EP Wealth Advisors LLC Invests $242,000 in Synovus Financial Corp. (NYSE:SNV)

EP Wealth Advisors LLC bought a new stake in shares of Synovus Financial Corp. (NYSE:SNV) during the 3rd quarter, HoldingsChannel.com reports. The institutional investor bought 5,435 shares of the bank’s stock, valued at approximately $242,000.

A number of other institutional investors also recently made changes to their positions in SNV. V Square Quantitative Management LLC acquired a new position in shares of Synovus Financial during the 3rd quarter valued at $30,000. UMB Bank n.a. lifted its stake in Synovus Financial by 87.2% during 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 last quarter. Quarry LP bought a new stake in Synovus Financial during the third quarter worth approximately $41,000. Innealta Capital LLC acquired a new position in Synovus Financial in the second quarter worth approximately $43,000. Finally, Brooklyn Investment Group bought a new position in shares of Synovus Financial in the third quarter valued at $56,000. 83.85% of the stock is owned by institutional investors and hedge funds.

Synovus Financial Trading Down 1.0 %

Shares of SNV stock opened at $54.16 on Friday. The firm has a fifty day moving average of $52.71 and a 200-day moving average of $45.87. The stock has a market cap of $7.67 billion, a price-to-earnings ratio of 24.51, a P/E/G ratio of 1.58 and a beta of 1.38. Synovus Financial Corp. has a 52-week low of $33.44 and a 52-week high of $59.92. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.88 and a current ratio of 0.89.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 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 firm had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. During the same quarter last year, the company earned $0.84 earnings per share. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. On average, equities research analysts forecast that Synovus Financial Corp. will post 4.37 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Thursday, December 19th will be issued a dividend of $0.38 per share. The ex-dividend date is Thursday, December 19th. This represents a $1.52 dividend on an annualized basis and a yield of 2.81%. Synovus Financial’s dividend payout ratio is 68.78%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft started coverage on Synovus Financial in a report on Monday, December 9th. They issued a “buy” rating and a $64.00 target price on the stock. Evercore ISI raised their price objective on shares of Synovus Financial from $48.00 to $54.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 30th. DA Davidson lifted their price objective on shares of Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Morgan Stanley upped their price target on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research report on Monday, October 21st. Finally, Royal Bank of Canada restated an “outperform” rating and set a $64.00 price target on shares of Synovus Financial in a report on Thursday. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $56.00.

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.