R Squared Ltd Buys New Holdings in Synovus Financial Corp. (NYSE:SNV)

R Squared Ltd purchased a new position in shares of Synovus Financial Corp. (NYSE:SNV) in the fourth quarter, Holdings Channel reports. The fund purchased 1,820 shares of the bank’s stock, valued at approximately $93,000.

Several other institutional investors and hedge funds have also bought and sold shares of SNV. Thrivent Financial for Lutherans raised its holdings 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 worth $6,525,000 after purchasing an additional 10,346 shares during the last quarter. Nordea Investment Management AB grew its position in Synovus Financial by 3.8% during the 4th quarter. Nordea Investment Management AB now owns 276,863 shares of the bank’s stock worth $14,261,000 after purchasing an additional 10,109 shares during the period. Quest Partners LLC purchased a new position in shares of Synovus Financial during the 3rd quarter valued at about $1,264,000. Quantinno Capital Management LP lifted its holdings in shares of Synovus Financial by 25.1% in the 3rd quarter. Quantinno Capital Management LP now owns 49,099 shares of the bank’s stock valued at $2,183,000 after buying an additional 9,852 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Synovus Financial by 3.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank’s stock worth $222,022,000 after buying an additional 147,599 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Synovus Financial Stock Up 1.7 %

NYSE SNV opened at $56.46 on Friday. The business has a fifty day moving average price of $54.04 and a 200 day moving average price of $49.22. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88. The company has a market cap of $8.00 billion, a P/E ratio of 18.51, a P/E/G ratio of 1.14 and a beta of 1.39. Synovus Financial Corp. has a one year low of $33.44 and a one year high of $59.92.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. The business had revenue of $580.58 million during the quarter, compared to analysts’ expectations of $566.83 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The company’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.80 earnings per share. Research analysts anticipate that Synovus Financial Corp. will post 4.86 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.69%. The ex-dividend date was Thursday, December 19th. Synovus Financial’s dividend payout ratio is currently 49.84%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SNV. Piper Sandler boosted their price target on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a report on Wednesday, December 11th. The Goldman Sachs Group boosted their target price on shares of Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Royal Bank of Canada restated an “outperform” rating and set a $64.00 price target on shares of Synovus Financial in a research report on Thursday, December 12th. Wells Fargo & Company upped their price objective on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd. Finally, StockNews.com upgraded Synovus Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Synovus Financial has a consensus rating of “Moderate Buy” and an average price target of $58.44.

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.