Waverly Advisors LLC Acquires 13,598 Shares of Synovus Financial Corp. (NYSE:SNV)

Waverly Advisors LLC raised its stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 43.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 44,957 shares of the bank's stock after acquiring an additional 13,598 shares during the quarter. Waverly Advisors LLC's holdings in Synovus Financial were worth $2,303,000 at the end of the most recent reporting period.

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

Analyst Ratings Changes

Several equities analysts have issued reports on SNV shares. Jefferies Financial Group started coverage on shares of Synovus Financial in a report on Wednesday. They issued a "hold" rating and a $55.00 price target on the stock. Wells Fargo & Company lowered their price objective 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. Royal Bank of Canada reduced their target price on Synovus Financial from $64.00 to $52.00 and set an "outperform" rating on the stock in a research report on Monday, April 21st. Truist Financial began coverage on Synovus Financial in a report on Tuesday, May 13th. They issued a "buy" rating and a $56.00 price target for the company. Finally, Stephens dropped their price target on Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating on the stock in a research note on Monday, April 21st. Nine investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $56.56.

Synovus Financial Stock Performance

Shares of NYSE SNV opened at $47.29 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. Synovus Financial Corp. has a 12 month low of $35.81 and a 12 month high of $59.92. The company has a 50 day simple moving average of $44.55 and a two-hundred day simple moving average of $50.41. The stock has a market cap of $6.57 billion, a price-to-earnings ratio of 15.50, a PEG ratio of 1.11 and a beta of 1.13.

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, topping the consensus estimate of $1.11 by $0.19. The firm had revenue of $573.24 million during the quarter, compared to analysts' expectations of $572.35 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. As a group, analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 3.30%. The ex-dividend date of this dividend was Thursday, March 20th. This is a boost from Synovus Financial's previous quarterly dividend of $0.38. Synovus Financial's payout ratio is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.