Great Lakes Advisors LLC Acquires 784 Shares of Synovus Financial Corp. (NYSE:SNV)

Great Lakes Advisors LLC raised its holdings in Synovus Financial Corp. (NYSE:SNV) by 14.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,047 shares of the bank’s stock after purchasing an additional 784 shares during the period. Great Lakes Advisors LLC’s holdings in Synovus Financial were worth $310,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Keystone Financial Group Inc. purchased a new position in Synovus Financial in the 4th quarter valued at approximately $37,000. Quarry LP purchased a new position in shares of Synovus Financial in the third quarter valued at $41,000. Jones Financial Companies Lllp grew its position in shares of Synovus Financial by 72.7% in the fourth quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock valued at $56,000 after purchasing an additional 461 shares in the last quarter. V Square Quantitative Management LLC raised its stake in shares of Synovus Financial by 69.3% during the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock valued at $58,000 after purchasing an additional 466 shares during the period. Finally, Brooklyn Investment Group purchased a new stake in Synovus Financial during the 3rd quarter worth about $56,000. Institutional investors own 83.85% of the company’s stock.

Synovus Financial Stock Performance

Synovus Financial stock opened at $45.67 on Monday. The firm has a fifty day simple moving average of $52.69 and a two-hundred day simple moving average of $50.95. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. Synovus Financial Corp. has a twelve month low of $33.44 and a twelve month high of $59.92. The company has a market capitalization of $6.44 billion, a PE ratio of 14.97, a P/E/G ratio of 1.11 and a beta of 1.36.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The company had revenue of $580.58 million during the quarter, compared to analyst estimates of $566.83 million. During the same quarter in the previous year, the company posted $0.80 EPS. Synovus Financial’s revenue for the quarter was up 18.8% on a year-over-year basis. Research analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th will be issued a $0.39 dividend. This is a boost from Synovus Financial’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $1.56 annualized dividend and a dividend yield of 3.42%. Synovus Financial’s dividend payout ratio (DPR) is currently 51.15%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on SNV shares. Morgan Stanley reduced their target price on Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating for the company in a report on Thursday. JPMorgan Chase & Co. increased their target price on shares of Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Piper Sandler boosted their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research report on Wednesday, December 11th. UBS Group assumed coverage on Synovus Financial in a research report on Tuesday, December 17th. They issued a “buy” rating and a $76.00 price objective on the stock. Finally, Citigroup boosted their target price on Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, Synovus Financial has an average rating of “Moderate Buy” and a consensus target price of $58.67.

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.