Diamond Hill Capital Management Inc. Has $14.90 Million Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

Diamond Hill Capital Management Inc. lowered its stake in Synovus Financial Corp. (NYSE:SNV) by 16.4% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 318,842 shares of the bank’s stock after selling 62,518 shares during the period. Diamond Hill Capital Management Inc. owned approximately 0.23% of Synovus Financial worth $14,903,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Colonial Trust Co SC lifted its holdings in shares of Synovus Financial by 554.4% during the 4th quarter. Colonial Trust Co SC now owns 589 shares of the bank’s stock worth $30,000 after acquiring an additional 499 shares during the period. Quent Capital LLC lifted its holdings in shares of Synovus Financial by 205.6% during the 1st quarter. Quent Capital LLC now owns 1,797 shares of the bank’s stock worth $84,000 after acquiring an additional 1,209 shares during the period. UMB Bank n.a. lifted its holdings in shares of Synovus Financial by 142.3% during the 1st quarter. UMB Bank n.a. now owns 1,810 shares of the bank’s stock worth $85,000 after acquiring an additional 1,063 shares during the period. Safe Harbor Fiduciary LLC bought a new stake in shares of Synovus Financial during the 4th quarter worth approximately $102,000. Finally, Advisory Services Network LLC bought a new stake in shares of Synovus Financial during the 4th quarter worth approximately $207,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on SNV. Stephens dropped their price target on shares of Synovus Financial from $52.00 to $46.00 and set an “equal weight” rating for the company in a research note on Monday, April 21st. DA Davidson raised their price target on shares of Synovus Financial from $60.00 to $63.00 and gave the company a “buy” rating in a research note on Friday, July 18th. Barclays lifted their target price on shares of Synovus Financial from $60.00 to $67.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 8th. Raymond James Financial raised shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $62.00 target price for the company in a research note on Friday, July 18th. Finally, Jefferies Financial Group started coverage on shares of Synovus Financial in a research note on Wednesday, May 21st. They set a “hold” rating and a $55.00 target price for the company. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $60.67.

Synovus Financial Trading Down 2.8%

NYSE:SNV opened at $57.93 on Thursday. The company has a 50-day moving average price of $50.65 and a 200-day moving average price of $49.31. Synovus Financial Corp. has a 12 month low of $35.94 and a 12 month high of $61.06. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.77. The stock has a market cap of $8.05 billion, a price-to-earnings ratio of 11.12, a P/E/G ratio of 1.01 and a beta of 1.19.

Synovus Financial (NYSE:SNV) last posted its earnings results on Wednesday, July 16th. The bank reported $1.48 EPS for the quarter, topping analysts’ consensus estimates of $1.25 by $0.23. The business had revenue of $592.08 million during the quarter, compared to the consensus estimate of $584.89 million. Synovus Financial had a net margin of 21.52% and a return on equity of 16.20%. During the same quarter in the previous year, the firm posted $1.16 EPS. Equities analysts predict that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Thursday, June 19th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 2.69%. The ex-dividend date was Wednesday, June 18th. Synovus Financial’s dividend payout ratio (DPR) is presently 29.94%.

About Synovus Financial

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.