Pathstone Holdings LLC Increases Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

Pathstone Holdings LLC boosted its position in shares of Synovus Financial Corp. (NYSE:SNV) by 1.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 52,416 shares of the bank’s stock after purchasing an additional 980 shares during the period. Pathstone Holdings LLC’s holdings in Synovus Financial were worth $2,331,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. V Square Quantitative Management LLC purchased a new stake in shares of Synovus Financial during the 3rd quarter valued at approximately $30,000. UMB Bank n.a. raised its position in Synovus Financial by 87.2% in the third quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock valued at $33,000 after purchasing an additional 348 shares during the period. Innealta Capital LLC acquired a new position in shares of Synovus Financial in the 2nd quarter valued at $43,000. Abich Financial Wealth Management LLC grew its holdings in shares of Synovus Financial by 43.5% during the 1st quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock worth $49,000 after purchasing an additional 371 shares during the period. Finally, Headlands Technologies LLC increased its position in shares of Synovus Financial by 404.8% during the 2nd quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock worth $55,000 after purchasing an additional 1,105 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have commented on SNV. Stephens upped their target price on shares of Synovus Financial from $46.00 to $52.00 and gave the company an “equal weight” rating in a research report on Friday, October 18th. Citigroup set a $59.00 price objective on shares of Synovus Financial in a report on Friday, October 18th. Barclays lifted their target price 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. Evercore ISI upped their price target on Synovus Financial from $48.00 to $54.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 30th. Finally, Wells Fargo & Company cut Synovus Financial from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $48.00 to $46.00 in a research note on Tuesday, October 1st. Seven investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $52.71.

Synovus Financial Stock Performance

Shares of SNV opened at $58.67 on Tuesday. Synovus Financial Corp. has a 1 year low of $29.34 and a 1 year high of $59.92. The stock has a market capitalization of $8.31 billion, a PE ratio of 26.55, a PEG ratio of 2.08 and a beta of 1.37. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.88 and a current ratio of 0.89. The stock has a 50-day simple moving average of $49.34 and a 200-day simple moving average of $44.30.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The company had revenue of $564.72 million during the quarter, compared to the consensus estimate of $557.64 million. During the same quarter in the previous year, the firm earned $0.84 earnings per share. The firm’s quarterly revenue was up 2.6% on a year-over-year basis. On average, analysts predict that Synovus Financial Corp. will post 4.37 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.59%. The ex-dividend date was Thursday, September 19th. Synovus Financial’s dividend payout ratio (DPR) is presently 68.78%.

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.