Merit Financial Group LLC Boosts Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

Merit Financial Group LLC lifted its holdings in Synovus Financial Corp. (NYSE:SNV - Free Report) by 305.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 17,756 shares of the bank's stock after purchasing an additional 13,378 shares during the quarter. Merit Financial Group LLC's holdings in Synovus Financial were worth $830,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of SNV. Tidal Investments LLC bought a new position in Synovus Financial in the fourth quarter valued at approximately $222,000. Proficio Capital Partners LLC bought a new position in shares of Synovus Financial in the fourth quarter valued at $3,798,000. Northern Trust Corp increased its holdings in Synovus Financial by 32.4% during the fourth quarter. Northern Trust Corp now owns 1,380,098 shares of the bank's stock worth $70,702,000 after buying an additional 337,784 shares during the last quarter. KLP Kapitalforvaltning AS bought a new stake in Synovus Financial during the fourth quarter worth $1,504,000. Finally, Vest Financial LLC lifted its stake in Synovus Financial by 46.4% in the fourth quarter. Vest Financial LLC now owns 48,818 shares of the bank's stock valued at $2,501,000 after acquiring an additional 15,477 shares during the last quarter. 83.85% of the stock is owned by institutional investors.

Synovus Financial Stock Performance

Synovus Financial stock traded up $0.29 during mid-day trading on Tuesday, reaching $49.46. 483,696 shares of the company's stock were exchanged, compared to its average volume of 1,392,146. The business's fifty day simple moving average is $44.68 and its 200 day simple moving average is $49.64. The firm 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 one year low of $35.81 and a one year 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 announced its quarterly earnings data on Wednesday, April 16th. The bank reported $1.30 EPS for the quarter, topping 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 business had revenue of $573.24 million for the quarter, compared to analyst estimates of $572.35 million. On average, sell-side analysts expect that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Thursday, June 19th will be given a $0.39 dividend. 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 currently 43.70%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Morgan Stanley reduced their price target on Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating for the company in a report on Thursday, March 13th. Stephens reduced their target price on Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating for the company in a research note on Monday, April 21st. Jefferies Financial Group started coverage on Synovus Financial in a report on Wednesday, May 21st. They set a "hold" rating and a $55.00 target price on the stock. Truist Financial assumed coverage on Synovus Financial in a report on Tuesday, May 13th. They set a "buy" rating and a $56.00 price target for the company. Finally, Barclays cut their target price on shares of Synovus Financial from $66.00 to $60.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Nine equities 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. According to MarketBeat, Synovus Financial has a consensus rating of "Moderate Buy" and an average 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.