Synovus Financial Corp. (NYSE:SNV) Shares Purchased by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC lifted its position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 320.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 27,111 shares of the bank's stock after purchasing an additional 20,662 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Synovus Financial were worth $1,389,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Tidal Investments LLC purchased a new stake in Synovus Financial in the 4th quarter worth $222,000. Proficio Capital Partners LLC acquired a new position in shares of Synovus Financial in the 4th quarter valued at $3,798,000. Northern Trust Corp increased its position in shares of Synovus Financial by 32.4% during the fourth quarter. Northern Trust Corp now owns 1,380,098 shares of the bank's stock valued at $70,702,000 after acquiring an additional 337,784 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new position in Synovus Financial during the fourth quarter worth $1,504,000. Finally, Vest Financial LLC increased its stake in Synovus Financial by 46.4% during the fourth quarter. Vest Financial LLC now owns 48,818 shares of the bank's stock worth $2,501,000 after purchasing an additional 15,477 shares during the period. Hedge funds and other institutional investors own 83.85% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Wells Fargo & Company cut their price target on Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 9th. Truist Financial began coverage on shares of Synovus Financial in a research note on Tuesday, May 13th. They issued a "buy" rating and a $56.00 price objective on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Synovus Financial from $54.00 to $50.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Raymond James cut Synovus Financial from an "outperform" rating to a "market perform" rating in a research report on Wednesday, April 2nd. Finally, Morgan Stanley reduced their price objective on shares of Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating for the company in a research note on Thursday, March 13th. Nine equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Synovus Financial presently has a consensus rating of "Moderate Buy" and a consensus price target of $56.56.

Synovus Financial Trading Up 0.3%

SNV stock traded up $0.14 during midday trading on Monday, hitting $49.20. The stock had a trading volume of 732,931 shares, compared to its average volume of 1,393,595. Synovus Financial Corp. has a 12-month low of $35.81 and a 12-month high of $59.92. The firm has a market cap of $6.84 billion, a PE ratio of 16.13, a price-to-earnings-growth ratio of 1.11 and a beta of 1.18. The company's 50-day moving average price is $44.63 and its 200 day moving average price is $49.69. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings data on Wednesday, April 16th. The bank reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.19. The business had revenue of $573.24 million for the quarter, compared to analyst estimates of $572.35 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. On average, equities research analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Thursday, June 19th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 3.17%. The ex-dividend date is Wednesday, June 18th. Synovus Financial's dividend payout ratio is currently 43.70%.

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.