Synovus Financial Corp. (NYSE:SNV) is Stieven Capital Advisors L.P.’s 7th Largest Position

Stieven Capital Advisors L.P. trimmed its holdings in Synovus Financial Corp. (NYSE:SNV) by 5.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 454,242 shares of the bank’s stock after selling 24,600 shares during the period. Synovus Financial makes up 3.8% of Stieven Capital Advisors L.P.’s investment portfolio, making the stock its 7th biggest holding. Stieven Capital Advisors L.P. owned approximately 0.32% of Synovus Financial worth $20,200,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. &PARTNERS purchased a new position in Synovus Financial in the 2nd quarter valued at approximately $284,000. Texas Permanent School Fund Corp grew its position in shares of Synovus Financial by 19.6% during the 2nd quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank’s stock valued at $6,150,000 after purchasing an additional 25,028 shares in the last quarter. Private Capital Management LLC grew its position in shares of Synovus Financial by 6.2% during the 1st 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 in the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its position in shares of Synovus Financial by 92.0% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 47,198 shares of the bank’s stock valued at $1,852,000 after purchasing an additional 22,621 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in shares of Synovus Financial by 81.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 230,856 shares of the bank’s stock valued at $9,249,000 after purchasing an additional 103,891 shares in the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on SNV. Stephens boosted their price target on shares of Synovus Financial from $46.00 to $52.00 and gave the company an “equal weight” rating in a research report on Friday, October 18th. Barclays boosted their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Morgan Stanley boosted their price target on shares of Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research report on Monday, October 21st. Truist Financial lifted their price objective on shares of Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Finally, DA Davidson lifted their price objective 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. Seven equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.71.

Synovus Financial Price Performance

Shares of SNV opened at $55.72 on Friday. The stock has a market cap of $7.89 billion, a PE ratio of 25.21, a price-to-earnings-growth ratio of 2.01 and a beta of 1.37. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.88 and a current ratio of 0.89. Synovus Financial Corp. has a fifty-two week low of $29.34 and a fifty-two week high of $59.79. The firm’s 50-day simple moving average is $47.83 and its two-hundred day simple moving average is $43.49.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The business had revenue of $564.72 million for the quarter, compared to analysts’ expectations of $557.64 million. During the same quarter in the prior year, the company earned $0.84 earnings per share. The business’s revenue was up 2.6% compared to the same quarter last year. Analysts anticipate that Synovus Financial Corp. will post 4.36 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial’s payout ratio is 68.78%.

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.