Millstone Evans Group LLC Buys Shares of 1,145 Synovus Financial Corp. (NYSE:SNV)

Millstone Evans Group LLC bought a new stake in Synovus Financial Corp. (NYSE:SNV) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 1,145 shares of the bank’s stock, valued at approximately $59,000.

Other hedge funds also recently added to or reduced their stakes in the company. Pathstone Holdings LLC raised its stake in shares of Synovus Financial by 1.9% during the third quarter. Pathstone Holdings LLC now owns 52,416 shares of the bank’s stock valued at $2,331,000 after purchasing an additional 980 shares in the last quarter. Advisors Asset Management Inc. raised its stake in shares of Synovus Financial by 66.2% during the third quarter. Advisors Asset Management Inc. now owns 2,586 shares of the bank’s stock valued at $115,000 after purchasing an additional 1,030 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Synovus Financial by 3.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank’s stock valued at $222,022,000 after purchasing an additional 147,599 shares in the last quarter. Raymond James Trust N.A. bought a new stake in shares of Synovus Financial during the third quarter valued at about $262,000. Finally, Cerity Partners LLC raised its stake in shares of Synovus Financial by 138.4% during the third quarter. Cerity Partners LLC now owns 14,728 shares of the bank’s stock valued at $655,000 after purchasing an additional 8,549 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Piper Sandler lifted their price objective on shares of Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research note on Wednesday, December 11th. Citigroup lifted their target price on Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $64.00 target price on shares of Synovus Financial in a report on Thursday, December 12th. Morgan Stanley lowered their target price on Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating on the stock in a report on Thursday, March 13th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Synovus Financial in a report on Monday, December 9th. They set a “buy” rating and a $64.00 target price on the stock. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $58.67.

Synovus Financial Trading Up 0.1 %

Shares of SNV opened at $47.35 on Monday. The business’s 50-day moving average price is $52.18 and its 200 day moving average price is $51.01. The stock has a market capitalization of $6.68 billion, a P/E ratio of 15.53, a P/E/G ratio of 1.11 and a beta of 1.36. Synovus Financial Corp. has a 1-year low of $33.44 and a 1-year high of $59.92. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.09. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The firm had revenue of $580.58 million during the quarter, compared to analyst estimates of $566.83 million. During the same period last year, the company posted $0.80 EPS. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. Analysts expect that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th will be given a dividend of $0.39 per share. The ex-dividend date is Thursday, March 20th. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a yield of 3.29%. Synovus Financial’s dividend payout ratio (DPR) is presently 51.15%.

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.