Values First Advisors Inc. Increases Stake in Synovus Financial Corp. (NYSE:SNV)

Values First Advisors Inc. raised its position in Synovus Financial Corp. (NYSE:SNV) by 2.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 62,145 shares of the bank’s stock after purchasing an additional 1,735 shares during the period. Synovus Financial accounts for 1.4% of Values First Advisors Inc.’s investment portfolio, making the stock its 15th largest holding. Values First Advisors Inc.’s holdings in Synovus Financial were worth $2,340,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Raymond James Financial Services Advisors Inc. boosted its stake in Synovus Financial by 10.4% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 14,877 shares of the bank’s stock worth $729,000 after purchasing an additional 1,401 shares during the period. Private Advisor Group LLC acquired a new stake in Synovus Financial during the 1st quarter worth $419,000. PNC Financial Services Group Inc. lifted its stake in shares of Synovus Financial by 10.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 11,420 shares of the bank’s stock worth $561,000 after acquiring an additional 1,109 shares during the period. Great West Life Assurance Co. Can lifted its stake in shares of Synovus Financial by 10.3% in the 1st quarter. Great West Life Assurance Co. Can now owns 82,348 shares of the bank’s stock worth $4,147,000 after acquiring an additional 7,682 shares during the period. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of Synovus Financial in the 1st quarter worth $74,000. 83.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Keefe, Bruyette & Woods raised their target price on shares of Synovus Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Friday, January 19th. StockNews.com cut shares of Synovus Financial from a “hold” rating to a “sell” rating in a research note on Thursday, February 15th. Truist Financial raised their target price on shares of Synovus Financial from $38.00 to $46.00 and gave the stock a “buy” rating in a research note on Friday, December 15th. Morgan Stanley increased their price target on shares of Synovus Financial from $29.00 to $37.00 and gave the company an “equal weight” rating in a report on Wednesday, February 7th. Finally, Barclays began coverage on shares of Synovus Financial in a report on Friday, March 8th. They issued an “equal weight” rating and a $42.00 price target for the company. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $39.13.

Synovus Financial Price Performance

NYSE:SNV traded up $0.24 during mid-day trading on Friday, hitting $40.06. 923,476 shares of the company’s stock traded hands, compared to its average volume of 1,473,857. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.89 and a current ratio of 0.89. The firm’s 50 day simple moving average is $37.85 and its 200 day simple moving average is $33.54. Synovus Financial Corp. has a 1 year low of $24.40 and a 1 year high of $40.92. The company has a market cap of $5.87 billion, a PE ratio of 11.58 and a beta of 1.39.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, January 17th. The bank reported $0.80 EPS for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.14). The firm had revenue of $488.68 million for the quarter, compared to analysts’ expectations of $527.60 million. Synovus Financial had a return on equity of 14.95% and a net margin of 15.74%. Sell-side analysts expect that Synovus Financial Corp. will post 4.03 EPS for the current year.

Synovus Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Thursday, March 21st will be issued a dividend of $0.38 per share. The ex-dividend date is Wednesday, March 20th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.79%. Synovus Financial’s dividend payout ratio (DPR) is presently 43.93%.

Insider Transactions at Synovus Financial

In other news, EVP Thomas T. Dierdorff sold 2,045 shares of Synovus Financial stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total transaction of $78,180.35. Following the completion of the sale, the executive vice president now directly owns 11,086 shares in the company, valued at $423,817.78. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Tim E. Bentsen sold 4,671 shares of the firm’s stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $38.62, for a total value of $180,394.02. Following the sale, the director now directly owns 33,144 shares of the company’s stock, valued at $1,280,021.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the firm’s stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total transaction of $78,180.35. Following the completion of the sale, the executive vice president now directly owns 11,086 shares in the company, valued at $423,817.78. The disclosure for this sale can be found here. Insiders own 0.81% of the company’s stock.

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.