Harbor Capital Advisors Inc. Decreases Holdings in Synovus Financial Corp. $SNV

Harbor Capital Advisors Inc. decreased its holdings in Synovus Financial Corp. (NYSE:SNV) by 71.4% in the third quarter, Holdings Channel reports. The firm owned 30,590 shares of the bank’s stock after selling 76,515 shares during the period. Harbor Capital Advisors Inc.’s holdings in Synovus Financial were worth $1,501,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Elevation Point Wealth Partners LLC purchased a new stake in shares of Synovus Financial during the second quarter worth about $31,000. Armstrong Advisory Group Inc. acquired a new stake in Synovus Financial in the 2nd quarter worth approximately $41,000. Ransom Advisory Ltd grew its position in Synovus Financial by 90.0% during the 3rd quarter. Ransom Advisory Ltd now owns 950 shares of the bank’s stock worth $47,000 after purchasing an additional 450 shares during the last quarter. IFP Advisors Inc increased its stake in Synovus Financial by 650.4% during the 2nd quarter. IFP Advisors Inc now owns 1,058 shares of the bank’s stock valued at $60,000 after purchasing an additional 917 shares in the last quarter. Finally, Cullen Frost Bankers Inc. purchased a new position in shares of Synovus Financial in the second quarter worth $60,000. 83.85% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Weiss Ratings lowered Synovus Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, October 8th. Royal Bank Of Canada decreased their price objective on shares of Synovus Financial from $65.00 to $58.00 and set an “outperform” rating for the company in a research report on Friday, October 17th. DA Davidson reaffirmed a “buy” rating and issued a $63.00 price target on shares of Synovus Financial in a report on Thursday, October 16th. UBS Group dropped their price objective on Synovus Financial from $53.00 to $49.00 and set a “neutral” rating on the stock in a report on Wednesday, November 5th. Finally, Barclays lifted their price target on shares of Synovus Financial from $65.00 to $70.00 and gave the company an “overweight” rating in a research note on Friday, December 19th. Six investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $58.38.

Synovus Financial Stock Down 0.5%

Shares of NYSE:SNV opened at $52.72 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $7.32 billion, a price-to-earnings ratio of 9.83, a PEG ratio of 0.92 and a beta of 1.21. The business has a 50-day moving average price of $48.27 and a 200 day moving average price of $49.66. Synovus Financial Corp. has a 12-month low of $35.94 and a 12-month high of $61.06.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, October 15th. The bank reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.36 by $0.10. Synovus Financial had a net margin of 21.97% and a return on equity of 16.13%. The firm had revenue of $612.79 million for the quarter, compared to analyst estimates of $604.59 million. During the same period last year, the firm posted $1.23 EPS. Synovus Financial’s quarterly revenue was up 9.0% on a year-over-year basis. Sell-side analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 24th. Investors of record on Thursday, December 18th were issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend was Thursday, December 18th. Synovus Financial’s dividend payout ratio is currently 29.10%.

Insider Transactions at Synovus Financial

In other Synovus Financial news, Director Gregory G. Montana bought 1,000 shares of Synovus Financial stock in a transaction on Monday, October 20th. The stock was bought at an average price of $45.37 per share, with a total value of $45,370.00. Following the completion of the acquisition, the director owned 5,464 shares in the company, valued at $247,901.68. The trade was a 22.40% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 1.00% of the company’s stock.

Synovus Financial Profile

Synovus Financial Corp (NYSE: SNV) is a regional financial services company headquartered in Columbus, Georgia. The company offers a comprehensive range of banking and financial products to individual consumers, small businesses, and large corporations. Synovus operates through various business segments, including commercial and retail banking, mortgage lending, treasury and payment solutions, and wealth management services.

In its commercial banking division, Synovus provides loans, lines of credit, and treasury management services tailored to the needs of businesses across multiple industries.