Synovus Financial Corp Grows Position in Archer-Daniels-Midland Company (NYSE:ADM)

Synovus Financial Corp raised its stake in Archer-Daniels-Midland Company (NYSE:ADM) by 3.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 16,858 shares of the company’s stock after buying an additional 582 shares during the quarter. Synovus Financial Corp’s holdings in Archer-Daniels-Midland were worth $1,007,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of ADM. Wilmington Savings Fund Society FSB purchased a new position in shares of Archer-Daniels-Midland during the 3rd quarter worth approximately $425,000. World Investment Advisors LLC acquired a new stake in shares of Archer-Daniels-Midland in the third quarter valued at $1,204,000. Virtu Financial LLC purchased a new stake in shares of Archer-Daniels-Midland in the 3rd quarter valued at $981,000. Invst LLC acquired a new position in Archer-Daniels-Midland during the 3rd quarter worth about $640,000. Finally, Toronto Dominion Bank grew its position in Archer-Daniels-Midland by 5.5% in the 3rd quarter. Toronto Dominion Bank now owns 255,148 shares of the company’s stock valued at $15,243,000 after acquiring an additional 13,320 shares in the last quarter. Hedge funds and other institutional investors own 78.28% of the company’s stock.

Archer-Daniels-Midland Stock Performance

NYSE:ADM opened at $51.71 on Tuesday. The firm’s fifty day simple moving average is $54.36 and its 200-day simple moving average is $58.58. The company has a quick ratio of 0.84, a current ratio of 1.40 and a debt-to-equity ratio of 0.34. The stock has a market cap of $24.74 billion, a PE ratio of 14.77 and a beta of 0.72. Archer-Daniels-Midland Company has a fifty-two week low of $48.92 and a fifty-two week high of $75.60.

Archer-Daniels-Midland announced that its board has approved a stock repurchase program on Wednesday, December 11th that allows the company to repurchase 100,000,000 outstanding shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Archer-Daniels-Midland Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st were given a dividend of $0.50 per share. The ex-dividend date was Thursday, November 21st. This represents a $2.00 annualized dividend and a yield of 3.87%. Archer-Daniels-Midland’s payout ratio is currently 57.14%.

Analyst Upgrades and Downgrades

ADM has been the subject of a number of research reports. Citigroup lifted their price objective on shares of Archer-Daniels-Midland from $51.00 to $55.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. Stephens began coverage on shares of Archer-Daniels-Midland in a research note on Wednesday, December 11th. They set an “equal weight” rating and a $55.00 target price on the stock. Morgan Stanley lowered their price target on shares of Archer-Daniels-Midland from $57.00 to $52.00 and set an “equal weight” rating for the company in a report on Tuesday, November 12th. Barclays reduced their price objective on shares of Archer-Daniels-Midland from $60.00 to $56.00 and set an “underweight” rating on the stock in a report on Wednesday, December 4th. Finally, BMO Capital Markets dropped their target price on Archer-Daniels-Midland from $55.00 to $51.00 and set a “market perform” rating on the stock in a report on Wednesday, December 4th. One analyst has rated the stock with a sell rating and fifteen have issued a hold rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $60.62.

About Archer-Daniels-Midland

Archer-Daniels-Midland Company engages in the procurement, transportation, storage, processing, and merchandising of agricultural commodities, ingredients, flavors, and solutions in the United States, Switzerland, the Cayman Islands, Brazil, Mexico, Canada, the United Kingdom, and internationally. It operates in three segments: Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition.