Stonegate Investment Group LLC Cuts Stock Position in Synovus Financial Corp. (NYSE:SNV)

Stonegate Investment Group LLC reduced its position in Synovus Financial Corp. (NYSE:SNV) by 32.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 52,609 shares of the bank’s stock after selling 24,862 shares during the quarter. Stonegate Investment Group LLC’s holdings in Synovus Financial were worth $1,981,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Lazard Asset Management LLC raised its stake in Synovus Financial by 64.8% in the 4th quarter. Lazard Asset Management LLC now owns 809 shares of the bank’s stock worth $30,000 after acquiring an additional 318 shares during the last quarter. Covestor Ltd boosted its position in Synovus Financial by 76.7% in the first quarter. Covestor Ltd now owns 1,087 shares of the bank’s stock valued at $53,000 after buying an additional 472 shares during the last quarter. Belpointe Asset Management LLC boosted its position in Synovus Financial by 138.0% in the first quarter. Belpointe Asset Management LLC now owns 1,095 shares of the bank’s stock valued at $34,000 after buying an additional 635 shares during the last quarter. First Command Advisory Services Inc. purchased a new position in Synovus Financial during the 3rd quarter worth approximately $33,000. Finally, Neo Ivy Capital Management acquired a new stake in Synovus Financial during the 2nd quarter valued at approximately $48,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

Insider Buying and Selling

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

Analysts Set New Price Targets

A number of research firms have recently weighed in on SNV. Evercore ISI increased their price objective on shares of Synovus Financial from $40.00 to $42.00 and gave the stock an “in-line” rating in a research note on Thursday, March 28th. The Goldman Sachs Group lifted their price target on Synovus Financial from $33.00 to $37.00 and gave the company a “neutral” rating in a research report on Monday, December 18th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $42.00 price objective on shares of Synovus Financial in a research note on Friday, January 19th. Truist Financial boosted their target price on shares of Synovus Financial from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Monday. Finally, StockNews.com cut Synovus Financial from a “hold” rating to a “sell” rating in a research report on Thursday, February 15th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Synovus Financial currently has an average rating of “Moderate Buy” and a consensus target price of $39.06.

Synovus Financial Price Performance

Shares of NYSE SNV opened at $38.09 on Wednesday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.89. The company has a market cap of $5.58 billion, a price-to-earnings ratio of 11.01 and a beta of 1.40. The stock’s 50-day moving average is $37.92 and its two-hundred day moving average is $33.77. Synovus Financial Corp. has a 1-year low of $24.40 and a 1-year high of $40.92.

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

Synovus Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Thursday, March 21st were given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.99%. The ex-dividend date of this dividend was Wednesday, March 20th. Synovus Financial’s dividend payout ratio (DPR) is 43.93%.

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.