Patton Albertson Miller Group LLC Makes New $259,000 Investment in Synovus Financial Corp. (NYSE:SNV)

Patton Albertson Miller Group LLC acquired a new position in shares of Synovus Financial Corp. (NYSE:SNV) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,828 shares of the bank’s stock, valued at approximately $259,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. V Square Quantitative Management LLC bought a new stake in Synovus Financial during the 3rd quarter worth about $30,000. UMB Bank n.a. boosted its stake 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 period. Innealta Capital LLC acquired a new position in shares of Synovus Financial in the second quarter valued at $43,000. Abich Financial Wealth Management LLC grew its stake in Synovus Financial by 43.5% in the 1st quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock valued at $49,000 after buying an additional 371 shares during the last quarter. Finally, Headlands Technologies LLC increased its stake in shares of Synovus Financial by 404.8% during the second quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock worth $55,000 after purchasing an additional 1,105 shares during the period. Institutional investors and hedge funds own 83.85% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Morgan Stanley raised their price target on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Monday, October 21st. Truist Financial raised their price objective on Synovus Financial from $52.00 to $57.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Bank of America boosted their target price on shares of Synovus Financial from $48.00 to $57.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Stephens raised their price objective on Synovus Financial from $46.00 to $52.00 and gave the company an “equal weight” rating in a report on Friday, October 18th. Finally, DA Davidson upped their target price on Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Seven analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Synovus Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.94.

Synovus Financial Stock Performance

Shares of SNV opened at $57.94 on Wednesday. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42. The firm’s fifty day simple moving average is $49.34 and its two-hundred day simple moving average is $44.30. Synovus Financial Corp. has a 12 month low of $29.34 and a 12 month high of $59.92. The stock has a market capitalization of $8.21 billion, a P/E ratio of 26.22, a price-to-earnings-growth ratio of 2.12 and a beta of 1.37.

Synovus Financial (NYSE:SNV) last announced its earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, beating the consensus estimate of $1.09 by $0.14. The company had revenue of $564.72 million for 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 revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.84 EPS. As a group, analysts predict that Synovus Financial Corp. will post 4.37 EPS for the current year.

Synovus Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were paid a $0.38 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 annualized dividend and a dividend yield of 2.62%. Synovus Financial’s dividend payout ratio is currently 68.78%.

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.