Allworth Financial LP Increases Holdings in Synovus Financial Corp. $SNV

Allworth Financial LP lifted its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 387.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,664 shares of the bank’s stock after purchasing an additional 4,501 shares during the period. Allworth Financial LP’s holdings in Synovus Financial were worth $293,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in the stock. Cerity Partners LLC raised its position in Synovus Financial by 50.9% in the first quarter. Cerity Partners LLC now owns 23,879 shares of the bank’s stock worth $1,116,000 after acquiring an additional 8,059 shares during the period. Y Intercept Hong Kong Ltd increased its stake in shares of Synovus Financial by 345.6% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 22,828 shares of the bank’s stock worth $1,067,000 after purchasing an additional 17,705 shares during the last quarter. Dorsey Wright & Associates bought a new stake in shares of Synovus Financial in the 1st quarter worth approximately $245,000. Montgomery Investment Management Inc. lifted its stake in Synovus Financial by 22.4% in the first quarter. Montgomery Investment Management Inc. now owns 51,993 shares of the bank’s stock valued at $2,430,000 after purchasing an additional 9,500 shares during the last quarter. Finally, Cetera Investment Advisers grew its holdings in Synovus Financial by 70.8% during the first quarter. Cetera Investment Advisers now owns 11,933 shares of the bank’s stock valued at $558,000 after purchasing an additional 4,948 shares during the period. Institutional investors own 83.85% of the company’s stock.

Synovus Financial Trading Down 5.3%

Synovus Financial stock opened at $44.28 on Tuesday. The stock has a market cap of $6.15 billion, a P/E ratio of 8.26, a PEG ratio of 0.77 and a beta of 1.28. Synovus Financial Corp. has a fifty-two week low of $35.94 and a fifty-two week high of $61.06. The firm’s fifty day moving average price is $47.47 and its 200-day moving average price is $49.14. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.91 and a current ratio of 0.91.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, October 15th. The bank reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.10. Synovus Financial had a return on equity of 16.13% and a net margin of 21.97%.The company had revenue of $612.79 million during the quarter, compared to analyst estimates of $604.59 million. During the same quarter last year, the company earned $1.23 earnings per share. The firm’s quarterly revenue was up 9.0% on a year-over-year basis. Equities research analysts forecast 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. Investors of record on Thursday, September 18th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 3.5%. The ex-dividend date was Thursday, September 18th. Synovus Financial’s dividend payout ratio is 29.10%.

Wall Street Analyst Weigh In

SNV has been the topic of several research reports. Stephens lowered their target price on Synovus Financial from $54.00 to $51.00 and set an “equal weight” rating on the stock in a research note on Friday, October 17th. Barclays lifted their price objective on Synovus Financial from $62.00 to $65.00 and gave the stock an “overweight” rating in a report on Tuesday, November 11th. UBS Group dropped their price objective on shares of Synovus Financial from $53.00 to $49.00 and set a “neutral” rating on the stock in a report on Wednesday, November 5th. Weiss Ratings lowered shares of Synovus Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, October 8th. Finally, Raymond James Financial lowered shares of Synovus Financial from a “moderate buy” rating to a “hold” rating in a research report on Monday, July 28th. Eight analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, Synovus Financial presently has an average rating of “Hold” and an average target price of $58.56.

Insiders Place Their Bets

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

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.