Amalgamated Bank Decreases Stock Position in Synovus Financial Corp. (NYSE:SNV)

Amalgamated Bank decreased its holdings in shares of Synovus Financial Corp. (NYSE:SNVGet Rating) by 3.4% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 101,102 shares of the bank’s stock after selling 3,521 shares during the period. Amalgamated Bank owned approximately 0.07% of Synovus Financial worth $4,954,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of SNV. Vanguard Group Inc. increased its position in shares of Synovus Financial by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 14,637,377 shares of the bank’s stock valued at $717,232,000 after acquiring an additional 207,867 shares during the period. Geode Capital Management LLC increased its holdings in shares of Synovus Financial by 6.1% in the fourth quarter. Geode Capital Management LLC now owns 1,954,818 shares of the bank’s stock valued at $93,577,000 after purchasing an additional 111,870 shares during the period. Victory Capital Management Inc. raised its stake in shares of Synovus Financial by 7.4% in the first quarter. Victory Capital Management Inc. now owns 1,591,751 shares of the bank’s stock worth $76,387,000 after purchasing an additional 109,127 shares during the last quarter. Scout Investments Inc. lifted its holdings in shares of Synovus Financial by 250.9% during the first quarter. Scout Investments Inc. now owns 1,571,380 shares of the bank’s stock worth $76,998,000 after purchasing an additional 1,123,578 shares during the period. Finally, Millennium Management LLC boosted its position in Synovus Financial by 124.2% in the fourth quarter. Millennium Management LLC now owns 1,179,766 shares of the bank’s stock valued at $56,475,000 after buying an additional 653,615 shares during the last quarter. Institutional investors and hedge funds own 80.41% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on SNV. Truist Financial reduced their price target on shares of Synovus Financial to $49.00 in a research report on Thursday, September 15th. Piper Sandler raised their target price on shares of Synovus Financial to $53.00 in a report on Friday, July 22nd. Raymond James lowered their price target on shares of Synovus Financial from $57.00 to $50.00 and set an “outperform” rating on the stock in a report on Thursday, July 7th. JPMorgan Chase & Co. reduced their price objective on Synovus Financial from $60.00 to $46.00 and set an “overweight” rating for the company in a research note on Friday, July 1st. Finally, The Goldman Sachs Group lowered their target price on Synovus Financial from $57.00 to $47.50 and set a “neutral” rating on the stock in a research note on Tuesday, May 31st. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Synovus Financial currently has a consensus rating of “Moderate Buy” and an average target price of $53.05.

Synovus Financial Price Performance

Shares of Synovus Financial stock opened at $40.00 on Wednesday. The firm has a market cap of $5.81 billion, a PE ratio of 8.35, a P/E/G ratio of 1.86 and a beta of 1.42. Synovus Financial Corp. has a twelve month low of $34.15 and a twelve month high of $54.40. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 0.45. The business has a 50-day moving average price of $40.37 and a 200 day moving average price of $41.85.

Synovus Financial (NYSE:SNVGet Rating) last posted its quarterly earnings data on Thursday, July 21st. The bank reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.07. Synovus Financial had a return on equity of 16.40% and a net margin of 34.48%. The business had revenue of $522.60 million during the quarter, compared to analysts’ expectations of $518.64 million. During the same period in the previous year, the business earned $1.20 earnings per share. The business’s revenue was up 5.0% compared to the same quarter last year. Sell-side analysts predict 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. This represents a $1.36 annualized dividend and a yield of 3.40%. The ex-dividend date is Wednesday, September 14th. Synovus Financial’s payout ratio is 28.39%.

About Synovus Financial

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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.

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

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