MeadowBrook Investment Advisors LLC Makes New Investment in Synovus Financial Corp. (NYSE:SNV)

MeadowBrook Investment Advisors LLC purchased a new position in Synovus Financial Corp. (NYSE:SNV) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 800 shares of the bank’s stock, valued at approximately $30,000.

Several other large investors have also recently bought and sold shares of SNV. Cambridge Investment Research Advisors Inc. bought a new stake in Synovus Financial during the 3rd quarter valued at approximately $214,000. Raymond James Financial Services Advisors Inc. grew its stake in shares of Synovus Financial by 11.2% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 22,867 shares of the bank’s stock worth $636,000 after acquiring an additional 2,305 shares during the period. Brown Advisory Inc. boosted its stake in shares of Synovus Financial by 6.4% in the 3rd quarter. Brown Advisory Inc. now owns 11,443 shares of the bank’s stock worth $318,000 after buying an additional 685 shares during the last quarter. Verdence Capital Advisors LLC boosted its holdings in shares of Synovus Financial by 8.5% in the third quarter. Verdence Capital Advisors LLC now owns 8,986 shares of the bank’s stock worth $250,000 after buying an additional 703 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Synovus Financial by 17.1% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,974 shares of the bank’s stock valued at $778,000 after purchasing an additional 4,088 shares during the period. 83.85% of the stock is owned by institutional investors.

Synovus Financial Stock Up 0.6 %

SNV stock traded up $0.22 during mid-day trading on Tuesday, hitting $38.92. The stock had a trading volume of 666,948 shares, compared to its average volume of 1,474,602. The stock has a market capitalization of $5.70 billion, a price-to-earnings ratio of 13.32, a PEG ratio of 4.41 and a beta of 1.41. The company has a fifty day moving average of $37.93 and a 200 day moving average of $35.39. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.45. Synovus Financial Corp. has a 1-year low of $24.40 and a 1-year high of $40.92.

Synovus Financial (NYSE:SNV) last released its earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The business had revenue of $537.73 million during the quarter, compared to analyst estimates of $547.62 million. The business’s quarterly revenue was down 12.4% compared to the same quarter last year. During the same period last year, the business earned $1.33 EPS. On average, equities analysts expect that Synovus Financial Corp. will post 3.76 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 3.91%. The ex-dividend date was Wednesday, March 20th. Synovus Financial’s dividend payout ratio is 52.05%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. StockNews.com downgraded Synovus Financial from a “hold” rating to a “sell” rating in a research note on Thursday, February 15th. Piper Sandler decreased their price target on shares of Synovus Financial from $46.00 to $42.00 and set an “overweight” rating for the company in a research note on Friday, April 19th. Morgan Stanley restated an “equal weight” rating and issued a $37.00 price target on shares of Synovus Financial in a report on Monday, April 22nd. Truist Financial decreased their price target on shares of Synovus Financial from $45.00 to $39.00 and set a “buy” rating for the company in a research report on Monday, April 22nd. Finally, DA Davidson lifted their target price on shares of Synovus Financial from $43.00 to $47.00 and gave the stock a “buy” rating in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $41.50.

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.