Anchor Investment Management LLC reduced its stock position in Synovus Financial Corp. (NYSE:SNV)

Anchor Investment Management LLC trimmed its holdings in shares of Synovus Financial Corp. (NYSE:SNV – Free Report) by 9.4% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 5,813 shares of the bank’s stock after selling 600 shares during the quarter. Anchor Investment Management LLC’s holdings in Synovus Financial were worth $234,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently modified their holdings of SNV. US Bancorp DE raised its stake in Synovus Financial by 5.0% during the 4th quarter. US Bancorp DE now owns 16,050 shares of the bank’s stock valued at $604,000 after buying an additional 769 shares in the last quarter . State Treasurer of North Carolina raised its stake in Synovus Financial by 4.2% during the 4th quarter. State Treasurer of North Carolina now owns 66,171 shares of the bank’s stock valued at $2,491,000 after buying another 2,672 shares in the last quarter. First Trust Advisors LP raised its stake in Synovus Financial by 4.0% during the 4th quarter. First Trust Advisors LP now owns 1,410,088 shares of the bank’s stock valued at $53,090,000 after buying an additional 53,974 shares in the last quarter. CFS Investment Advisory Services LLC purchased a new stake in shares of Synovus Financial during the 4th quarter valued at approximately $222,000. Finally, Basswood Capital Management LLC boosted its stake in Synovus Financial by 2.6% during the 4th quarter. Basswood Capital Management LLC now owns 1,038,588 shares of the bank’s stock worth $39,103,000. after buying an additional 26,703 shares in the last quarter. 83.85% of the shares are currently held by hedge funds and other institutional investors.

Changes in Analyst Ratings

Several analysts have issued reports on the stock. Morgan Stanley upped their target price on shares of Synovus Financial from $41.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Truist Financial upped their target price on shares of Synovus Financial from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Wells Fargo & Company cut shares of Synovus Financial from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $48.00 to $46.00 in a research note on Tuesday. DA Davidson upped their target price on shares of Synovus Financial from $47.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. Finally, Stephens upped their target price on shares of Synovus Financial from $43.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Friday, July 19th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the company. Synovus Financial currently has an average rating of “Moderate Buy” and an average price target of $47.44, based on data from MarketBeat.

Check out our latest report on SNV

Insider trading at Synovus Financial

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of the business’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total value of $28,366.80. Following the sale, the executive vice president now owns 14,833 shares of the company’s stock, valued at $685,284.60. This trade represents a 0.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available on the SEC’s website. 0.81% of shares are held by insiders.

Synovus financial price performance

Shares of SNV stock opened at $43.84 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.89, and a current ratio of 0.90. Synovus Financial Corp. it has a 52 week low of $24.40 and a 52 week high of $47.83. The company’s fifty-day moving average is $43.93, and its 200-day moving average is $40.74. The firm has a market cap of $6.31 billion, a P/E ratio of 15.01, a P/E/G ratio of 3.20 and a beta of 1.38.

Synovus Financial (NYSE:SNV – Get Your Free Report ) last posted its earnings results on Wednesday, July 17th. The bank reported $1.16 EPS for the quarter, topping the consensus estimate of $0.96 by $0.20. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The company had revenue of $563.60 million for the quarter, compared to analyst estimates of $543.52 million. In the same quarter last year, the firm earned $1.16 EPS. The company’s quarterly revenue was down 0.7% compared to the same quarter last year. Research analysts predict that Synovus Financial Corp. will post 4.2 earnings per share for the current year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were issued a dividend of $0.38 per share. This represents an annualized dividend of $1.52 and a dividend yield of 3.47%. The ex-dividend date of this dividend was Thursday, September 19. Synovus Financial’s dividend payout ratio is currently 52.05%.

Synovus Financial Company Profile

(Free report)

Synovus Financial Corp. operates as the bank holding company for Synovus Bank providing 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.

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Want to see what other hedge funds own SNV? Visit HoldingsChannel.com to get the latest 13F filings and insider trading for Synovus Financial Corp. (NYSE:SNV – Free Report).

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