Gabelli Funds LLC Sells 5,500 Shares of Synovus Financial Corp. (NYSE:SNV)

Gabelli Funds LLC reduced its position in Synovus Financial Corp. (NYSE:SNV) by 6.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 76,700 shares of the bank’s stock after selling 5,500 shares during the quarter. Gabelli Funds LLC’s holdings in Synovus Financial were worth $3,929,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Keystone Financial Group Inc. bought a new position in Synovus Financial during the fourth quarter valued at approximately $37,000. Jones Financial Companies Lllp grew its holdings in shares of Synovus Financial by 72.7% during the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock valued at $56,000 after purchasing an additional 461 shares during the last quarter. V Square Quantitative Management LLC grew its holdings in shares of Synovus Financial by 69.3% during the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock valued at $58,000 after purchasing an additional 466 shares during the last quarter. Millstone Evans Group LLC purchased a new position in Synovus Financial in the 4th quarter worth $59,000. Finally, EverSource Wealth Advisors LLC lifted its stake in Synovus Financial by 36.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,766 shares of the bank’s stock worth $91,000 after purchasing an additional 473 shares during the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently commented on SNV shares. Wells Fargo & Company decreased their price objective on Synovus Financial from $60.00 to $50.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 9th. Raymond James downgraded Synovus Financial from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 2nd. Morgan Stanley cut their target price on shares of Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating on the stock in a report on Thursday, March 13th. JPMorgan Chase & Co. upped their price target on shares of Synovus Financial from $60.50 to $62.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Finally, Citigroup raised their price target 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. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Synovus Financial currently has a consensus rating of “Moderate Buy” and an average target price of $58.17.

Synovus Financial Trading Up 1.8 %

NYSE SNV opened at $41.24 on Friday. The firm has a market capitalization of $5.81 billion, a PE ratio of 13.52, a P/E/G ratio of 1.11 and a beta of 1.16. The stock’s 50 day moving average is $46.96 and its 200 day moving average is $50.68. Synovus Financial Corp. has a twelve month low of $33.44 and a twelve month high of $59.92. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37.

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

Synovus Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date of this dividend was Thursday, March 20th. This is a boost from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s dividend payout ratio is 51.15%.

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.