Synovus Financial Corp. (NYSE:SNV) Shares Sold by MFA Wealth Advisors LLC

MFA Wealth Advisors LLC trimmed its position in shares of Synovus Financial Corp. (NYSE:SNV) by 3.0% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,385 shares of the bank’s stock after selling 321 shares during the period. MFA Wealth Advisors LLC’s holdings in Synovus Financial were worth $462,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Asio Capital LLC boosted its holdings in Synovus Financial by 1.1% during the 1st quarter. Asio Capital LLC now owns 127,127 shares of the bank’s stock valued at $5,141,000 after acquiring an additional 1,428 shares during the period. State of Michigan Retirement System boosted its stake in shares of Synovus Financial by 2.3% in the first quarter. State of Michigan Retirement System now owns 35,904 shares of the bank’s stock valued at $1,438,000 after purchasing an additional 800 shares during the period. Principal Financial Group Inc. grew its holdings in shares of Synovus Financial by 2.6% in the first quarter. Principal Financial Group Inc. now owns 550,500 shares of the bank’s stock valued at $22,053,000 after purchasing an additional 13,690 shares in the last quarter. SpiderRock Advisors LLC purchased a new stake in Synovus Financial during the 1st quarter worth approximately $2,476,000. Finally, Janney Montgomery Scott LLC increased its stake in Synovus Financial by 2.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 49,151 shares of the bank’s stock worth $1,969,000 after buying an additional 953 shares during the period. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on SNV. DA Davidson boosted their price target 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. Bank of America boosted their target price on Synovus Financial from $48.00 to $57.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Keefe, Bruyette & Woods increased their price target on Synovus Financial from $38.00 to $42.00 and gave the company a “market perform” rating in a research report on Tuesday, July 9th. Stephens boosted their price objective on Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Friday, October 18th. Finally, Jefferies Financial Group upped their target price on shares of Synovus Financial from $44.00 to $47.00 and gave the stock a “buy” rating in a research note on Wednesday, July 3rd. Seven research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Synovus Financial presently has a consensus rating of “Moderate Buy” and an average target price of $51.88.

Synovus Financial Price Performance

Shares of SNV opened at $48.99 on Thursday. 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 Corp. has a 1-year low of $24.40 and a 1-year high of $51.69. The stock has a market cap of $7.05 billion, a PE ratio of 22.17, a price-to-earnings-growth ratio of 1.80 and a beta of 1.38. The firm has a fifty day moving average price of $44.79 and a 200 day moving average price of $41.49.

Synovus Financial (NYSE:SNV) last posted its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.14. The business had revenue of $564.72 million during the quarter, compared to the consensus estimate of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The business’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.84 EPS. As a group, sell-side analysts anticipate that Synovus Financial Corp. will post 4.3 EPS for the current year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were given a dividend of $0.38 per share. The ex-dividend date was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.10%. Synovus Financial’s dividend payout ratio (DPR) is presently 68.78%.

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.