Millstone Evans Group LLC Invests $59,000 in Synovus Financial Corp. (NYSE:SNV)

Millstone Evans Group LLC acquired a new position in shares of Synovus Financial Corp. (NYSE:SNV) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 1,145 shares of the bank’s stock, valued at approximately $59,000.

Several other large investors have also modified their holdings of SNV. Wellington Management Group LLP increased its position in Synovus Financial by 12.8% during the 3rd quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock worth $430,213,000 after purchasing an additional 1,095,557 shares in the last quarter. FMR LLC increased its position in Synovus Financial by 5.4% during the 3rd quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock worth $517,027,000 after purchasing an additional 598,644 shares in the last quarter. TruWealth Advisors LLC acquired a new stake in Synovus Financial during the 4th quarter worth approximately $12,350,000. Blue Trust Inc. increased its position in Synovus Financial by 934.0% during the 4th quarter. Blue Trust Inc. now owns 246,686 shares of the bank’s stock worth $12,638,000 after purchasing an additional 222,828 shares in the last quarter. Finally, State Street Corp increased its position in Synovus Financial by 3.2% during the 3rd quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock worth $294,255,000 after purchasing an additional 201,362 shares in the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Synovus Financial in a research report on Monday, December 9th. They set a “buy” rating and a $64.00 target price for the company. Morgan Stanley lowered their price objective on shares of Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating for the company in a research report on Thursday, March 13th. UBS Group began coverage on shares of Synovus Financial in a research report on Tuesday, December 17th. They issued a “buy” rating and a $76.00 price objective for the company. Wells Fargo & Company increased their price objective on shares of Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 3rd. Finally, JPMorgan Chase & Co. increased their price objective on shares of Synovus Financial from $60.50 to $62.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $58.67.

Synovus Financial Stock Up 0.1 %

SNV stock opened at $47.35 on Monday. Synovus Financial Corp. has a twelve month low of $33.44 and a twelve month high of $59.92. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $6.68 billion, a P/E ratio of 15.53, a PEG ratio of 1.11 and a beta of 1.36. The firm has a 50 day simple moving average of $52.18 and a 200-day simple moving average of $51.01.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.09. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The firm had revenue of $580.58 million for the quarter, compared to analysts’ expectations of $566.83 million. During the same period last year, the business posted $0.80 earnings per share. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. On average, equities research analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Thursday, March 20th will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Thursday, March 20th. This is a boost from Synovus Financial’s previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a yield of 3.29%. Synovus Financial’s dividend payout ratio (DPR) is 51.15%.

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.