Stieven Capital Advisors L.P. Lowers Position in Synovus Financial Corp. (NYSE:SNV)

Stieven Capital Advisors L.P. decreased its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 5.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 454,242 shares of the bank’s stock after selling 24,600 shares during the period. Synovus Financial comprises 3.8% of Stieven Capital Advisors L.P.’s portfolio, making the stock its 7th largest holding. Stieven Capital Advisors L.P.’s holdings in Synovus Financial were worth $20,200,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP raised its position in Synovus Financial by 9.3% in the second quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock worth $231,597,000 after acquiring an additional 491,036 shares during the period. Millennium Management LLC increased its stake in shares of Synovus Financial by 181.0% in the second quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock worth $52,343,000 after purchasing an additional 838,932 shares in the last quarter. Wedge Capital Management L L P NC increased its stake in shares of Synovus Financial by 14.9% in the second quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock worth $46,025,000 after purchasing an additional 148,842 shares in the last quarter. Diamond Hill Capital Management Inc. purchased a new stake in shares of Synovus Financial in the second quarter worth $19,434,000. Finally, Interval Partners LP increased its stake in shares of Synovus Financial by 14.5% in the second quarter. Interval Partners LP now owns 445,160 shares of the bank’s stock worth $17,891,000 after purchasing an additional 56,486 shares in the last quarter. Institutional investors own 83.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Citigroup set a $59.00 price objective on shares of Synovus Financial in a research note on Friday, October 18th. Bank of America increased their price objective on shares of Synovus Financial from $48.00 to $57.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. StockNews.com raised shares of Synovus Financial from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. JPMorgan Chase & Co. raised their target price on shares of Synovus Financial from $52.00 to $59.00 and gave the company an “overweight” rating in a research note on Friday, October 18th. Finally, Stephens raised their target price on shares of Synovus Financial from $46.00 to $52.00 and gave the company an “equal weight” rating in a research note on Friday, October 18th. Seven analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $52.71.

Synovus Financial Stock Performance

Shares of NYSE:SNV opened at $55.72 on Friday. Synovus Financial Corp. has a 52 week low of $29.34 and a 52 week high of $59.79. The stock has a market capitalization of $7.89 billion, a P/E ratio of 25.21, a PEG ratio of 2.01 and a beta of 1.37. The firm has a fifty day simple moving average of $47.83 and a two-hundred day simple moving average of $43.49. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42.

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

Synovus Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were issued 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 yield of 2.73%. Synovus Financial’s payout ratio is 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.