Cwm LLC Acquires 27,303 Shares of Synovus Financial Corp. (NYSE:SNV)

Cwm LLC increased its holdings in Synovus Financial Corp. (NYSE:SNV - Free Report) by 296.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 36,518 shares of the bank's stock after buying an additional 27,303 shares during the period. Cwm LLC's holdings in Synovus Financial were worth $1,707,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SNV. Stephens Inc. AR bought a new stake in Synovus Financial during the first quarter worth about $310,000. Stieven Capital Advisors L.P. lifted its stake in Synovus Financial by 24.5% during the first quarter. Stieven Capital Advisors L.P. now owns 297,542 shares of the bank's stock worth $13,907,000 after purchasing an additional 58,500 shares during the last quarter. State of Michigan Retirement System raised its holdings in shares of Synovus Financial by 0.9% during the 1st quarter. State of Michigan Retirement System now owns 33,804 shares of the bank's stock worth $1,580,000 after buying an additional 300 shares in the last quarter. Cerity Partners LLC lifted its position in shares of Synovus Financial by 50.9% during the 1st quarter. Cerity Partners LLC now owns 23,879 shares of the bank's stock worth $1,116,000 after buying an additional 8,059 shares during the last quarter. Finally, Correct Capital Wealth Management lifted its position in shares of Synovus Financial by 2.7% during the 1st quarter. Correct Capital Wealth Management now owns 27,864 shares of the bank's stock worth $1,302,000 after buying an additional 725 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently issued reports on SNV shares. Stephens lowered their price target on shares of Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating for the company in a report on Monday, April 21st. Royal Bank Of Canada lowered their price objective on Synovus Financial from $64.00 to $52.00 and set an "outperform" rating for the company in a research note on Monday, April 21st. Jefferies Financial Group initiated coverage on shares of Synovus Financial in a research report on Wednesday, May 21st. They set a "hold" rating and a $55.00 target price on the stock. Raymond James Financial upgraded Synovus Financial from a "market perform" rating to an "outperform" rating and set a $62.00 price target on the stock in a research report on Friday. Finally, JPMorgan Chase & Co. lifted their price objective on Synovus Financial from $50.00 to $60.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $60.67.

Synovus Financial Price Performance

Shares of NYSE SNV opened at $55.70 on Friday. Synovus Financial Corp. has a 1-year low of $35.94 and a 1-year high of $59.92. The company has a current ratio of 0.92, a quick ratio of 0.88 and a debt-to-equity ratio of 0.77. The stock has a fifty day simple moving average of $50.33 and a two-hundred day simple moving average of $49.22. The firm has a market cap of $7.74 billion, a price-to-earnings ratio of 10.69, a price-to-earnings-growth ratio of 1.06 and a beta of 1.19.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The bank reported $1.48 EPS for the quarter, topping analysts' consensus estimates of $1.25 by $0.23. Synovus Financial had a return on equity of 16.20% and a net margin of 21.52%. The firm had revenue of $592.08 million during the quarter, compared to analyst estimates of $584.89 million. During the same period last year, the company earned $1.16 earnings per share. Analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Thursday, June 19th were given a dividend of $0.39 per share. The ex-dividend date was Wednesday, June 18th. This represents a $1.56 annualized dividend and a yield of 2.80%. Synovus Financial's payout ratio is presently 29.94%.

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.

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