American Trust Trims Stock Position in Synovus Financial Corp. (NYSE:SNV)

American Trust lessened its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 21.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,268 shares of the bank’s stock after selling 1,940 shares during the period. American Trust’s holdings in Synovus Financial were worth $224,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Lazard Asset Management LLC boosted its holdings in shares of Synovus Financial by 64.8% during the 4th quarter. Lazard Asset Management LLC now owns 809 shares of the bank’s stock valued at $30,000 after buying an additional 318 shares in the last quarter. Ameritas Advisory Services LLC bought a new stake in shares of Synovus Financial during the 1st quarter valued at $27,000. Covestor Ltd boosted its stake in Synovus Financial by 76.7% in the 1st quarter. Covestor Ltd now owns 1,087 shares of the bank’s stock worth $53,000 after purchasing an additional 472 shares in the last quarter. Belpointe Asset Management LLC boosted its stake in Synovus Financial by 138.0% in the 1st quarter. Belpointe Asset Management LLC now owns 1,095 shares of the bank’s stock worth $34,000 after purchasing an additional 635 shares in the last quarter. Finally, CoreCap Advisors LLC bought a new position in Synovus Financial in the 4th quarter worth about $48,000. Institutional investors own 79.92% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on SNV shares. Truist Financial upped their price target on shares of Synovus Financial from $34.00 to $37.00 and gave the stock a “buy” rating in a research note on Friday, July 21st. JPMorgan Chase & Co. upped their price target on shares of Synovus Financial from $37.00 to $40.00 and gave the stock an “overweight” rating in a research note on Friday, July 21st. 888 reiterated a “maintains” rating on shares of Synovus Financial in a research note on Thursday, June 29th. DA Davidson upped their price target on shares of Synovus Financial from $34.00 to $37.00 in a research note on Friday, July 21st. Finally, Morgan Stanley restated an “equal weight” rating and set a $30.00 target price on shares of Synovus Financial in a research note on Monday, July 24th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.30.

Synovus Financial Price Performance

NYSE SNV opened at $30.29 on Friday. Synovus Financial Corp. has a 52 week low of $25.19 and a 52 week high of $44.91. The firm has a market capitalization of $4.43 billion, a P/E ratio of 5.90, a PEG ratio of 2.34 and a beta of 1.39. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.94. The company has a 50-day moving average price of $31.99 and a 200-day moving average price of $30.88.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, July 19th. The bank reported $1.16 EPS for the quarter, beating the consensus estimate of $1.14 by $0.02. Synovus Financial had a net margin of 25.05% and a return on equity of 19.61%. The firm had revenue of $567.81 million during the quarter, compared to analyst estimates of $570.82 million. Equities research analysts anticipate that Synovus Financial Corp. will post 4.3 earnings per share for the current year.

Synovus Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Thursday, September 21st will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 5.02%. The ex-dividend date of this dividend is Wednesday, September 20th. Synovus Financial’s dividend payout ratio is 29.63%.

Synovus Financial 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 loans.