Jamison Private Wealth Management Inc. Sells 5,766 Shares of Synovus Financial Corp. (NYSE:SNV)

Jamison Private Wealth Management Inc. reduced its position in shares of Synovus Financial Corp. (NYSE:SNV) by 56.3% during the 1st quarter, HoldingsChannel.com reports. The firm owned 4,469 shares of the bank’s stock after selling 5,766 shares during the quarter. Jamison Private Wealth Management Inc.’s holdings in Synovus Financial were worth $209,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. FMR LLC boosted its position in Synovus Financial by 3.6% during the 4th quarter. FMR LLC now owns 12,041,625 shares of the bank’s stock worth $616,892,000 after buying an additional 415,201 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Synovus Financial by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,109,856 shares of the bank’s stock valued at $261,778,000 after acquiring an additional 117,242 shares during the last quarter. Silvercrest Asset Management Group LLC lifted its holdings in shares of Synovus Financial by 2.3% during the fourth quarter. Silvercrest Asset Management Group LLC now owns 2,370,521 shares of the bank’s stock worth $121,442,000 after purchasing an additional 53,286 shares during the period. First Trust Advisors LP lifted its holdings in shares of Synovus Financial by 4.5% during the fourth quarter. First Trust Advisors LP now owns 1,827,247 shares of the bank’s stock worth $93,610,000 after purchasing an additional 77,876 shares during the period. Finally, Norges Bank bought a new stake in shares of Synovus Financial in the fourth quarter worth $77,209,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Trading Up 1.7%

NYSE:SNV opened at $48.75 on Friday. Synovus Financial Corp. has a 12 month low of $35.94 and a 12 month high of $59.92. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $6.78 billion, a price-to-earnings ratio of 13.66, a PEG ratio of 0.95 and a beta of 1.18. The firm has a fifty day simple moving average of $46.20 and a two-hundred day simple moving average of $49.13.

Synovus Financial (NYSE:SNV) last issued its earnings results 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 company had revenue of $573.24 million for the quarter, compared to analysts’ expectations of $572.35 million. Synovus Financial had a return on equity of 15.87% and a net margin of 16.19%. Analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

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 issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.20%. The ex-dividend date is Wednesday, June 18th. Synovus Financial’s dividend payout ratio is currently 43.70%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SNV. 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 research report on Monday, April 21st. Wells Fargo & Company decreased their price target on Synovus Financial from $60.00 to $50.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 9th. Truist Financial started coverage on Synovus Financial in a research note on Tuesday, May 13th. They issued a “buy” rating and a $56.00 price objective on the stock. Morgan Stanley reduced their target price on Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating on the stock in a report on Thursday, March 13th. Finally, DA Davidson lowered their price target on shares of Synovus Financial from $65.00 to $60.00 and set a “buy” rating for the company in a report on Monday, April 21st. Nine analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Synovus Financial currently has an average rating of “Moderate Buy” and an average price target of $56.56.

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.