Ethic Inc. Has $338,000 Position in Synovus Financial Corp. (NYSE:SNV)

Ethic Inc. raised its position in Synovus Financial Corp. (NYSE:SNV) by 26.7% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,605 shares of the bank’s stock after purchasing an additional 1,392 shares during the period. Ethic Inc.’s holdings in Synovus Financial were worth $338,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of SNV. Montgomery Investment Management Inc. increased its position in shares of Synovus Financial by 0.6% in the 4th quarter. Montgomery Investment Management Inc. now owns 42,493 shares of the bank’s stock valued at $2,177,000 after buying an additional 235 shares in the last quarter. Sound View Wealth Advisors Group LLC grew its stake in Synovus Financial by 3.1% in the fourth quarter. Sound View Wealth Advisors Group LLC now owns 7,941 shares of the bank’s stock valued at $407,000 after acquiring an additional 241 shares during the period. Deroy & Devereaux Private Investment Counsel Inc. increased its holdings in shares of Synovus Financial by 0.3% in the fourth quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 103,480 shares of the bank’s stock worth $5,301,000 after acquiring an additional 270 shares in the last quarter. Savant Capital LLC increased its holdings in shares of Synovus Financial by 2.7% in the fourth quarter. Savant Capital LLC now owns 11,923 shares of the bank’s stock worth $611,000 after acquiring an additional 314 shares in the last quarter. Finally, M&T Bank Corp raised its position in shares of Synovus Financial by 4.8% during the fourth quarter. M&T Bank Corp now owns 7,265 shares of the bank’s stock worth $372,000 after purchasing an additional 331 shares during the period. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently issued reports on SNV shares. Raymond James lowered Synovus Financial from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 2nd. DA Davidson reduced 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. Citigroup raised their price objective 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. Truist Financial assumed coverage on shares of Synovus Financial in a research note on Tuesday. They issued a “buy” rating and a $56.00 target price for the company. Finally, Wells Fargo & Company lowered their target price on Synovus Financial from $60.00 to $50.00 and set an “equal weight” rating for the company in a report on Wednesday, April 9th. Eight investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $56.11.

Synovus Financial Trading Up 0.3%

Shares of NYSE:SNV opened at $49.50 on Friday. The business’s 50 day simple moving average is $44.32 and its 200 day simple moving average is $50.45. Synovus Financial Corp. has a 1 year low of $35.81 and a 1 year 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 company has a market capitalization of $6.88 billion, a P/E ratio of 16.23, a P/E/G ratio of 1.11 and a beta of 1.13.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.19. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The firm had revenue of $573.24 million during the quarter, compared to the consensus estimate of $572.35 million. On average, research analysts anticipate that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th were paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 3.15%. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. The ex-dividend date was Thursday, March 20th. Synovus Financial’s dividend payout ratio is presently 43.70%.

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.