Carson Advisory Inc. Has $1.95 Million Stake in Synovus Financial Corp. (NYSE:SNV)

Carson Advisory Inc. reduced its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 0.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,546 shares of the bank’s stock after selling 416 shares during the quarter. Synovus Financial accounts for 1.4% of Carson Advisory Inc.’s portfolio, making the stock its 17th largest position. Carson Advisory Inc.’s holdings in Synovus Financial were worth $1,945,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Yousif Capital Management LLC raised its position in Synovus Financial by 0.5% in the 4th quarter. Yousif Capital Management LLC now owns 69,749 shares of the bank’s stock valued at $2,626,000 after purchasing an additional 360 shares during the last quarter. Truist Financial Corp increased its position in Synovus Financial by 0.3% in the 4th quarter. Truist Financial Corp now owns 121,099 shares of the bank’s stock valued at $4,559,000 after acquiring an additional 376 shares in the last quarter. PFW Advisors LLC raised its stake in shares of Synovus Financial by 5.4% in the fourth quarter. PFW Advisors LLC now owns 8,433 shares of the bank’s stock worth $318,000 after acquiring an additional 433 shares during the last quarter. MFA Wealth Advisors LLC lifted its position in shares of Synovus Financial by 2.0% during the first quarter. MFA Wealth Advisors LLC now owns 23,122 shares of the bank’s stock worth $926,000 after purchasing an additional 458 shares in the last quarter. Finally, Brown Advisory Inc. grew its stake in shares of Synovus Financial by 4.1% during the fourth quarter. Brown Advisory Inc. now owns 11,909 shares of the bank’s stock valued at $448,000 after purchasing an additional 466 shares during the last quarter. 83.85% of the stock is owned by institutional investors.

Synovus Financial Stock Up 2.0 %

Shares of NYSE:SNV traded up $0.81 during trading on Wednesday, hitting $40.69. 1,649,654 shares of the company were exchanged, compared to its average volume of 1,396,410. The stock has a market cap of $5.96 billion, a price-to-earnings ratio of 13.93, a P/E/G ratio of 5.26 and a beta of 1.40. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.45. Synovus Financial Corp. has a fifty-two week low of $24.40 and a fifty-two week high of $41.15. The firm has a fifty day moving average price of $38.70 and a two-hundred day moving average price of $37.90.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). The business had revenue of $537.73 million for the quarter, compared to the consensus estimate of $547.62 million. Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The company’s revenue for the quarter was down 12.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.33 EPS. As a group, research analysts anticipate that Synovus Financial Corp. will post 3.86 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Thursday, June 20th were issued a $0.38 dividend. The ex-dividend date of this dividend was Thursday, June 20th. This represents a $1.52 annualized dividend and a dividend yield of 3.74%. Synovus Financial’s dividend payout ratio is currently 52.05%.

Insider Transactions at Synovus Financial

In related news, major shareholder Eli Samaha sold 172,889 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $25.20, for a total value of $4,356,802.80. Following the transaction, the insider now owns 1,293,259 shares in the company, valued at approximately $32,590,126.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, major shareholder Eli Samaha sold 172,889 shares of the business’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $25.20, for a total value of $4,356,802.80. Following the completion of the sale, the insider now directly owns 1,293,259 shares in the company, valued at approximately $32,590,126.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP D Wayne Akins, Jr. bought 24,500 shares of the company’s stock in a transaction dated Friday, June 7th. The shares were purchased at an average cost of $37.40 per share, with a total value of $916,300.00. Following the acquisition, the executive vice president now directly owns 41,884 shares of the company’s stock, valued at approximately $1,566,461.60. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 179,712 shares of company stock worth $4,528,878. 0.81% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. The Goldman Sachs Group reduced their price objective on Synovus Financial from $46.00 to $41.00 and set a “neutral” rating on the stock in a report on Friday, April 19th. Raymond James cut Synovus Financial from a “strong-buy” rating to a “market perform” rating in a report on Thursday, April 18th. Morgan Stanley reissued an “equal weight” rating and set a $37.00 price objective on shares of Synovus Financial in a report on Monday, April 22nd. Piper Sandler reduced their target price on shares of Synovus Financial from $46.00 to $42.00 and set an “overweight” rating on the stock in a research note on Friday, April 19th. Finally, Truist Financial dropped their price target on shares of Synovus Financial from $45.00 to $39.00 and set a “buy” rating for the company in a research note on Monday, April 22nd. One analyst has rated the stock with a sell rating, six have given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $42.63.

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.