TruWealth Advisors LLC Invests $12.35 Million in Synovus Financial Corp. (NYSE:SNV)

TruWealth Advisors LLC acquired a new position in Synovus Financial Corp. (NYSE:SNV) in the fourth quarter, Holdings Channel.com reports. The fund acquired 241,060 shares of the bank’s stock, valued at approximately $12,350,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC acquired a new stake in Synovus Financial in the third quarter worth about $30,000. UMB Bank n.a. boosted its stake in Synovus Financial by 87.2% in the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock worth $33,000 after purchasing an additional 348 shares in the last quarter. Quarry LP purchased a new stake in Synovus Financial during the 3rd quarter worth approximately $41,000. Brooklyn Investment Group acquired a new position in Synovus Financial during the 3rd quarter valued at approximately $56,000. Finally, Abich Financial Wealth Management LLC raised its holdings in shares of Synovus Financial by 30.6% in the second quarter. Abich Financial Wealth Management LLC now owns 1,598 shares of the bank’s stock worth $64,000 after buying an additional 374 shares during the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. UBS Group initiated coverage on shares of Synovus Financial in a report on Tuesday, December 17th. They set a “buy” rating and a $76.00 price objective on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $64.00 price objective on shares of Synovus Financial in a report on Thursday, December 12th. Wells Fargo & Company lifted their target price on Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. JPMorgan Chase & Co. increased their price target on shares of Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Morgan Stanley lifted their price objective on shares of Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $58.44.

Synovus Financial Stock Up 0.7 %

Shares of SNV opened at $54.60 on Friday. The firm has a market cap of $7.73 billion, a P/E ratio of 24.70, a PEG ratio of 1.31 and a beta of 1.39. Synovus Financial Corp. has a 12 month low of $33.44 and a 12 month high of $59.92. The stock’s 50 day moving average is $54.23 and its two-hundred day moving average is $48.35. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. The firm had revenue of $580.58 million for the quarter, compared to analysts’ expectations of $566.83 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.80 EPS. Analysts predict that Synovus Financial Corp. will post 4.39 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th were paid a dividend of $0.38 per share. The ex-dividend date was Thursday, December 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.78%. 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.