D.A. Davidson & CO. Boosts Stake in Synovus Financial Corp. $SNV

D.A. Davidson & CO. boosted its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 18.3% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 5,081 shares of the bank’s stock after purchasing an additional 787 shares during the period. D.A. Davidson & CO.’s holdings in Synovus Financial were worth $263,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SNV. Armstrong Advisory Group Inc. acquired a new stake in Synovus Financial during the 2nd quarter worth about $41,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Synovus Financial during the 1st quarter valued at about $47,000. IFP Advisors Inc boosted its holdings in Synovus Financial by 650.4% in the 2nd quarter. IFP Advisors Inc now owns 1,058 shares of the bank’s stock worth $60,000 after buying an additional 917 shares during the last quarter. Cullen Frost Bankers Inc. acquired a new stake in Synovus Financial in the 2nd quarter worth about $60,000. Finally, Spectrum Wealth Counsel LLC acquired a new stake in Synovus Financial in the 1st quarter worth about $70,000. 83.85% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Synovus Financial

In related news, Director Gregory G. Montana acquired 1,000 shares of the firm’s stock in a transaction on Monday, October 20th. The stock was bought at an average price of $45.37 per share, for a total transaction of $45,370.00. Following the completion of the purchase, the director directly owned 5,464 shares of the company’s stock, valued at approximately $247,901.68. The trade was a 22.40% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on SNV shares. Barclays decreased their target price on shares of Synovus Financial from $70.00 to $65.00 and set an “overweight” rating on the stock in a research note on Monday, July 28th. Truist Financial dropped their target price on shares of Synovus Financial from $56.00 to $55.00 and set a “buy” rating for the company in a report on Friday, October 17th. Raymond James Financial downgraded shares of Synovus Financial from a “moderate buy” rating to a “hold” rating in a report on Monday, July 28th. UBS Group downgraded shares of Synovus Financial from a “buy” rating to a “neutral” rating and dropped their target price for the company from $63.00 to $56.00 in a report on Tuesday, September 2nd. Finally, Stephens dropped their target price on shares of Synovus Financial from $54.00 to $51.00 and set an “equal weight” rating for the company in a report on Friday, October 17th. Eight analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $59.00.

Synovus Financial Stock Performance

Shares of SNV stock opened at $44.18 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.57. The firm has a fifty day moving average price of $48.89 and a 200 day moving average price of $48.76. The company has a market cap of $6.13 billion, a P/E ratio of 8.24, a PEG ratio of 0.77 and a beta of 1.21. Synovus Financial Corp. has a 12 month low of $35.94 and a 12 month high of $61.06.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, October 15th. The bank reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.36 by $0.10. The firm had revenue of $612.79 million during the quarter, compared to the consensus estimate of $604.59 million. Synovus Financial had a net margin of 21.97% and a return on equity of 16.13%. The company’s revenue was up 9.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.23 earnings per share. Sell-side analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Thursday, September 18th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 3.5%. The ex-dividend date was Thursday, September 18th. Synovus Financial’s dividend payout ratio is currently 29.10%.

Synovus Financial Company 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.