Wealth Enhancement Advisory Services LLC Purchases 33,294 Shares of Synovus Financial Corp. (NYSE:SNV)

Wealth Enhancement Advisory Services LLC lifted its position in shares of Synovus Financial Corp. (NYSE:SNV) by 122.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 60,405 shares of the bank’s stock after purchasing an additional 33,294 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Synovus Financial were worth $2,823,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Sound View Wealth Advisors Group LLC grew its holdings in shares of Synovus Financial by 3.1% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 7,941 shares of the bank’s stock worth $407,000 after purchasing an additional 241 shares during the last quarter. M&T Bank Corp grew its holdings in shares of Synovus Financial by 4.8% during the fourth quarter. M&T Bank Corp now owns 7,265 shares of the bank’s stock worth $372,000 after purchasing an additional 331 shares during the last quarter. ProShare Advisors LLC grew its holdings in shares of Synovus Financial by 5.6% during the fourth quarter. ProShare Advisors LLC now owns 6,628 shares of the bank’s stock worth $340,000 after purchasing an additional 352 shares during the last quarter. Blair William & Co. IL grew its holdings in shares of Synovus Financial by 6.4% during the fourth quarter. Blair William & Co. IL now owns 6,241 shares of the bank’s stock worth $320,000 after purchasing an additional 374 shares during the last quarter. Finally, Intrust Bank NA grew its holdings in shares of Synovus Financial by 3.1% during the fourth quarter. Intrust Bank NA now owns 13,113 shares of the bank’s stock worth $672,000 after purchasing an additional 398 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors.

Synovus Financial Price Performance

Shares of SNV opened at $51.75 on Friday. Synovus Financial Corp. has a 52-week low of $35.94 and a 52-week high of $59.92. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.88 and a current ratio of 0.88. The business’s 50 day moving average price is $47.20 and its two-hundred day moving average price is $49.02. The firm has a market cap of $7.19 billion, a PE ratio of 14.49, a price-to-earnings-growth ratio of 1.00 and a beta of 1.18.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.19. Synovus Financial had a return on equity of 15.87% and a net margin of 16.19%. The firm had revenue of $573.24 million for the quarter, compared to analyst estimates of $572.35 million. On average, equities analysts anticipate that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Thursday, June 19th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.01%. The ex-dividend date is Wednesday, June 18th. Synovus Financial’s payout ratio is 43.70%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SNV. DA Davidson reduced their price target on Synovus Financial from $65.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, April 21st. Stephens cut their price objective on Synovus Financial from $52.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Monday, April 21st. Jefferies Financial Group started coverage on Synovus Financial in a research note on Wednesday, May 21st. They issued a “hold” rating and a $55.00 price objective on the stock. Morgan Stanley cut their price objective on Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 13th. Finally, Raymond James Financial lowered Synovus Financial from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 2nd. Nine research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Synovus Financial currently has a consensus rating of “Moderate Buy” and an average price target of $56.56.

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.