Wealth Enhancement Advisory Services LLC Purchases 21,305 Shares of Synovus Financial Corp. $SNV

Wealth Enhancement Advisory Services LLC increased its position in shares of Synovus Financial Corp. (NYSE:SNV) by 40.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 73,333 shares of the bank’s stock after purchasing an additional 21,305 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Synovus Financial were worth $3,497,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SNV. AQR Capital Management LLC grew its stake in shares of Synovus Financial by 7.1% during the second quarter. AQR Capital Management LLC now owns 3,059,102 shares of the bank’s stock valued at $158,309,000 after buying an additional 201,880 shares during the last quarter. Norges Bank purchased a new position in Synovus Financial during the 2nd quarter valued at $89,347,000. Bank of New York Mellon Corp grew its position in Synovus Financial by 0.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,586,599 shares of the bank’s stock valued at $82,107,000 after acquiring an additional 8,759 shares during the last quarter. Invesco Ltd. increased its stake in Synovus Financial by 6.0% in the second quarter. Invesco Ltd. now owns 870,081 shares of the bank’s stock worth $45,027,000 after purchasing an additional 49,299 shares during the period. Finally, Pzena Investment Management LLC lifted its position in shares of Synovus Financial by 1.7% during the second quarter. Pzena Investment Management LLC now owns 680,368 shares of the bank’s stock worth $35,209,000 after purchasing an additional 11,521 shares during the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Trading Down 1.6%

SNV opened at $50.51 on Wednesday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.57. The firm has a market cap of $7.01 billion, a price-to-earnings ratio of 9.42, a PEG ratio of 0.88 and a beta of 1.21. Synovus Financial Corp. has a 12 month low of $35.94 and a 12 month high of $61.06. The stock has a fifty day moving average price of $50.56 and a 200-day moving average price of $49.52.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 24th. Stockholders of record on Thursday, December 18th were given a $0.39 dividend. The ex-dividend date of this dividend was Thursday, December 18th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.1%. Synovus Financial’s payout ratio is presently 29.10%.

Wall Street Analyst Weigh In

SNV has been the topic of a number of research analyst reports. Stephens cut their price target on shares of Synovus Financial from $54.00 to $51.00 and set an “equal weight” rating on the stock in a report on Friday, October 17th. JPMorgan Chase & Co. upped their target price on shares of Synovus Financial from $58.00 to $65.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 16th. DA Davidson reaffirmed a “buy” rating and set a $63.00 target price on shares of Synovus Financial in a research report on Thursday, October 16th. Truist Financial lowered their price target on Synovus Financial from $56.00 to $55.00 and set a “buy” rating for the company in a report on Friday, October 17th. Finally, Weiss Ratings lowered Synovus Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, October 8th. Five investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Synovus Financial presently has a consensus rating of “Hold” and a consensus price target of $58.08.

About Synovus Financial

Synovus Financial Corp (NYSE: SNV) is a regional financial services company headquartered in Columbus, Georgia. The company offers a comprehensive range of banking and financial products to individual consumers, small businesses, and large corporations. Synovus operates through various business segments, including commercial and retail banking, mortgage lending, treasury and payment solutions, and wealth management services.

In its commercial banking division, Synovus provides loans, lines of credit, and treasury management services tailored to the needs of businesses across multiple industries.