Carson Advisory Inc. Trims Position in Synovus Financial Corp. $SNV

by · The Markets Daily

Carson Advisory Inc. lessened its stake in shares of Synovus Financial Corp. (NYSE:SNV – Free Report) by 3.0% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 39,179 shares of the bank’s stock after selling 1,200 shares during the quarter. Synovus Financial comprises 1.3% of Carson Advisory Inc.’s portfolio, making the stock its 19th largest holding. Carson Advisory Inc.’s holdings in Synovus Financial were worth $2,028,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in SNV. KBC Group NV grew its holdings in Synovus Financial by 265.2% during the 1st quarter. KBC Group NV now owns 21,966 shares of the bank’s stock valued at $1,027,000 after buying an additional 15,952 shares in the last quarter. Teacher Retirement System of Texas grew its holdings in Synovus Financial by 13.3% during the 1st quarter. Teacher Retirement System of Texas now owns 40,792 shares of the bank’s stock valued at $1,907,000 after buying an additional 4,783 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Synovus Financial by 5.8% during the 1st quarter. Bank of New York Mellon Corp now owns 1,577,840 shares of the bank’s stock valued at $73,748,000 after buying an additional 86,694 shares in the last quarter. Tradewinds LLC. purchased a new position in shares of Synovus Financial during the first quarter worth about $351,000. Finally, M&T Bank Corp grew its holdings in shares of Synovus Financial by 7.1% during the first quarter. M&T Bank Corp now owns 7,782 shares of the bank’s stock worth $364,000 after purchasing an additional 517 shares in the last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Synovus Financial Stock Performance

NYSE:SNV opened at $44.65 on Friday. The business has a 50 day moving average of $48.77 and a 200 day moving average of $48.85. The company has a market capitalization of $6.20 billion, a price-to-earnings ratio of 8.33, a PEG ratio of 0.77 and a beta of 1.21. Synovus Financial Corp. has a 1-year low of $35.94 and a 1-year high of $61.06. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.91 and a quick ratio of 0.91.

Synovus Financial (NYSE:SNV – Get Free Report) last released its earnings results on Wednesday, October 15th. The bank reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.36 by $0.10. The company had revenue of $612.79 million during the quarter, compared to the consensus estimate of $604.59 million. Synovus Financial had a return on equity of 16.13% and a net margin of 21.97%.Synovus Financial’s quarterly revenue was up 9.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.23 EPS. On average, sell-side analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Thursday, September 18th were given a $0.39 dividend. The ex-dividend date was Thursday, September 18th. This represents a $1.56 annualized dividend and a yield of 3.5%. Synovus Financial’s payout ratio is presently 29.10%.

Insiders Place Their Bets

In related news, Director Gregory G. Montana acquired 1,000 shares of the stock in a transaction on Monday, October 20th. The stock was purchased at an average price of $45.37 per share, for a total transaction of $45,370.00. Following the completion of the transaction, the director owned 5,464 shares of the company’s stock, valued at $247,901.68. This trade represents a 22.40% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Raymond James Financial lowered Synovus Financial from a “moderate buy” rating to a “hold” rating in a report on Monday, July 28th. Barclays cut their price objective on Synovus Financial from $70.00 to $65.00 and set an “overweight” rating for the company in a report on Monday, July 28th. Truist Financial cut their price objective on Synovus Financial from $56.00 to $55.00 and set a “buy” rating for the company in a report on Friday, October 17th. UBS Group lowered Synovus Financial from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $63.00 to $56.00 in a report on Tuesday, September 2nd. Finally, DA Davidson reissued a “buy” rating and set a $63.00 price objective on shares of Synovus Financial in a report on Thursday, October 16th. Eight investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $59.00.

Read Our Latest Stock Analysis on Synovus Financial

Synovus Financial Company Profile

(Free Report)

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.

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