Patton Albertson Miller Group LLC Sells 1,000 Shares of Synovus Financial Corp. (NYSE:SNV)

Patton Albertson Miller Group LLC lessened its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 17.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,828 shares of the bank’s stock after selling 1,000 shares during the quarter. Patton Albertson Miller Group LLC’s holdings in Synovus Financial were worth $247,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. V Square Quantitative Management LLC bought a new stake in Synovus Financial during the third quarter valued at approximately $30,000. UMB Bank n.a. lifted its holdings in shares of Synovus Financial by 87.2% during the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock worth $33,000 after acquiring an additional 348 shares during the last quarter. Quarry LP purchased a new position in Synovus Financial in the third quarter worth $41,000. Brooklyn Investment Group purchased a new position in Synovus Financial in the third quarter worth $56,000. Finally, Farther Finance Advisors LLC raised its position in Synovus Financial by 474.9% during the third quarter. Farther Finance Advisors LLC now owns 1,466 shares of the bank’s stock valued at $65,000 after purchasing an additional 1,211 shares in the last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on SNV shares. Citigroup upped their price objective on Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Piper Sandler increased their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research report on Wednesday, December 11th. Wells Fargo & Company boosted their price objective on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. StockNews.com raised shares of Synovus Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Finally, Barclays boosted their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $58.44.

Synovus Financial Price Performance

Shares of Synovus Financial stock opened at $55.28 on Friday. The business has a 50 day moving average of $54.04 and a 200 day moving average of $48.89. Synovus Financial Corp. has a 52 week low of $33.44 and a 52 week high of $59.92. The company has a market cap of $7.83 billion, a PE ratio of 18.13, a P/E/G ratio of 1.14 and a beta of 1.39. 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 posted its earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, topping the consensus estimate of $1.16 by $0.09. The firm had revenue of $580.58 million during the quarter, compared to analysts’ expectations of $566.83 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. During the same period last year, the company posted $0.80 EPS. The company’s quarterly revenue was up 18.8% compared to the same quarter last year. As a group, equities research analysts forecast that Synovus Financial Corp. will post 4.86 earnings per share for the current year.

Synovus Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th were given a dividend of $0.38 per share. The ex-dividend date was Thursday, December 19th. This represents a $1.52 annualized dividend and a yield of 2.75%. Synovus Financial’s payout ratio is 49.84%.

About Synovus Financial

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.