Sigma Planning Corp Sells 1,809 Shares of Synovus Financial Corp. (NYSE:SNV)

Sigma Planning Corp trimmed its stake in Synovus Financial Corp. (NYSE:SNV) by 18.2% in the 4th quarter, HoldingsChannel reports. The fund owned 8,111 shares of the bank’s stock after selling 1,809 shares during the quarter. Sigma Planning Corp’s holdings in Synovus Financial were worth $305,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in SNV. North Reef Capital Management LP raised its position in shares of Synovus Financial by 52.7% in the 3rd quarter. North Reef Capital Management LP now owns 4,485,000 shares of the bank’s stock worth $124,683,000 after acquiring an additional 1,548,370 shares in the last quarter. FMR LLC grew its stake in Synovus Financial by 10.0% during the 3rd quarter. FMR LLC now owns 10,702,534 shares of the bank’s stock worth $297,530,000 after buying an additional 977,155 shares during the last quarter. Strs Ohio purchased a new position in Synovus Financial during the 4th quarter worth $16,415,000. Qube Research & Technologies Ltd grew its stake in Synovus Financial by 1,020.1% during the 3rd quarter. Qube Research & Technologies Ltd now owns 448,010 shares of the bank’s stock worth $12,455,000 after buying an additional 408,014 shares during the last quarter. Finally, American Century Companies Inc. grew its stake in Synovus Financial by 46.0% during the 3rd quarter. American Century Companies Inc. now owns 957,939 shares of the bank’s stock worth $26,631,000 after buying an additional 301,604 shares during the last quarter. 83.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

SNV has been the topic of several research analyst reports. Morgan Stanley restated an “equal weight” rating and set a $37.00 target price on shares of Synovus Financial in a research note on Monday, April 22nd. Wells Fargo & Company dropped their target price on Synovus Financial from $42.00 to $40.00 and set an “overweight” rating on the stock in a research note on Friday, April 19th. The Goldman Sachs Group dropped their target price on Synovus Financial from $46.00 to $41.00 and set a “neutral” rating on the stock in a research note on Friday, April 19th. DA Davidson dropped their price target on Synovus Financial from $45.00 to $43.00 and set a “buy” rating on the stock in a research note on Friday, April 19th. Finally, Royal Bank of Canada dropped their price target on Synovus Financial from $44.00 to $41.00 and set an “outperform” rating on the stock in a research note on Friday, April 19th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Synovus Financial has a consensus rating of “Hold” and an average price target of $41.38.

Synovus Financial Stock Up 0.7 %

Shares of SNV opened at $36.85 on Friday. Synovus Financial Corp. has a 52 week low of $24.40 and a 52 week high of $40.92. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $5.40 billion, a price-to-earnings ratio of 12.62, a PEG ratio of 4.25 and a beta of 1.40. The stock’s 50-day moving average price is $37.92 and its 200-day moving average price is $34.91.

Synovus Financial (NYSE:SNV) last issued its earnings results on Thursday, April 18th. The bank reported $0.79 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). The company had revenue of $537.73 million during the quarter, compared to analysts’ expectations of $547.62 million. Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The firm’s quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.33 EPS. On average, sell-side analysts predict that Synovus Financial Corp. will post 3.77 EPS for the current year.

Synovus Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were issued a dividend of $0.38 per share. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.12%. Synovus Financial’s payout ratio is currently 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.