Pekin Hardy Strauss Inc. Buys 4,900 Shares of Synovus Financial Corp. (NYSE:SNV)

Pekin Hardy Strauss Inc. boosted its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 3.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 165,752 shares of the bank’s stock after buying an additional 4,900 shares during the quarter. Pekin Hardy Strauss Inc. owned approximately 0.11% of Synovus Financial worth $6,241,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Allworth Financial LP grew its stake in shares of Synovus Financial by 333.5% during the fourth quarter. Allworth Financial LP now owns 724 shares of the bank’s stock worth $27,000 after buying an additional 557 shares during the last quarter. International Assets Investment Management LLC bought a new stake in Synovus Financial in the fourth quarter valued at $28,000. Tennessee Valley Asset Management Partners bought a new stake in Synovus Financial during the 4th quarter valued at $42,000. First Command Advisory Services Inc. acquired a new position in Synovus Financial during the third quarter worth $33,000. Finally, Arlington Trust Co LLC acquired a new position in shares of Synovus Financial during the fourth quarter valued at about $47,000. Institutional investors own 83.85% of the company’s stock.

Analyst Ratings Changes

SNV has been the topic of a number of recent research reports. StockNews.com lowered Synovus Financial from a “hold” rating to a “sell” rating in a report on Thursday, February 15th. Raymond James cut shares of Synovus Financial from a “strong-buy” rating to a “market perform” rating in a report on Thursday, April 18th. Wells Fargo & Company decreased their price objective on shares of Synovus Financial from $42.00 to $40.00 and set an “overweight” rating for the company in a research note on Friday, April 19th. Morgan Stanley restated an “equal weight” rating and issued a $37.00 target price on shares of Synovus Financial in a research note on Monday, April 22nd. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $38.00 price target (down from $46.00) on shares of Synovus Financial in a report on Friday, April 19th. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $41.38.

Synovus Financial Price Performance

NYSE:SNV traded down $0.70 during midday trading on Tuesday, hitting $35.79. The company had a trading volume of 1,457,041 shares, compared to its average volume of 1,499,334. The company has a market capitalization of $5.24 billion, a PE ratio of 12.29, a P/E/G ratio of 4.25 and a beta of 1.40. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.45. Synovus Financial Corp. has a 52-week low of $24.40 and a 52-week high of $40.92. The stock’s fifty day moving average price is $37.92 and its 200-day moving average price is $35.03.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Thursday, April 18th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). The firm had revenue of $537.73 million during the quarter, compared to analysts’ expectations of $547.62 million. Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. Synovus Financial’s revenue for the quarter was down 12.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.33 earnings per share. As a group, research analysts expect that Synovus Financial Corp. will post 3.77 earnings per share for the current year.

Synovus Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 4.25%. The ex-dividend date was Wednesday, March 20th. Synovus Financial’s dividend payout ratio (DPR) is presently 52.05%.

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.