Pekin Hardy Strauss Inc. Raises Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

Pekin Hardy Strauss Inc. grew its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 3.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 165,752 shares of the bank’s stock after buying an additional 4,900 shares during the period. Pekin Hardy Strauss Inc.’s holdings in Synovus Financial were worth $6,241,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Allworth Financial LP raised its holdings in Synovus Financial by 333.5% during the fourth quarter. Allworth Financial LP now owns 724 shares of the bank’s stock valued at $27,000 after acquiring an additional 557 shares during the period. International Assets Investment Management LLC purchased a new stake in shares of Synovus Financial during the fourth quarter worth about $28,000. First Command Advisory Services Inc. bought a new stake in Synovus Financial during the 3rd quarter valued at approximately $33,000. Tennessee Valley Asset Management Partners purchased a new position in Synovus Financial in the 4th quarter worth approximately $42,000. Finally, Arlington Trust Co LLC bought a new position in Synovus Financial in the 4th quarter worth approximately $47,000. 83.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SNV. DA Davidson lowered their target price on shares of Synovus Financial from $45.00 to $43.00 and set a “buy” rating on the stock in a report on Friday, April 19th. Royal Bank of Canada cut their price objective on Synovus Financial from $44.00 to $41.00 and set an “outperform” rating for the company in a research report on Friday, April 19th. Evercore ISI boosted their target price on Synovus Financial from $40.00 to $42.00 and gave the stock an “in-line” rating in a research report on Thursday, March 28th. UBS Group raised their price target on Synovus Financial from $42.00 to $44.00 and gave the company a “buy” rating in a report on Tuesday, January 23rd. Finally, The Goldman Sachs Group decreased their price objective on Synovus Financial from $46.00 to $41.00 and set a “neutral” rating on the stock in a report on Friday, April 19th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Synovus Financial currently has an average rating of “Hold” and an average price target of $41.38.

Synovus Financial Trading Down 1.9 %

Shares of SNV traded down $0.70 during midday trading on Tuesday, hitting $35.79. The stock had a trading volume of 1,457,041 shares, compared to its average volume of 1,499,334. Synovus Financial Corp. has a 1 year low of $24.40 and a 1 year high of $40.92. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.89 and a quick ratio of 0.89. The stock’s 50 day moving average is $37.92 and its 200 day moving average is $35.03. The firm has a market cap of $5.24 billion, a PE ratio of 12.29, a price-to-earnings-growth ratio of 4.25 and a beta of 1.40.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Thursday, April 18th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by ($0.20). The firm had revenue of $537.73 million during the quarter, compared to the consensus estimate of $547.62 million. Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The firm’s revenue for the quarter was down 12.4% on a year-over-year basis. During the same period in the previous year, the business earned $1.33 EPS. As a group, analysts forecast that Synovus Financial Corp. will post 3.77 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were given a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 4.25%. The ex-dividend date was Wednesday, March 20th. Synovus Financial’s dividend payout ratio (DPR) is presently 52.05%.

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.