Dynamic Technology Lab Private Ltd Acquires New Position in Synovus Financial Corp. (NYSE:SNV)

Dynamic Technology Lab Private Ltd bought a new position in Synovus Financial Corp. (NYSE:SNV) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 15,342 shares of the bank’s stock, valued at approximately $682,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. V Square Quantitative Management LLC bought a new position in shares of Synovus Financial during the third quarter worth about $30,000. UMB Bank n.a. grew its position in Synovus Financial by 87.2% in the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock worth $33,000 after purchasing an additional 348 shares during the last quarter. Innealta Capital LLC acquired a new stake in shares of Synovus Financial in the second quarter valued at approximately $43,000. Abich Financial Wealth Management LLC raised its holdings in shares of Synovus Financial by 43.5% during the first quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock valued at $49,000 after buying an additional 371 shares during the last quarter. Finally, Headlands Technologies LLC boosted its position in shares of Synovus Financial by 404.8% during the second quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock worth $55,000 after buying an additional 1,105 shares during the period. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SNV has been the topic of several recent analyst reports. Citigroup set a $59.00 target price on Synovus Financial in a research note on Friday, October 18th. Royal Bank of Canada lifted their price objective on shares of Synovus Financial from $49.00 to $57.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. DA Davidson increased their target price on shares of Synovus Financial from $53.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Evercore ISI boosted their price target on shares of Synovus Financial from $48.00 to $54.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 30th. Finally, StockNews.com upgraded shares of Synovus Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Seven research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $53.94.

Synovus Financial Stock Performance

Shares of NYSE SNV opened at $57.45 on Friday. The stock’s fifty day simple moving average is $49.85 and its 200 day simple moving average is $44.52. The stock has a market capitalization of $8.14 billion, a price-to-earnings ratio of 26.00, a PEG ratio of 2.09 and a beta of 1.37. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. Synovus Financial Corp. has a 52-week low of $29.48 and a 52-week high of $59.92.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The firm had revenue of $564.72 million for the quarter, compared to the consensus estimate of $557.64 million. During the same quarter in the previous year, the company earned $0.84 EPS. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Synovus Financial Corp. will post 4.37 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were given a $0.38 dividend. The ex-dividend date was Thursday, September 19th. This represents a $1.52 annualized dividend and a dividend yield of 2.65%. Synovus Financial’s dividend payout ratio (DPR) is presently 68.78%.

About Synovus Financial

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.