Synovus Financial Corp. (NYSE:SNV) Shares Bought by American Trust

American Trust grew its position in shares of Synovus Financial Corp. (NYSE:SNVGet Rating) by 96.8% in the 1st quarter, HoldingsChannel.com reports. The fund owned 9,445 shares of the bank’s stock after purchasing an additional 4,645 shares during the quarter. American Trust’s holdings in Synovus Financial were worth $463,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Sawtooth Solutions LLC acquired a new position in shares of Synovus Financial during the first quarter valued at $254,000. Gabelli Funds LLC lifted its holdings in Synovus Financial by 6.2% in the first quarter. Gabelli Funds LLC now owns 68,500 shares of the bank’s stock worth $3,357,000 after purchasing an additional 4,000 shares during the period. Alyeska Investment Group L.P. acquired a new stake in Synovus Financial in the first quarter worth about $20,823,000. Portolan Capital Management LLC lifted its holdings in Synovus Financial by 76.3% in the first quarter. Portolan Capital Management LLC now owns 146,838 shares of the bank’s stock worth $7,195,000 after purchasing an additional 63,569 shares during the period. Finally, Eaton Vance Management lifted its holdings in Synovus Financial by 527.3% in the first quarter. Eaton Vance Management now owns 77,544 shares of the bank’s stock worth $3,800,000 after purchasing an additional 65,182 shares during the period. Institutional investors and hedge funds own 80.41% of the company’s stock.

Synovus Financial Price Performance

Shares of NYSE SNV opened at $39.08 on Friday. Synovus Financial Corp. has a twelve month low of $34.15 and a twelve month high of $54.40. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $5.68 billion, a price-to-earnings ratio of 8.16, a PEG ratio of 1.86 and a beta of 1.42. The firm has a 50-day moving average of $40.22 and a two-hundred day moving average of $41.98.

Synovus Financial (NYSE:SNVGet Rating) last posted its quarterly earnings data on Thursday, July 21st. The bank reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.07. The firm had revenue of $522.60 million for the quarter, compared to the consensus estimate of $518.64 million. Synovus Financial had a return on equity of 16.40% and a net margin of 34.48%. The business’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.20 EPS. As a group, analysts expect that Synovus Financial Corp. will post 4.86 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th will be issued a dividend of $0.34 per share. The ex-dividend date is Wednesday, September 14th. This represents a $1.36 annualized dividend and a yield of 3.48%. Synovus Financial’s payout ratio is presently 28.39%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Jefferies Financial Group reduced their price objective on shares of Synovus Financial from $57.00 to $45.00 in a report on Monday, July 11th. JPMorgan Chase & Co. reduced their price objective on shares of Synovus Financial from $60.00 to $46.00 and set an “overweight” rating for the company in a report on Friday, July 1st. Raymond James reduced their price objective on shares of Synovus Financial from $57.00 to $50.00 and set an “outperform” rating for the company in a report on Thursday, July 7th. The Goldman Sachs Group reduced their price objective on shares of Synovus Financial from $57.00 to $47.50 and set a “neutral” rating for the company in a report on Tuesday, May 31st. Finally, Piper Sandler upped their price target on shares of Synovus Financial to $53.00 in a report on Friday, July 22nd. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.05.

Synovus Financial Profile

(Get Rating)

Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides commercial and retail banking products and services. It operates through three segments: Community Banking, Wholesale Banking, and Financial Management Services. The company's commercial banking services include treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.

Further Reading

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Institutional Ownership by Quarter for Synovus Financial (NYSE:SNV)

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