Deroy & Devereaux Private Investment Counsel Inc. Acquires 270 Shares of Synovus Financial Corp. (NYSE:SNV)

Deroy & Devereaux Private Investment Counsel Inc. raised its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 0.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 103,480 shares of the bank’s stock after buying an additional 270 shares during the quarter. Deroy & Devereaux Private Investment Counsel Inc.’s holdings in Synovus Financial were worth $5,301,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. R Squared Ltd purchased a new stake in shares of Synovus Financial during the fourth quarter valued at approximately $93,000. KBC Group NV lifted its holdings in Synovus Financial by 34.8% in the 4th quarter. KBC Group NV now owns 6,014 shares of the bank’s stock worth $308,000 after purchasing an additional 1,554 shares in the last quarter. Blue Trust Inc. increased its stake in Synovus Financial by 934.0% in the 4th quarter. Blue Trust Inc. now owns 246,686 shares of the bank’s stock worth $12,638,000 after acquiring an additional 222,828 shares during the last quarter. Janney Montgomery Scott LLC increased its position in shares of Synovus Financial by 4.4% during the 4th quarter. Janney Montgomery Scott LLC now owns 51,357 shares of the bank’s stock valued at $2,631,000 after purchasing an additional 2,166 shares during the last quarter. Finally, SG Americas Securities LLC grew its position in Synovus Financial by 11.0% in the 4th quarter. SG Americas Securities LLC now owns 12,547 shares of the bank’s stock valued at $643,000 after acquiring an additional 1,240 shares during the last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on SNV. Royal Bank of Canada reaffirmed an “outperform” rating and set a $64.00 target price on shares of Synovus Financial in a research report on Thursday, December 12th. JPMorgan Chase & Co. raised their target price on Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Barclays lifted their target price on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Piper Sandler boosted their target price on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a report on Wednesday, December 11th. Finally, Morgan Stanley boosted their target price on Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Monday, October 21st. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $58.44.

Synovus Financial Trading Down 0.1 %

NYSE:SNV opened at $56.44 on Friday. The firm has a market capitalization of $8.00 billion, a price-to-earnings ratio of 18.50, a price-to-earnings-growth ratio of 1.15 and a beta of 1.39. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. The business has a fifty day moving average price of $54.02 and a 200-day moving average price of $49.33. Synovus Financial Corp. has a one year low of $33.44 and a one year high of $59.92.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.09. The company had revenue of $580.58 million for the quarter, compared to analyst estimates of $566.83 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.80 EPS. Sell-side analysts forecast that Synovus Financial Corp. will post 4.86 EPS for the current year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Thursday, December 19th were issued a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, December 19th. This represents a $1.52 annualized dividend and a dividend yield of 2.69%. Synovus Financial’s dividend payout ratio (DPR) is presently 49.84%.

Synovus Financial Profile

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.