Synovus Financial Corp Decreases Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

Synovus Financial Corp lessened its position in shares of Synovus Financial Corp. (NYSE:SNV) by 1.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,614,516 shares of the bank’s stock after selling 89,893 shares during the period. Synovus Financial makes up about 2.9% of Synovus Financial Corp’s portfolio, making the stock its 6th largest holding. Synovus Financial Corp owned approximately 3.96% of Synovus Financial worth $249,678,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. &PARTNERS acquired a new stake in Synovus Financial in the second quarter valued at approximately $284,000. Texas Permanent School Fund Corp raised its position in Synovus Financial by 19.6% in the second quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank’s stock valued at $6,150,000 after purchasing an additional 25,028 shares during the last quarter. Thrivent Financial for Lutherans boosted its stake in shares of Synovus Financial by 7.6% during the third quarter. Thrivent Financial for Lutherans now owns 146,734 shares of the bank’s stock valued at $6,525,000 after purchasing an additional 10,346 shares in the last quarter. Quest Partners LLC bought a new stake in shares of Synovus Financial during the third quarter worth about $1,264,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in Synovus Financial by 3.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank’s stock worth $222,022,000 after acquiring an additional 147,599 shares during the last quarter. 83.85% of the stock is owned by institutional investors.

Analyst Ratings Changes

SNV has been the topic of a number of recent research reports. StockNews.com upgraded shares of Synovus Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Piper Sandler lifted their price objective on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft started coverage on shares of Synovus Financial in a research note on Monday. They issued a “buy” rating and a $64.00 price objective on the stock. Evercore ISI increased their price target on Synovus Financial from $48.00 to $54.00 and gave the stock an “in-line” rating in a report on Wednesday, October 30th. Finally, Truist Financial boosted their price objective on Synovus Financial from $52.00 to $57.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, Synovus Financial presently has a consensus rating of “Moderate Buy” and an average price target of $56.00.

Synovus Financial Trading Down 2.5 %

Shares of SNV stock opened at $54.69 on Friday. Synovus Financial Corp. has a 12-month low of $33.44 and a 12-month high of $59.92. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. The company has a 50 day moving average of $52.51 and a 200-day moving average of $45.72. The firm has a market cap of $7.75 billion, a P/E ratio of 24.75, a PEG ratio of 1.64 and a beta of 1.38.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The firm had revenue of $564.72 million for the quarter, compared to analyst estimates of $557.64 million. During the same period in the previous year, the company posted $0.84 earnings per share. The business’s revenue was up 2.6% on a year-over-year basis. Sell-side analysts anticipate that Synovus Financial Corp. will post 4.37 earnings per share for the current year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th will be issued a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, December 19th. This represents a $1.52 dividend on an annualized basis and a yield of 2.78%. Synovus Financial’s payout ratio is 68.78%.

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.