Hancock Whitney Corp decreased its holdings in Synovus Financial Corp. (NYSE:SNV) by 53.5% in the fourth quarter, HoldingsChannel.com reports. The fund owned 210,540 shares of the bank’s stock after selling 242,589 shares during the period. Hancock Whitney Corp’s holdings in Synovus Financial were worth $6,736,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in SNV. Stone Ridge Asset Management LLC purchased a new position in Synovus Financial during the third quarter valued at $273,000. JPMorgan Chase & Co. lifted its position in Synovus Financial by 182.8% during the third quarter. JPMorgan Chase & Co. now owns 1,318,252 shares of the bank’s stock valued at $60,363,000 after buying an additional 852,158 shares during the period. Commonwealth Bank of Australia purchased a new position in Synovus Financial during the third quarter valued at $430,000. AXA purchased a new position in Synovus Financial during the third quarter valued at $1,877,000. Finally, Janus Henderson Group PLC lifted its position in Synovus Financial by 58.8% during the third quarter. Janus Henderson Group PLC now owns 88,620 shares of the bank’s stock valued at $4,058,000 after buying an additional 32,800 shares during the period. 67.50% of the stock is owned by institutional investors.
SNV opened at $33.87 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.56. The stock has a market capitalization of $5.73 billion, a PE ratio of 9.30, a P/E/G ratio of 1.14 and a beta of 1.27. Synovus Financial Corp. has a 1 year low of $29.93 and a 1 year high of $57.40.
Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Tuesday, January 15th. The bank reported $0.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.94 by ($0.02). The company had revenue of $365.90 million during the quarter, compared to analysts’ expectations of $370.64 million. Synovus Financial had a return on equity of 15.68% and a net margin of 26.38%. Synovus Financial’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.70 EPS. Sell-side analysts forecast that Synovus Financial Corp. will post 3.94 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Thursday, March 21st will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.54%. The ex-dividend date of this dividend is Wednesday, March 20th. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.25. Synovus Financial’s payout ratio is currently 32.97%.
Several brokerages have commented on SNV. SunTrust Banks lowered their price objective on Synovus Financial to $38.00 and set a “buy” rating for the company in a research report on Friday, January 4th. They noted that the move was a valuation call. Raymond James reissued a “buy” rating and set a $44.00 price objective on shares of Synovus Financial in a research report on Thursday, February 21st. Stephens reissued a “hold” rating and set a $40.00 price objective on shares of Synovus Financial in a research report on Tuesday, January 15th. TheStreet raised Synovus Financial from a “c+” rating to a “b-” rating in a research report on Thursday, February 28th. Finally, Sandler O’Neill set a $45.00 price objective on Synovus Financial and gave the company a “buy” rating in a research report on Wednesday, January 16th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $45.98.
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Synovus Financial Profile
Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides various financial products and services. It offers integrated financial services, including commercial and retail banking, financial management, insurance, and mortgage services. The company's commercial banking services comprise treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
Further Reading: Stock Symbol
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