TruWealth Advisors LLC Increases Position in Synovus Financial Corp. (NYSE:SNV)

TruWealth Advisors LLC grew its stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 9.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 263,881 shares of the bank's stock after acquiring an additional 22,821 shares during the period. TruWealth Advisors LLC owned about 0.19% of Synovus Financial worth $12,334,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. KBC Group NV grew its holdings in Synovus Financial by 34.8% during the fourth quarter. KBC Group NV now owns 6,014 shares of the bank's stock valued at $308,000 after purchasing an additional 1,554 shares during the period. Montgomery Investment Management Inc. grew its stake in shares of Synovus Financial by 0.6% during the 4th quarter. Montgomery Investment Management Inc. now owns 42,493 shares of the bank's stock worth $2,177,000 after acquiring an additional 235 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in Synovus Financial by 16.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 104,205 shares of the bank's stock worth $5,334,000 after acquiring an additional 14,910 shares during the last quarter. Keystone Financial Group Inc. bought a new stake in Synovus Financial in the 4th quarter valued at about $37,000. Finally, Vest Financial LLC lifted its holdings in Synovus Financial by 46.4% during the fourth quarter. Vest Financial LLC now owns 48,818 shares of the bank's stock valued at $2,501,000 after purchasing an additional 15,477 shares during the last quarter. Hedge funds and other institutional investors own 83.85% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Stephens decreased their price target on 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 decreased their price objective 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. Raymond James cut Synovus Financial from an "outperform" rating to a "market perform" rating in a report on Wednesday, April 2nd. JPMorgan Chase & Co. decreased their price objective on Synovus Financial from $54.00 to $50.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Finally, Wells Fargo & Company dropped their target price on Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 9th. Nine research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Synovus Financial has an average rating of "Moderate Buy" and a consensus target price of $56.56.

Synovus Financial Stock Performance

Shares of SNV stock traded down $0.05 during trading hours on Thursday, reaching $47.54. The company had a trading volume of 662,913 shares, compared to its average volume of 1,396,614. The firm has a market cap of $6.61 billion, a PE ratio of 15.59, a price-to-earnings-growth ratio of 1.11 and a beta of 1.18. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88. The business has a fifty day moving average price of $44.55 and a 200-day moving average price of $49.88. Synovus Financial Corp. has a one year low of $35.81 and a one year high of $59.92.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.11 by $0.19. The company had revenue of $573.24 million during the quarter, compared to the consensus estimate of $572.35 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. Sell-side analysts predict that Synovus Financial Corp. will post 4.89 earnings per share 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. This represents a $1.56 annualized dividend and a yield of 3.28%. The ex-dividend date is Wednesday, June 18th. Synovus Financial's payout ratio is currently 43.70%.

Synovus Financial 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.