Basswood Capital Management L.L.C. Decreases Stake in Synovus Financial Corp. (NYSE:SNV)

Basswood Capital Management L.L.C. lessened its holdings in Synovus Financial Corp. (NYSE:SNV) by 40.8% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 430,841 shares of the bank’s stock after selling 297,343 shares during the period. Basswood Capital Management L.L.C.’s holdings in Synovus Financial were worth $19,159,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. &PARTNERS purchased a new position in Synovus Financial in the second quarter worth $284,000. Texas Permanent School Fund Corp grew its position in Synovus Financial by 19.6% during the second quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank’s stock valued at $6,150,000 after buying an additional 25,028 shares during the period. Private Capital Management LLC increased its holdings in Synovus Financial by 6.2% during the first quarter. Private Capital Management LLC now owns 365,557 shares of the bank’s stock worth $14,644,000 after buying an additional 21,456 shares during the last quarter. Thrivent Financial for Lutherans increased its holdings in Synovus Financial by 7.6% during the third quarter. Thrivent Financial for Lutherans now owns 146,734 shares of the bank’s stock worth $6,525,000 after buying an additional 10,346 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in Synovus Financial by 81.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 230,856 shares of the bank’s stock worth $9,249,000 after acquiring an additional 103,891 shares during the period. 83.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on SNV. Morgan Stanley increased their target price on shares of Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research report on Monday, October 21st. Stephens raised their target price on Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Friday, October 18th. StockNews.com raised Synovus Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Raymond James raised Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price objective for the company in a report on Tuesday, September 17th. Finally, Evercore ISI increased their target price on shares of Synovus Financial from $48.00 to $54.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 30th. Seven equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.94.

Synovus Financial Stock Down 0.7 %

Shares of NYSE:SNV opened at $57.07 on Monday. The firm has a fifty day moving average price of $50.33 and a two-hundred day moving average price of $44.76. The company has a market cap of $8.08 billion, a price-to-earnings ratio of 25.82, a PEG ratio of 2.06 and a beta of 1.38. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88. Synovus Financial Corp. has a one year low of $30.52 and a one year high of $59.92.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.14. The company had revenue of $564.72 million during the quarter, compared to analyst estimates of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The firm’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter last year, the company earned $0.84 earnings per share. Analysts anticipate that Synovus Financial Corp. will post 4.37 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.66%. The ex-dividend date was Thursday, September 19th. Synovus Financial’s payout ratio is 68.78%.

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.