Tidal Investments LLC acquired a new position in shares of Synovus Financial Corp. (NYSE:SNV – Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,340 shares of the bank’s stock, valued at approximately $222,000.
Several other large investors have also recently added to or reduced their stakes in the company. FMR LLC grew its stake in Synovus Financial by 3.6% during the fourth quarter. FMR LLC now owns 12,041,625 shares of the bank’s stock worth $616,892,000 after buying an additional 415,201 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Synovus Financial by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,109,856 shares of the bank’s stock worth $261,778,000 after buying an additional 117,242 shares during the last quarter. Silvercrest Asset Management Group LLC grew its stake in shares of Synovus Financial by 2.3% during the fourth quarter. Silvercrest Asset Management Group LLC now owns 2,370,521 shares of the bank’s stock valued at $121,442,000 after purchasing an additional 53,286 shares during the last quarter. First Trust Advisors LP grew its stake in shares of Synovus Financial by 4.5% during the fourth quarter. First Trust Advisors LP now owns 1,827,247 shares of the bank’s stock valued at $93,610,000 after purchasing an additional 77,876 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Synovus Financial during the fourth quarter valued at approximately $77,209,000. 83.85% of the stock is owned by institutional investors.
Synovus Financial Trading Down 0.4%
SNV opened at $47.88 on Friday. The firm’s fifty day moving average is $44.52 and its two-hundred day moving average is $50.00. 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 firm has a market cap of $6.66 billion, a PE ratio of 15.70, a price-to-earnings-growth ratio of 1.11 and a beta of 1.13. Synovus Financial Corp. has a twelve month low of $35.81 and a twelve month high of $59.92.
Synovus Financial (NYSE:SNV – Get Free Report) last posted its earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.19. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The company had revenue of $573.24 million for the quarter, compared to analyst estimates of $572.35 million. Equities research analysts anticipate that Synovus Financial Corp. will post 4.89 EPS for the current year.
Synovus Financial Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Thursday, March 20th were issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.26%. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Thursday, March 20th. Synovus Financial’s dividend payout ratio (DPR) is presently 43.70%.
Wall Street Analyst Weigh In
Several research firms have recently commented on SNV. Barclays decreased their price target on shares of Synovus Financial from $66.00 to $60.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. Wells Fargo & Company decreased their price target on shares of Synovus Financial from $60.00 to $50.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 9th. Royal Bank of Canada decreased their price target on shares of Synovus Financial from $64.00 to $52.00 and set an “outperform” rating on the stock in a research note on Monday, April 21st. Raymond James cut shares of Synovus Financial from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 2nd. Finally, Truist Financial began coverage on shares of Synovus Financial in a research note on Tuesday, May 13th. They set a “buy” rating and a $56.00 price target on the stock. Nine investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.56.
View Our Latest Stock Analysis on Synovus Financial
Synovus Financial Company Profile
(Free Report)
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.
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