Synovus Financial Corp. (NYSE:SNV) Stake Increased by Huntington National Bank

Huntington National Bank lifted its holdings in Synovus Financial Corp. (NYSE:SNV) by 53.6% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 2,712 shares of the bank’s stock after acquiring an additional 946 shares during the quarter. Huntington National Bank’s holdings in Synovus Financial were worth $121,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. V Square Quantitative Management LLC acquired a new stake in Synovus Financial during the 3rd quarter worth about $30,000. UMB Bank n.a. boosted its holdings in shares of Synovus Financial by 87.2% during the third quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock worth $33,000 after purchasing an additional 348 shares during the period. Innealta Capital LLC purchased a new position in Synovus Financial during the second quarter valued at approximately $43,000. Abich Financial Wealth Management LLC increased its stake in Synovus Financial by 43.5% in the 1st quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock valued at $49,000 after buying an additional 371 shares during the period. Finally, Headlands Technologies LLC lifted its position in Synovus Financial by 404.8% in the 2nd quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock worth $55,000 after buying an additional 1,105 shares in the last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Barclays boosted their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Raymond James upgraded Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price on the stock in a research note on Tuesday, September 17th. Bank of America raised their price target on Synovus Financial from $48.00 to $57.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. DA Davidson boosted their price target on Synovus Financial from $53.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Synovus Financial from $52.00 to $59.00 and gave the company an “overweight” rating in a research report on Friday, October 18th. Seven investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $52.71.

Synovus Financial Stock Performance

Shares of SNV opened at $55.72 on Monday. The company has a market capitalization of $7.89 billion, a PE ratio of 25.21, a price-to-earnings-growth ratio of 2.01 and a beta of 1.37. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88. Synovus Financial Corp. has a one year low of $29.34 and a one year high of $59.79. The company’s fifty day moving average price is $47.83 and its 200 day moving average price is $43.54.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The business had revenue of $564.72 million for the quarter, compared to analyst estimates of $557.64 million. During the same period in the previous year, the company posted $0.84 earnings per share. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. As a group, analysts expect that Synovus Financial Corp. will post 4.36 earnings per share for the current year.

Synovus Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were given a $0.38 dividend. The ex-dividend date was Thursday, September 19th. This represents a $1.52 annualized dividend and a dividend yield of 2.73%. Synovus Financial’s dividend payout ratio is 68.78%.

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.