Coldstream Capital Management Inc. Buys Shares of 4,830 Synovus Financial Corp. (NYSE:SNV)

Coldstream Capital Management Inc. purchased a new position in shares of Synovus Financial Corp. (NYSE:SNV) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor purchased 4,830 shares of the bank’s stock, valued at approximately $220,000.

Other hedge funds have also made changes to their positions in the company. GAMMA Investing LLC boosted its position in Synovus Financial by 6.5% during the third quarter. GAMMA Investing LLC now owns 3,754 shares of the bank’s stock worth $167,000 after purchasing an additional 229 shares during the period. Fifth Third Bancorp lifted its stake in shares of Synovus Financial by 7.0% in the second quarter. Fifth Third Bancorp now owns 3,760 shares of the bank’s stock worth $151,000 after buying an additional 245 shares during the last quarter. Dana Investment Advisors Inc. boosted its holdings in shares of Synovus Financial by 0.7% during the 2nd quarter. Dana Investment Advisors Inc. now owns 35,759 shares of the bank’s stock worth $1,437,000 after buying an additional 254 shares during the period. Hanseatic Management Services Inc. grew its stake in Synovus Financial by 2.6% in the 2nd quarter. Hanseatic Management Services Inc. now owns 11,885 shares of the bank’s stock valued at $478,000 after buying an additional 303 shares during the last quarter. Finally, Wedmont Private Capital raised its holdings in Synovus Financial by 3.8% in the 3rd quarter. Wedmont Private Capital now owns 9,102 shares of the bank’s stock worth $394,000 after acquiring an additional 335 shares during the period. Institutional investors and hedge funds own 83.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Truist Financial upped their price target on shares of Synovus Financial from $52.00 to $57.00 and gave the company a “buy” rating in a report on Monday, October 21st. Bank of America increased their target price on Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Citigroup set a $59.00 price target on Synovus Financial in a report on Friday, October 18th. DA Davidson raised their price objective on shares of Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $64.00 target price on shares of Synovus Financial in a research note on Thursday, December 12th. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $56.00.

Synovus Financial Price Performance

Shares of SNV stock opened at $54.75 on Tuesday. The stock’s fifty day simple moving average is $52.94 and its 200 day simple moving average is $46.04. Synovus Financial Corp. has a one year low of $33.44 and a one year high of $59.92. The firm has a market cap of $7.76 billion, a price-to-earnings ratio of 24.77, a P/E/G ratio of 1.58 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 (NYSE:SNV) last issued 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 the consensus estimate of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.84 EPS. On average, analysts expect that Synovus Financial Corp. will post 4.37 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th will be paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date of this dividend is Thursday, December 19th. Synovus Financial’s dividend payout ratio (DPR) is currently 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.