Entropy Technologies LP Buys 24,798 Shares of Synovus Financial Corp. (NYSE:SNV)

Entropy Technologies LP lifted its stake in Synovus Financial Corp. (NYSE:SNV) by 386.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 31,220 shares of the bank’s stock after acquiring an additional 24,798 shares during the period. Entropy Technologies LP’s holdings in Synovus Financial were worth $1,599,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in SNV. Wellington Management Group LLP raised its holdings in Synovus Financial by 12.8% in the third quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock worth $430,213,000 after purchasing an additional 1,095,557 shares in the last quarter. FMR LLC grew its position in shares of Synovus Financial by 5.4% in the 3rd quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock worth $517,027,000 after buying an additional 598,644 shares during the last quarter. TruWealth Advisors LLC bought a new position in shares of Synovus Financial during the 4th quarter worth approximately $12,350,000. Blue Trust Inc. lifted its position in Synovus Financial by 934.0% during the fourth quarter. Blue Trust Inc. now owns 246,686 shares of the bank’s stock valued at $12,638,000 after acquiring an additional 222,828 shares during the last quarter. Finally, State Street Corp boosted its stake in Synovus Financial by 3.2% in the third quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock valued at $294,255,000 after acquiring an additional 201,362 shares in the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Synovus Financial Stock Down 1.5 %

Shares of SNV opened at $56.00 on Monday. The company has a market capitalization of $7.93 billion, a price-to-earnings ratio of 18.36, a PEG ratio of 1.17 and a beta of 1.39. Synovus Financial Corp. has a 52 week low of $33.44 and a 52 week high of $59.92. The stock’s 50-day moving average price is $53.86 and its 200-day moving average price is $49.73. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, topping the consensus estimate of $1.16 by $0.09. The business had revenue of $580.58 million for the quarter, compared to analyst estimates of $566.83 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.80 EPS. On average, sell-side analysts predict that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Thursday, December 19th were given a dividend of $0.38 per share. The ex-dividend date was Thursday, December 19th. This represents a $1.52 annualized dividend and a yield of 2.71%. Synovus Financial’s dividend payout ratio is presently 49.84%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on SNV. Morgan Stanley increased their price objective on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a report on Monday, October 21st. Truist Financial raised their price target on Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a report on Monday, October 21st. The Goldman Sachs Group upped their price objective on shares of Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Piper Sandler lifted their target price on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 11th. Finally, UBS Group assumed coverage on shares of Synovus Financial in a research report on Tuesday, December 17th. They set a “buy” rating and a $76.00 target price on the stock. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $58.44.

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.