Keystone Financial Services Makes New Investment in Synovus Financial Corp. $SNV

Keystone Financial Services bought a new stake in Synovus Financial Corp. (NYSE:SNV) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 4,277 shares of the bank’s stock, valued at approximately $221,000.

A number of other large investors have also recently made changes to their positions in the company. Armstrong Advisory Group Inc. purchased a new stake in Synovus Financial in the second quarter valued at approximately $41,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Synovus Financial in the 1st quarter valued at $47,000. IFP Advisors Inc raised its position in Synovus Financial by 650.4% in the 2nd quarter. IFP Advisors Inc now owns 1,058 shares of the bank’s stock valued at $60,000 after purchasing an additional 917 shares during the last quarter. Cullen Frost Bankers Inc. purchased a new stake in Synovus Financial in the 2nd quarter valued at $60,000. Finally, Spectrum Wealth Counsel LLC acquired a new stake in Synovus Financial during the 1st quarter worth $70,000. 83.85% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Synovus Financial

In related news, Director Gregory G. Montana acquired 1,000 shares of the firm’s stock in a transaction that occurred on Monday, October 20th. The shares were purchased at an average price of $45.37 per share, with a total value of $45,370.00. Following the completion of the acquisition, the director owned 5,464 shares in the company, valued at approximately $247,901.68. This represents a 22.40% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.00% of the stock is owned by company insiders.

Synovus Financial Stock Up 1.7%

SNV opened at $45.47 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.91 and a quick ratio of 0.91. Synovus Financial Corp. has a 12 month low of $35.94 and a 12 month high of $61.06. The stock has a market capitalization of $6.31 billion, a P/E ratio of 8.48, a P/E/G ratio of 0.77 and a beta of 1.28. The business has a 50 day simple moving average of $48.17 and a 200-day simple moving average of $48.94.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, October 15th. The bank reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.36 by $0.10. Synovus Financial had a return on equity of 16.13% and a net margin of 21.97%.The firm had revenue of $612.79 million during the quarter, compared to analysts’ expectations of $604.59 million. During the same quarter in the prior year, the business posted $1.23 earnings per share. Synovus Financial’s revenue was up 9.0% compared to the same quarter last year. On average, equities analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Thursday, September 18th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date was Thursday, September 18th. Synovus Financial’s dividend payout ratio (DPR) is currently 29.10%.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Truist Financial dropped their price objective on shares of Synovus Financial from $56.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, October 17th. UBS Group dropped their price target on Synovus Financial from $53.00 to $49.00 and set a “neutral” rating on the stock in a research report on Wednesday. JPMorgan Chase & Co. reduced their price objective on Synovus Financial from $65.00 to $58.00 and set an “overweight” rating for the company in a research note on Wednesday, October 1st. Keefe, Bruyette & Woods downgraded Synovus Financial from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $65.00 to $50.00 in a research note on Tuesday, August 12th. Finally, DA Davidson restated a “buy” rating and set a $63.00 price target on shares of Synovus Financial in a research note on Thursday, October 16th. Eight analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $58.56.

Synovus Financial Company 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.