Metis Global Partners LLC Sells 539 Shares of Synovus Financial Corp. (NYSE:SNV)

Metis Global Partners LLC reduced its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 8.8% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 5,587 shares of the bank’s stock after selling 539 shares during the quarter. Metis Global Partners LLC’s holdings in Synovus Financial were worth $248,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its holdings in Synovus Financial by 9.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock valued at $231,597,000 after purchasing an additional 491,036 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Synovus Financial by 181.0% in the second quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock valued at $52,343,000 after buying an additional 838,932 shares during the last quarter. Wedge Capital Management L L P NC lifted its position in Synovus Financial by 14.9% during the 2nd quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock worth $46,025,000 after buying an additional 148,842 shares in the last quarter. Diamond Hill Capital Management Inc. bought a new stake in Synovus Financial during the 2nd quarter worth about $19,434,000. Finally, Interval Partners LP increased its position in Synovus Financial by 14.5% in the 2nd quarter. Interval Partners LP now owns 445,160 shares of the bank’s stock valued at $17,891,000 after acquiring an additional 56,486 shares in the last quarter. 83.85% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on SNV shares. Truist Financial upped their target price on shares of Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Royal Bank of Canada increased their price objective on Synovus Financial from $49.00 to $57.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Stephens boosted their target price on Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Friday, October 18th. Barclays raised their price target on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Finally, Wells Fargo & Company cut Synovus Financial from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $48.00 to $46.00 in a report on Tuesday, October 1st. Seven research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Synovus Financial currently has a consensus rating of “Moderate Buy” and an average price target of $52.71.

Synovus Financial Stock Performance

SNV stock opened at $55.21 on Wednesday. Synovus Financial Corp. has a 1-year low of $29.34 and a 1-year high of $59.79. The business’s 50-day moving average price is $48.31 and its two-hundred day moving average price is $43.79. The firm has a market cap of $7.82 billion, a PE ratio of 24.98, a P/E/G ratio of 2.01 and a beta of 1.37. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.14. The business had revenue of $564.72 million during the quarter, compared to analyst estimates of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. Synovus Financial’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.84 EPS. As a group, research analysts forecast that Synovus Financial Corp. will post 4.36 earnings per share for the current year.

Synovus Financial Dividend Announcement

The business also recently disclosed 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 of this dividend was Thursday, September 19th. This represents a $1.52 annualized dividend and a yield of 2.75%. Synovus Financial’s dividend payout ratio is currently 68.78%.

Synovus Financial Company 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.