Montgomery Investment Management Inc. Buys 9,500 Shares of Synovus Financial Corp. (NYSE:SNV)

Montgomery Investment Management Inc. lifted its stake in Synovus Financial Corp. (NYSE:SNV - Free Report) by 22.4% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 51,993 shares of the bank's stock after purchasing an additional 9,500 shares during the period. Synovus Financial accounts for approximately 1.0% of Montgomery Investment Management Inc.'s holdings, making the stock its 29th largest holding. Montgomery Investment Management Inc.'s holdings in Synovus Financial were worth $2,430,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Tidal Investments LLC bought a new stake in shares of Synovus Financial in the fourth quarter worth about $222,000. Cerity Partners LLC raised its holdings in 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 period. Envestnet Portfolio Solutions Inc. bought a new position in Synovus Financial in the first quarter valued at approximately $251,000. First Citizens Bank & Trust Co. increased its position in shares of Synovus Financial by 32.8% during the first quarter. First Citizens Bank & Trust Co. now owns 23,132 shares of the bank's stock worth $1,081,000 after acquiring an additional 5,717 shares in the last quarter. Finally, Tradewinds LLC. bought a new stake in Synovus Financial in the 1st quarter valued at $351,000. 83.85% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently weighed in on SNV. Royal Bank Of Canada reduced their price objective on Synovus Financial from $64.00 to $52.00 and set an "outperform" rating for the company in a research report on Monday, April 21st. Keefe, Bruyette & Woods upgraded shares of Synovus Financial from a "market perform" rating to an "outperform" rating and lifted their price objective for the company from $58.00 to $65.00 in a report on Friday, July 18th. Stephens reduced their target price 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. Wall Street Zen raised shares of Synovus Financial from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, Raymond James Financial raised shares of 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, July 18th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $60.44.

Synovus Financial Stock Performance

Shares of NYSE SNV traded down $7.08 during mid-day trading on Friday, reaching $49.64. 12,224,884 shares of the company were exchanged, compared to its average volume of 2,020,881. The stock has a market capitalization of $6.90 billion, a P/E ratio of 9.53, a P/E/G ratio of 0.84 and a beta of 1.19. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.77. The company's 50-day simple moving average is $50.97 and its 200-day simple moving average is $49.35. Synovus Financial Corp. has a twelve month low of $35.94 and a twelve month high of $61.06.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The bank reported $1.48 earnings per share (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 company had revenue of $592.08 million during the quarter, compared to analysts' expectations of $584.89 million. During the same quarter in the previous year, the company posted $1.16 earnings per share. As a group, research analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Announces Dividend

The company also recently disclosed 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. This represents a $1.56 annualized dividend and a yield of 3.14%. The ex-dividend date was Wednesday, June 18th. Synovus Financial's payout ratio is 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.