MFA Wealth Advisors LLC Sells 425 Shares of Synovus Financial Corp. (NYSE:SNV)

MFA Wealth Advisors LLC trimmed its position in Synovus Financial Corp. (NYSE:SNV) by 5.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 7,740 shares of the bank’s stock after selling 425 shares during the quarter. MFA Wealth Advisors LLC’s holdings in Synovus Financial were worth $362,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the company. Colonial Trust Co SC lifted its stake in shares of Synovus Financial by 554.4% during the 4th quarter. Colonial Trust Co SC now owns 589 shares of the bank’s stock worth $30,000 after buying an additional 499 shares during the last quarter. Jones Financial Companies Lllp raised its holdings in Synovus Financial by 72.7% in the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock valued at $56,000 after acquiring an additional 461 shares during the period. V Square Quantitative Management LLC lifted its position in Synovus Financial by 69.3% during the fourth 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 during the last quarter. Millstone Evans Group LLC bought a new stake in shares of Synovus Financial during the fourth quarter worth approximately $59,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of Synovus Financial by 36.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,766 shares of the bank’s stock worth $91,000 after acquiring an additional 473 shares during the period. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SNV has been the subject of several research reports. Royal Bank Of Canada dropped their price target on Synovus Financial from $64.00 to $52.00 and set an “outperform” rating for the company in a report on Monday, April 21st. Stephens decreased their price objective on Synovus Financial from $52.00 to $46.00 and set an “equal weight” rating on the stock in a report on Monday, April 21st. JPMorgan Chase & Co. dropped their target price on Synovus Financial from $54.00 to $50.00 and set an “overweight” rating for the company in a report on Monday, April 21st. Barclays reduced their target price on shares of Synovus Financial from $66.00 to $60.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Finally, DA Davidson lowered 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. Nine research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Synovus Financial currently has a consensus rating of “Moderate Buy” and an average target price of $56.56.

Synovus Financial Price Performance

Synovus Financial stock opened at $47.36 on Wednesday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.88 and a current ratio of 0.88. Synovus Financial Corp. has a 52 week low of $35.94 and a 52 week high of $59.92. The stock has a market capitalization of $6.58 billion, a P/E ratio of 13.27, a price-to-earnings-growth ratio of 0.93 and a beta of 1.18. The stock has a fifty day moving average of $45.74 and a 200-day moving average of $49.30.

Synovus Financial (NYSE:SNV) last released its quarterly 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. Synovus Financial had a return on equity of 15.87% and a net margin of 16.19%. The company had revenue of $573.24 million for the quarter, compared to analysts’ expectations of $572.35 million. On average, sell-side analysts expect that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently disclosed 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. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date of this dividend is Wednesday, June 18th. Synovus Financial’s dividend payout ratio is 43.70%.

About Synovus Financial

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.