Synovus Financial Corp. (NYSE:SNV) Shares Purchased by Phocas Financial Corp.

Phocas Financial Corp. increased its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 90.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 177,231 shares of the bank’s stock after purchasing an additional 84,036 shares during the quarter. Synovus Financial accounts for approximately 1.2% of Phocas Financial Corp.’s portfolio, making the stock its 20th biggest position. Phocas Financial Corp.’s holdings in Synovus Financial were worth $9,080,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SNV. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Synovus Financial during the 4th quarter valued at about $7,799,000. Jefferies Financial Group Inc. purchased a new position in shares of Synovus Financial in the 4th quarter valued at about $1,780,000. Mackenzie Financial Corp purchased a new position in shares of Synovus Financial in the 4th quarter valued at about $521,000. Forum Financial Management LP purchased a new position in shares of Synovus Financial in the 4th quarter valued at about $254,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Synovus Financial by 17.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 497,160 shares of the bank’s stock valued at $25,470,000 after buying an additional 72,853 shares during the period. 83.85% of the stock is owned by institutional investors and hedge funds.

Synovus Financial Trading Down 0.5%

SNV opened at $47.02 on Tuesday. The firm has a market capitalization of $6.54 billion, a P/E ratio of 15.42, a P/E/G ratio of 1.11 and a beta of 1.13. The firm’s 50 day moving average is $44.54 and its 200-day moving average is $50.23. Synovus Financial Corp. has a 52-week low of $35.81 and a 52-week high of $59.92. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37.

Synovus Financial (NYSE:SNV) last posted 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 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%. Analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Thursday, March 20th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.32%. The ex-dividend date of this dividend was Thursday, March 20th. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s payout ratio is 43.70%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Raymond James cut Synovus Financial from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 2nd. Stephens cut 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. Barclays cut their price target on Synovus Financial from $66.00 to $60.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Truist Financial started coverage on Synovus Financial in a research report on Tuesday, May 13th. They set a “buy” rating and a $56.00 price target on the stock. Finally, JPMorgan Chase & Co. cut their price target on Synovus Financial from $54.00 to $50.00 and set an “overweight” rating on the stock in a research report on Monday, April 21st. Nine analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Synovus Financial has an average rating of “Moderate Buy” and a consensus price target of $56.56.

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.