Healthcare of Ontario Pension Plan Trust Fund Purchases New Position in Synovus Financial Corp. (NYSE:SNV)

Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Synovus Financial Corp. (NYSE:SNV) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 34,259 shares of the bank’s stock, valued at approximately $1,523,000.

Other institutional investors have also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC bought a new position in shares of Synovus Financial during the 3rd quarter valued at $30,000. UMB Bank n.a. raised its holdings in Synovus Financial by 87.2% during the third quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock valued at $33,000 after buying an additional 348 shares in the last quarter. Innealta Capital LLC acquired a new stake in shares of Synovus Financial in the second quarter worth about $43,000. Headlands Technologies LLC boosted its stake in shares of Synovus Financial by 404.8% during the 2nd quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock worth $55,000 after acquiring an additional 1,105 shares in the last quarter. Finally, Brooklyn Investment Group acquired a new position in shares of Synovus Financial during the 3rd quarter valued at about $56,000. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Synovus Financial Trading Down 0.7 %

Shares of Synovus Financial stock opened at $57.07 on Monday. Synovus Financial Corp. has a 52-week low of $30.52 and a 52-week high of $59.92. The firm has a market capitalization of $8.08 billion, a PE ratio of 25.82, a price-to-earnings-growth ratio of 2.06 and a beta of 1.37. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88. The company’s fifty day moving average price is $50.33 and its two-hundred day moving average price is $44.76.

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

Synovus Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were issued a $0.38 dividend. The ex-dividend date was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.66%. Synovus Financial’s payout ratio is presently 68.78%.

Analyst Ratings Changes

SNV has been the subject of several analyst reports. Evercore ISI boosted their target price on Synovus Financial from $48.00 to $54.00 and gave the stock an “in-line” rating in a report on Wednesday, October 30th. Bank of America upped their price objective on shares of Synovus Financial from $48.00 to $57.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Stephens lifted their target price on shares of Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a report on Friday, October 18th. Citigroup set a $59.00 price target on shares of Synovus Financial in a report on Friday, October 18th. Finally, Wells Fargo & Company lowered Synovus Financial from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $48.00 to $46.00 in a research note on Tuesday, October 1st. Seven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $53.94.

Synovus Financial Company 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.