Brown Advisory Inc. Sells 415,320 Shares of Synovus Financial Corp. (SNV)

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Brown Advisory Inc. lowered its stake in Synovus Financial Corp. (NYSE:SNV) by 92.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 33,969 shares of the bank’s stock after selling 415,320 shares during the quarter. Brown Advisory Inc.’s holdings in Synovus Financial were worth $1,086,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. GAM Holding AG increased its position in shares of Synovus Financial by 3.7% in the fourth quarter. GAM Holding AG now owns 8,065 shares of the bank’s stock valued at $258,000 after acquiring an additional 290 shares during the last quarter. ETF Managers Group LLC grew its holdings in Synovus Financial by 17.9% during the fourth quarter. ETF Managers Group LLC now owns 2,657 shares of the bank’s stock worth $85,000 after purchasing an additional 404 shares during the period. Comerica Bank grew its holdings in Synovus Financial by 0.7% during the fourth quarter. Comerica Bank now owns 75,410 shares of the bank’s stock worth $2,712,000 after purchasing an additional 553 shares during the period. ClariVest Asset Management LLC grew its holdings in Synovus Financial by 0.9% during the fourth quarter. ClariVest Asset Management LLC now owns 64,000 shares of the bank’s stock worth $2,048,000 after purchasing an additional 600 shares during the period. Finally, Investors Asset Management of Georgia Inc. GA ADV grew its holdings in Synovus Financial by 5.1% during the fourth quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 13,518 shares of the bank’s stock worth $432,000 after purchasing an additional 658 shares during the period. 67.50% of the stock is currently owned by institutional investors and hedge funds.

SNV has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $49.00 price target on shares of Synovus Financial in a report on Sunday, February 24th. Piper Jaffray Companies reiterated a “hold” rating and set a $43.00 price target on shares of Synovus Financial in a report on Tuesday, November 27th. Sandler O’Neill set a $45.00 price target on Synovus Financial and gave the stock a “buy” rating in a report on Wednesday, January 16th. Stephens reiterated a “hold” rating and set a $40.00 price target on shares of Synovus Financial in a report on Tuesday, January 15th. Finally, Bank of America reiterated a “buy” rating and set a $48.00 price target (up previously from $40.00) on shares of Synovus Financial in a report on Tuesday, March 12th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $45.98.

Shares of NYSE:SNV opened at $33.87 on Friday. Synovus Financial Corp. has a 12-month low of $29.93 and a 12-month high of $57.40. The company has a market cap of $5.73 billion, a PE ratio of 9.30, a PEG ratio of 1.16 and a beta of 1.27. The company has a debt-to-equity ratio of 0.56, a current ratio of 0.97 and a quick ratio of 0.97.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Tuesday, January 15th. The bank reported $0.92 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.02). Synovus Financial had a return on equity of 15.68% and a net margin of 26.38%. The firm had revenue of $365.90 million for the quarter, compared to the consensus estimate of $370.64 million. During the same quarter in the prior year, the firm earned $0.70 EPS. The company’s revenue was up 7.9% on a year-over-year basis. As a group, sell-side analysts predict that Synovus Financial Corp. will post 3.94 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Thursday, March 21st will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.54%. The ex-dividend date is Wednesday, March 20th. This is a boost from Synovus Financial’s previous quarterly dividend of $0.25. Synovus Financial’s payout ratio is currently 32.97%.

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Synovus Financial Profile

Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides various financial products and services. It offers integrated financial services, including commercial and retail banking, financial management, insurance, and mortgage services. The company's commercial banking services comprise treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.

Further Reading: Dividend

Institutional Ownership by Quarter for Synovus Financial (NYSE:SNV)

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