Greenwood Capital Associates LLC Grows Holdings in Synovus Financial Corp. (NYSE:SNV)

Greenwood Capital Associates LLC boosted its stake in Synovus Financial Corp. (NYSE:SNV - Free Report) by 35.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 40,246 shares of the bank's stock after purchasing an additional 10,519 shares during the quarter. Greenwood Capital Associates LLC's holdings in Synovus Financial were worth $1,881,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the stock. Fiduciary Financial Group LLC acquired a new stake in Synovus Financial in the first quarter worth $272,000. GAMMA Investing LLC lifted its stake in shares of Synovus Financial by 37.5% in the first quarter. GAMMA Investing LLC now owns 5,368 shares of the bank's stock valued at $251,000 after buying an additional 1,465 shares in the last quarter. Harbor Capital Advisors Inc. lifted its stake in shares of Synovus Financial by 27.4% in the first quarter. Harbor Capital Advisors Inc. now owns 18,861 shares of the bank's stock valued at $882,000 after buying an additional 4,061 shares in the last quarter. Pallas Capital Advisors LLC bought a new position in shares of Synovus Financial in the first quarter valued at $908,000. Finally, First Citizens Bank & Trust Co. lifted its stake in shares of Synovus Financial by 32.8% in the first quarter. First Citizens Bank & Trust Co. now owns 23,132 shares of the bank's stock valued at $1,081,000 after buying an additional 5,717 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Synovus Financial Price Performance

NYSE:SNV traded down $1.48 during mid-day trading on Friday, hitting $47.07. 711,546 shares of the stock traded hands, compared to its average volume of 1,388,521. The business's 50-day moving average price is $45.46 and its 200 day moving average price is $49.37. The company has a market cap of $6.54 billion, a PE ratio of 15.43, a price-to-earnings-growth ratio of 1.11 and a beta of 1.18. Synovus Financial Corp. has a 12-month low of $35.94 and a 12-month high of $59.92. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings data on Wednesday, April 16th. The bank reported $1.30 EPS for the quarter, beating the consensus estimate of $1.11 by $0.19. The company had revenue of $573.24 million during the quarter, compared to analysts' expectations of $572.35 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. On average, analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Thursday, June 19th will be paid a $0.39 dividend. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $1.56 dividend on an annualized basis and a yield of 3.31%. Synovus Financial's dividend payout ratio is presently 43.70%.

Wall Street Analysts Forecast Growth

SNV has been the topic of a number of recent analyst reports. Stephens dropped their price target on shares of Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating on the stock in a research report on Monday, April 21st. Royal Bank of Canada dropped their price target on shares of Synovus Financial from $64.00 to $52.00 and set an "outperform" rating on the stock in a research report on Monday, April 21st. Wells Fargo & Company dropped their price target on shares of Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 9th. Barclays dropped their price target on shares of Synovus Financial from $66.00 to $60.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Finally, Truist Financial assumed coverage on shares of Synovus Financial in a research report on Tuesday, May 13th. They set a "buy" rating and a $56.00 price target on the stock. Nine research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus 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.