NBC Securities Inc. Has $379,000 Stake in Synovus Financial Corp. (NYSE:SNV)

NBC Securities Inc. grew its holdings in Synovus Financial Corp. (NYSE:SNV - Free Report) by 115,985.7% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,126 shares of the bank's stock after buying an additional 8,119 shares during the quarter. NBC Securities Inc.'s holdings in Synovus Financial were worth $379,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Colonial Trust Co SC increased its stake in Synovus Financial by 554.4% in the fourth quarter. Colonial Trust Co SC now owns 589 shares of the bank's stock valued at $30,000 after acquiring an additional 499 shares during the period. Keystone Financial Group Inc. acquired a new stake in Synovus Financial during the fourth quarter valued at approximately $37,000. Jones Financial Companies Lllp grew its stake in shares of Synovus Financial by 72.7% in the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank's stock valued at $56,000 after purchasing an additional 461 shares during the period. V Square Quantitative Management LLC raised its holdings in shares of Synovus Financial by 69.3% in the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank's stock worth $58,000 after buying an additional 466 shares in the last quarter. Finally, Millstone Evans Group LLC bought a new position in shares of Synovus Financial during the 4th quarter worth approximately $59,000. Institutional investors and hedge funds own 83.85% of the company's stock.

Synovus Financial Trading Up 0.6%

Synovus Financial stock traded up $0.29 during mid-day trading on Tuesday, hitting $49.46. The stock had a trading volume of 483,696 shares, compared to its average volume of 1,392,146. The stock has a 50-day simple moving average of $44.87 and a two-hundred day simple moving average of $49.63. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $6.88 billion, a PE ratio of 16.22, a P/E/G ratio of 1.11 and a beta of 1.18. Synovus Financial Corp. has a 12 month low of $35.81 and a 12 month high of $59.92.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its 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 net margin of 14.05% and a return on equity of 14.70%. The company had revenue of $573.24 million for the quarter, compared to analyst estimates of $572.35 million. As a group, sell-side analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Thursday, June 19th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 3.15%. The ex-dividend date of this dividend is Wednesday, June 18th. Synovus Financial's dividend payout ratio is presently 43.70%.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Truist Financial initiated coverage on Synovus Financial in a research report on Tuesday, May 13th. They issued a "buy" rating and a $56.00 price target on the stock. Raymond James lowered shares of Synovus Financial from an "outperform" rating to a "market perform" rating in a report on Wednesday, April 2nd. Royal Bank of Canada cut their price target on shares of Synovus Financial from $64.00 to $52.00 and set an "outperform" rating for the company in a report on Monday, April 21st. DA Davidson decreased their price objective on shares of Synovus Financial from $65.00 to $60.00 and set a "buy" rating on the stock in a research note on Monday, April 21st. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Synovus Financial from $54.00 to $50.00 and set an "overweight" rating for the company in a report on Monday, April 21st. 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. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price 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.