11,433 Shares in Synovus Financial Corp. (NYSE:SNV) Bought by Cornercap Investment Counsel Inc.

Cornercap Investment Counsel Inc. acquired a new position in shares of Synovus Financial Corp. (NYSE:SNV) in the 3rd quarter, HoldingsChannel reports. The institutional investor acquired 11,433 shares of the bank’s stock, valued at approximately $508,000.

Several other hedge funds and other institutional investors have also modified their holdings of SNV. V Square Quantitative Management LLC bought a new position in Synovus Financial during the third quarter valued at about $30,000. UMB Bank n.a. grew its position in shares of Synovus Financial by 87.2% in the third quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock valued at $33,000 after purchasing an additional 348 shares during the last quarter. Innealta Capital LLC acquired a new stake in shares of Synovus Financial in the second quarter valued at about $43,000. Abich Financial Wealth Management LLC grew its position in shares of Synovus Financial by 43.5% in the first quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock valued at $49,000 after purchasing an additional 371 shares during the last quarter. Finally, Headlands Technologies LLC grew its position in shares of Synovus Financial by 404.8% in the second quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock valued at $55,000 after purchasing an additional 1,105 shares during the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Synovus Financial Stock Up 0.1 %

NYSE SNV opened at $55.72 on Friday. Synovus Financial Corp. has a 1-year low of $29.34 and a 1-year high of $59.79. The stock’s 50 day moving average is $47.83 and its two-hundred day moving average is $43.49. 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 capitalization of $7.89 billion, a price-to-earnings ratio of 25.21, a PEG ratio of 2.01 and a beta of 1.37.

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

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date was Thursday, September 19th. Synovus Financial’s dividend payout ratio (DPR) is currently 68.78%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SNV. Stephens raised their price target on Synovus Financial from $46.00 to $52.00 and gave the company an “equal weight” rating in a research report on Friday, October 18th. Wells Fargo & Company downgraded Synovus Financial from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $48.00 to $46.00 in a research report on Tuesday, October 1st. Bank of America lifted their target price on Synovus Financial from $48.00 to $57.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Morgan Stanley lifted their target price on Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Monday, October 21st. Finally, DA Davidson lifted their target price on Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Seven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $52.71.

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.