Synovus Financial Corp. (NYSE:SNV) Shares Sold by MFA Wealth Advisors LLC

MFA Wealth Advisors LLC cut its position in shares of Synovus Financial Corp. (NYSE:SNV) by 3.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 10,385 shares of the bank’s stock after selling 321 shares during the period. MFA Wealth Advisors LLC’s holdings in Synovus Financial were worth $462,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Nordea Investment Management AB boosted its stake in shares of Synovus Financial by 24.5% during the 1st quarter. Nordea Investment Management AB now owns 328,604 shares of the bank’s stock worth $13,233,000 after acquiring an additional 64,621 shares in the last quarter. &PARTNERS purchased a new position in Synovus Financial during the second quarter worth approximately $284,000. Texas Permanent School Fund Corp boosted its position in Synovus Financial by 19.6% during the second quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank’s stock worth $6,150,000 after purchasing an additional 25,028 shares in the last quarter. Private Capital Management LLC grew its holdings in Synovus Financial by 6.2% in the first quarter. Private Capital Management LLC now owns 365,557 shares of the bank’s stock valued at $14,644,000 after purchasing an additional 21,456 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp increased its position in shares of Synovus Financial by 92.0% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 47,198 shares of the bank’s stock valued at $1,852,000 after buying an additional 22,621 shares in the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Trading Down 0.2 %

Shares of SNV stock opened at $48.99 on Thursday. Synovus Financial Corp. has a twelve month low of $24.40 and a twelve month high of $51.69. The stock has a market cap of $7.05 billion, a price-to-earnings ratio of 22.17, a PEG ratio of 1.80 and a beta of 1.38. The company’s 50-day moving average price is $44.79 and its 200-day moving average price is $41.49. 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 results on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.14. The business had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The business’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.84 EPS. As a group, equities analysts predict that Synovus Financial Corp. will post 4.3 earnings per share for the current year.

Synovus Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were issued a $0.38 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 annualized dividend and a yield of 3.10%. Synovus Financial’s dividend payout ratio (DPR) is currently 68.78%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SNV. Piper Sandler increased their target price on Synovus Financial from $42.00 to $53.00 and gave the company an “overweight” rating in a research report on Friday, July 19th. DA Davidson increased their price objective 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. Barclays boosted their target price on shares of Synovus Financial from $49.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, October 18th. Citigroup set a $59.00 price target on shares of Synovus Financial in a research note on Friday, October 18th. Finally, Morgan Stanley boosted their price objective on Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Monday. Seven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.88.

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.