Synovus Financial Corp. (NYSE:SNV) Shares Sold by Gamco Investors INC. ET AL

Gamco Investors INC. ET AL lessened its position in shares of Synovus Financial Corp. (NYSE:SNV) by 6.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 275,672 shares of the bank’s stock after selling 19,155 shares during the quarter. Gamco Investors INC. ET AL owned approximately 0.19% of Synovus Financial worth $14,123,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in SNV. Keystone Financial Group Inc. acquired a new position in Synovus Financial during the fourth quarter worth about $37,000. Jones Financial Companies Lllp increased its stake in shares of Synovus Financial by 72.7% during the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock worth $56,000 after purchasing an additional 461 shares in the last quarter. V Square Quantitative Management LLC raised 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 worth $58,000 after purchasing an additional 466 shares during the last quarter. Millstone Evans Group LLC purchased a new stake in Synovus Financial in the 4th quarter valued at approximately $59,000. Finally, EverSource Wealth Advisors LLC grew its holdings in Synovus Financial by 36.6% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,766 shares of the bank’s stock valued at $91,000 after buying an additional 473 shares during the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SNV has been the subject of a number of analyst reports. Barclays cut their price target on Synovus Financial from $66.00 to $60.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. JPMorgan Chase & Co. upped their target price on shares of Synovus Financial from $60.50 to $62.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Citigroup lifted their price target on shares of Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, January 17th. UBS Group initiated coverage on shares of Synovus Financial in a research note on Tuesday, December 17th. They set a “buy” rating and a $76.00 price objective on the stock. Finally, Raymond James lowered shares of Synovus Financial from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 2nd. Eight research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $58.17.

Synovus Financial Stock Performance

Shares of NYSE:SNV opened at $40.90 on Wednesday. The firm has a market capitalization of $5.77 billion, a PE ratio of 13.41, a P/E/G ratio of 1.11 and a beta of 1.16. Synovus Financial Corp. has a 12 month low of $33.44 and a 12 month high of $59.92. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. The business has a 50-day moving average of $47.55 and a two-hundred day moving average of $50.78.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.09. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The firm had revenue of $580.58 million during the quarter, compared to analysts’ expectations of $566.83 million. During the same period in the prior year, the company earned $0.80 EPS. The firm’s revenue was up 18.8% on a year-over-year basis. As a group, research analysts forecast that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th were paid a $0.39 dividend. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.81%. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s dividend payout ratio (DPR) is 51.15%.

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.