Silvercrest Asset Management Group LLC Raises Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

Silvercrest Asset Management Group LLC boosted its position in Synovus Financial Corp. (NYSE:SNV - Free Report) by 2.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,370,521 shares of the bank's stock after purchasing an additional 53,286 shares during the period. Synovus Financial comprises 0.8% of Silvercrest Asset Management Group LLC's portfolio, making the stock its 17th biggest holding. Silvercrest Asset Management Group LLC owned about 1.67% of Synovus Financial worth $121,442,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Colonial Trust Co SC boosted its position in Synovus Financial by 554.4% in the fourth quarter. Colonial Trust Co SC now owns 589 shares of the bank's stock worth $30,000 after purchasing an additional 499 shares during the last quarter. Keystone Financial Group Inc. purchased a new position in Synovus Financial in the fourth quarter worth about $37,000. Jones Financial Companies Lllp boosted its position in Synovus Financial by 72.7% in the fourth quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank's stock worth $56,000 after purchasing an additional 461 shares during the last quarter. V Square Quantitative Management LLC lifted its position 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 valued at $58,000 after buying an additional 466 shares in the last quarter. Finally, Millstone Evans Group LLC purchased a new position in shares of Synovus Financial during the 4th quarter valued at about $59,000. 83.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have issued reports on SNV shares. Morgan Stanley reduced their price objective on Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating on the stock in a research note on Thursday, March 13th. Wells Fargo & Company lowered their target price on Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating for the company in a report on Wednesday, April 9th. Truist Financial started coverage on Synovus Financial in a report on Tuesday, May 13th. They issued a "buy" rating and a $56.00 target price for the company. Barclays lowered their target price on Synovus Financial from $66.00 to $60.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Finally, Royal Bank of Canada lowered their target price on Synovus Financial from $64.00 to $52.00 and set an "outperform" rating for the company in a report on Monday, April 21st. Eight investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Synovus Financial has a consensus rating of "Moderate Buy" and a consensus price target of $56.11.

Synovus Financial Trading Down 0.5%

Shares of SNV traded down $0.26 during midday trading on Monday, reaching $49.21. The company had a trading volume of 836,243 shares, compared to its average volume of 1,406,139. The firm has a 50 day simple moving average of $44.41 and a 200-day simple moving average of $50.46. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. The stock 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 1.13. Synovus Financial Corp. has a 1-year low of $35.81 and a 1-year high of $59.92.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings data on Wednesday, April 16th. The bank reported $1.30 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.11 by $0.19. The firm 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%. Research analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Thursday, March 20th were issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 3.17%. This is a boost from Synovus Financial's previous quarterly dividend of $0.38. The ex-dividend date was Thursday, March 20th. Synovus Financial's dividend payout ratio (DPR) 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.