Leavell Investment Management Inc. Reduces Holdings in Synovus Financial Corp. (NYSE:SNV)

Leavell Investment Management Inc. lowered its position in Synovus Financial Corp. (NYSE:SNV) by 0.2% during the 3rd quarter, HoldingsChannel reports. The fund owned 88,017 shares of the bank’s stock after selling 200 shares during the period. Leavell Investment Management Inc.’s holdings in Synovus Financial were worth $3,948,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Janney Montgomery Scott LLC lifted its stake in Synovus Financial by 2.0% in the first quarter. Janney Montgomery Scott LLC now owns 49,151 shares of the bank’s stock worth $1,969,000 after purchasing an additional 953 shares during the last quarter. Texas Permanent School Fund Corp lifted its stake in shares of Synovus Financial by 1.5% during the 1st quarter. Texas Permanent School Fund Corp now owns 127,989 shares of the bank’s stock worth $5,127,000 after acquiring an additional 1,840 shares during the last quarter. Swiss National Bank boosted its holdings in Synovus Financial by 0.3% during the 1st quarter. Swiss National Bank now owns 288,819 shares of the bank’s stock valued at $11,570,000 after acquiring an additional 800 shares during the period. Inspire Advisors LLC grew its position in Synovus Financial by 2.8% in the 1st quarter. Inspire Advisors LLC now owns 31,281 shares of the bank’s stock valued at $1,253,000 after acquiring an additional 857 shares during the last quarter. Finally, Qsemble Capital Management LP purchased a new stake in Synovus Financial in the first quarter worth $1,010,000. Institutional investors own 83.85% of the company’s stock.

Analyst Ratings Changes

SNV has been the topic of a number of research analyst reports. Royal Bank of Canada upped their price target on shares of Synovus Financial from $49.00 to $57.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Stephens raised their target price on shares of Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Friday, October 18th. Barclays boosted their price target on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a report on Friday. StockNews.com upgraded Synovus Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Finally, Piper Sandler upped their target price on Synovus Financial from $42.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. Seven research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, Synovus Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.71.

Synovus Financial Stock Performance

Shares of SNV stock opened at $56.82 on Friday. 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 company has a market cap of $8.05 billion, a PE ratio of 25.71, a PEG ratio of 2.11 and a beta of 1.37. Synovus Financial Corp. has a 12-month low of $26.76 and a 12-month high of $58.66. The business’s fifty day simple moving average is $46.56 and its 200-day simple moving average is $42.73.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The company had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. During the same period last year, the business posted $0.84 earnings per share. The firm’s revenue was up 2.6% compared to the same quarter last year. Analysts expect that Synovus Financial Corp. will post 4.36 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were issued a $0.38 dividend. The ex-dividend date was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.68%. Synovus Financial’s dividend payout ratio is currently 68.78%.

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.