BIP Wealth LLC Has $1.77 Million Holdings in Synovus Financial Corp. (NYSE:SNV)

BIP Wealth LLC raised its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 104.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 46,901 shares of the bank’s stock after purchasing an additional 23,978 shares during the period. BIP Wealth LLC’s holdings in Synovus Financial were worth $1,766,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in SNV. AE Wealth Management LLC lifted its position in Synovus Financial by 36.2% during the 3rd quarter. AE Wealth Management LLC now owns 18,728 shares of the bank’s stock valued at $521,000 after purchasing an additional 4,980 shares during the period. Impact Partnership Wealth LLC acquired a new stake in shares of Synovus Financial in the 3rd quarter valued at approximately $132,000. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Synovus Financial in the 3rd quarter valued at approximately $214,000. Raymond James Financial Services Advisors Inc. raised its position in shares of Synovus Financial by 11.2% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 22,867 shares of the bank’s stock valued at $636,000 after acquiring an additional 2,305 shares during the period. Finally, Sippican Capital Advisors raised its position in shares of Synovus Financial by 7.2% in the 3rd quarter. Sippican Capital Advisors now owns 7,400 shares of the bank’s stock valued at $206,000 after acquiring an additional 500 shares during the period. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SNV has been the topic of a number of analyst reports. Bank of America cut their price target on shares of Synovus Financial from $44.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday, April 19th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $38.00 price target (down from $46.00) on shares of Synovus Financial in a research report on Friday, April 19th. DA Davidson cut their price target on shares of Synovus Financial from $45.00 to $43.00 and set a “buy” rating on the stock in a research report on Friday, April 19th. Evercore ISI raised their target price on shares of Synovus Financial from $40.00 to $42.00 and gave the stock an “in-line” rating in a report on Thursday, March 28th. Finally, Wells Fargo & Company dropped their target price on shares of Synovus Financial from $42.00 to $40.00 and set an “overweight” rating on the stock in a report on Friday, April 19th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Synovus Financial presently has an average rating of “Moderate Buy” and an average price target of $41.18.

Synovus Financial Stock Performance

Shares of SNV traded up $0.19 during midday trading on Wednesday, reaching $36.82. 1,387,394 shares of the stock were exchanged, compared to its average volume of 1,516,508. Synovus Financial Corp. has a twelve month low of $24.40 and a twelve month high of $40.92. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.45. The company has a market cap of $5.39 billion, a P/E ratio of 12.61, a PEG ratio of 4.09 and a beta of 1.40. The stock’s 50 day simple moving average is $37.92 and its 200 day simple moving average is $34.78.

Synovus Financial (NYSE:SNV) last posted its earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The firm had revenue of $537.73 million for the quarter, compared to analyst estimates of $547.62 million. During the same period in the prior year, the business posted $1.33 EPS. The firm’s quarterly revenue was down 12.4% compared to the same quarter last year. On average, sell-side analysts expect that Synovus Financial Corp. will post 3.79 earnings per share for the current year.

Synovus Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Thursday, March 21st were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 4.13%. The ex-dividend date of this dividend was Wednesday, March 20th. Synovus Financial’s dividend payout ratio (DPR) is presently 52.05%.

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.