GAMMA Investing LLC Purchases New Stake in Synovus Financial Corp. (NYSE:SNV)

GAMMA Investing LLC purchased a new stake in shares of Synovus Financial Corp. (NYSE:SNV) in the fourth quarter, Holdings Channel reports. The firm purchased 2,447 shares of the bank’s stock, valued at approximately $92,000.

Other institutional investors have also recently bought and sold shares of the company. Allworth Financial LP boosted its position in shares of 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 buying an additional 557 shares during the last quarter. International Assets Investment Management LLC purchased a new position in Synovus Financial during the 4th quarter worth $28,000. First Command Advisory Services Inc. bought a new stake in shares of Synovus Financial in the 3rd quarter worth $33,000. Tennessee Valley Asset Management Partners purchased a new stake in shares of Synovus Financial in the fourth quarter valued at about $42,000. Finally, Arlington Trust Co LLC bought a new position in shares of Synovus Financial during the fourth quarter valued at about $47,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on SNV shares. Barclays reduced their price objective on shares of Synovus Financial from $42.00 to $39.00 and set an “equal weight” rating for the company in a research report on Friday, April 19th. StockNews.com lowered Synovus Financial from a “hold” rating to a “sell” rating in a report on Thursday, February 15th. Raymond James downgraded Synovus Financial from a “strong-buy” rating to a “market perform” rating in a research note on Thursday, April 18th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $38.00 target price (down from $46.00) on shares of Synovus Financial in a research note on Friday, April 19th. Finally, Wells Fargo & Company cut their price target on shares of Synovus Financial from $42.00 to $40.00 and set an “overweight” 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 company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $41.38.

Synovus Financial Stock Down 1.0 %

SNV opened at $36.48 on Tuesday. Synovus Financial Corp. has a 12 month low of $24.40 and a 12 month high of $40.92. The company has a market cap of $5.34 billion, a PE ratio of 12.49, a price-to-earnings-growth ratio of 4.25 and a beta of 1.40. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.45. The company has a 50 day moving average of $37.92 and a 200 day moving average of $35.03.

Synovus Financial (NYSE:SNV) last posted its earnings results 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 company had revenue of $537.73 million for 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 company’s revenue was down 12.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.33 EPS. On average, sell-side analysts expect that Synovus Financial Corp. will post 3.77 EPS for the current year.

Synovus Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were paid a $0.38 dividend. The ex-dividend date was Wednesday, March 20th. This represents a $1.52 annualized dividend and a yield of 4.17%. Synovus Financial’s dividend payout ratio is currently 52.05%.

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 lending services.