderate Buy” and a consensus price target of $56.00.

Synovus Financial 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.