Private Capital Management LLC Sells 21,509 Shares of Synovus Financial Corp. (NYSE:SNV)

Private Capital Management LLC reduced its position in Synovus Financial Corp. (NYSE:SNV) by 7.0% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 284,335 shares of the bank’s stock after selling 21,509 shares during the quarter. Synovus Financial comprises about 1.5% of Private Capital Management LLC’s portfolio, making the stock its 23rd largest holding. Private Capital Management LLC’s holdings in Synovus Financial were worth $14,566,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Colonial Trust Co SC increased its holdings in Synovus Financial by 554.4% in the 4th quarter. Colonial Trust Co SC now owns 589 shares of the bank’s stock valued at $30,000 after buying an additional 499 shares during the period. Keystone Financial Group Inc. bought a new position in Synovus Financial in the 4th quarter valued at about $37,000. Jones Financial Companies Lllp increased its holdings in Synovus Financial by 72.7% in the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock valued at $56,000 after buying an additional 461 shares during the period. V Square Quantitative Management LLC increased its holdings in Synovus Financial by 69.3% in the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock valued at $58,000 after buying an additional 466 shares during the period. Finally, Millstone Evans Group LLC bought a new position in Synovus Financial in the 4th quarter valued at about $59,000. 83.85% of the stock is owned by institutional investors.

Synovus Financial Stock Performance

Shares of SNV stock opened at $49.71 on Thursday. The firm has a market capitalization of $6.91 billion, a PE ratio of 16.30, a price-to-earnings-growth ratio of 1.11 and a beta of 1.13. The firm has a fifty day simple moving average of $44.10 and a two-hundred day simple moving average of $50.46. 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 Corp. has a 12 month low of $35.81 and a 12 month high of $59.92.

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

Synovus Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Thursday, March 20th were issued a $0.39 dividend. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.14%. The ex-dividend date of this dividend was Thursday, March 20th. Synovus Financial’s payout ratio is 43.70%.

Wall Street Analyst Weigh In

SNV has been the topic of a number of research analyst reports. Stephens reduced their price target on shares of Synovus Financial from $52.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Monday, April 21st. Truist Financial started coverage on shares of Synovus Financial in a research report on Tuesday. They set a “buy” rating and a $56.00 target price on the stock. Raymond James downgraded shares of Synovus Financial from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 2nd. Royal Bank of Canada cut their target price on shares of Synovus Financial from $64.00 to $52.00 and set an “outperform” rating on the stock in a research report on Monday, April 21st. Finally, Wells Fargo & Company cut their target price on shares of Synovus Financial from $60.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 9th. Eight analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $56.11.

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.