Asio Capital LLC Sells 821 Shares of Synovus Financial Corp. (NYSE:SNV)

Asio Capital LLC trimmed its holdings in Synovus Financial Corp. (NYSE:SNV) by 0.9% during the first quarter, Holdings Channel reports. The institutional investor owned 87,746 shares of the bank’s stock after selling 821 shares during the quarter. Asio Capital LLC’s holdings in Synovus Financial were worth $4,135,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Colonial Trust Co SC lifted its stake in shares of Synovus Financial by 554.4% in the fourth quarter. Colonial Trust Co SC now owns 589 shares of the bank’s stock valued at $30,000 after buying an additional 499 shares in the last quarter. Jones Financial Companies Lllp lifted its stake in shares of Synovus Financial by 72.7% in the fourth quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock valued at $56,000 after buying an additional 461 shares in the last quarter. V Square Quantitative Management LLC lifted its stake in shares of Synovus Financial by 69.3% in the fourth 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. Millstone Evans Group LLC bought a new position in shares of Synovus Financial in the fourth quarter valued at $59,000. Finally, Quent Capital LLC lifted its stake in shares of Synovus Financial by 205.6% in the first quarter. Quent Capital LLC now owns 1,797 shares of the bank’s stock valued at $84,000 after buying an additional 1,209 shares in the last quarter. 83.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SNV. Royal Bank of Canada dropped 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 note on Monday, April 21st. Truist Financial initiated coverage on shares of Synovus Financial in a research report on Tuesday, May 13th. They set a “buy” rating and a $56.00 price target on the stock. Wells Fargo & Company dropped their price target on shares of Synovus Financial from $60.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 9th. DA Davidson dropped their price target on shares of Synovus Financial from $65.00 to $60.00 and set a “buy” rating on the stock in a research report on Monday, April 21st. Finally, JPMorgan Chase & Co. dropped their price target 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. Nine research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.56.

Synovus Financial Stock Performance

NYSE SNV opened at $47.07 on Friday. Synovus Financial Corp. has a 52-week low of $35.94 and a 52-week high of $59.92. The company has a 50-day simple moving average of $45.46 and a 200 day simple moving average of $49.43. 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 company has a market capitalization of $6.54 billion, a PE ratio of 15.43, a price-to-earnings-growth ratio of 1.11 and a beta of 1.18.

Synovus Financial (NYSE:SNV) last posted its earnings results 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 firm had revenue of $573.24 million during the quarter, compared to the consensus estimate of $572.35 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. On average, research analysts predict that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Dividend Announcement

The firm also recently announced 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. The ex-dividend date is Wednesday, June 18th. This represents a $1.56 annualized dividend and a dividend yield of 3.31%. Synovus Financial’s payout ratio is 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.