Anchor Investment Management LLC Cuts Stake in Synovus Financial Corp. (NYSE:SNV)

Anchor Investment Management LLC cut its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 21.9% during the third quarter, Holdings Channel.com reports. The institutional investor owned 4,542 shares of the bank’s stock after selling 1,271 shares during the period. Anchor Investment Management LLC’s holdings in Synovus Financial were worth $202,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. SG Americas Securities LLC purchased a new position in Synovus Financial in the second quarter valued at $374,000. Blue Trust Inc. raised its position in Synovus Financial by 102.9% in the 2nd quarter. Blue Trust Inc. now owns 12,992 shares of the bank’s stock valued at $520,000 after purchasing an additional 6,588 shares in the last quarter. Oakworth Capital Inc. boosted its stake in shares of Synovus Financial by 117.6% in the 2nd quarter. Oakworth Capital Inc. now owns 4,854 shares of the bank’s stock valued at $195,000 after buying an additional 2,623 shares during the period. Fifth Third Bancorp grew its position in shares of Synovus Financial by 7.0% during the second quarter. Fifth Third Bancorp now owns 3,760 shares of the bank’s stock worth $151,000 after buying an additional 245 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC purchased a new stake in shares of Synovus Financial during the second quarter worth approximately $198,000. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on SNV. Citigroup set a $59.00 price target on shares of Synovus Financial in a report on Friday, October 18th. Morgan Stanley boosted their target price on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. Raymond James upgraded Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price target on the stock in a research note on Tuesday, September 17th. The Goldman Sachs Group upped their price objective on Synovus Financial from $52.00 to $62.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Finally, Truist Financial raised their target price on Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.00.

Synovus Financial Price Performance

Shares of NYSE:SNV opened at $54.15 on Friday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.88 and a current ratio of 0.89. Synovus Financial Corp. has a one year low of $33.44 and a one year high of $59.92. The company has a 50-day simple moving average of $52.71 and a 200-day simple moving average of $45.82. The stock has a market capitalization of $7.67 billion, a price-to-earnings ratio of 24.50, a PEG ratio of 1.59 and a beta of 1.38.

Synovus Financial (NYSE:SNV) last announced 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 company had revenue of $564.72 million for 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 company’s revenue was up 2.6% on a year-over-year basis. During the same period last year, the business posted $0.84 EPS. On average, analysts predict that Synovus Financial Corp. will post 4.37 EPS for the current year.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th will be paid a $0.38 dividend. The ex-dividend date of this dividend is Thursday, December 19th. This represents a $1.52 annualized dividend and a yield of 2.81%. Synovus Financial’s dividend payout ratio is currently 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.