KLP Kapitalforvaltning AS Acquires Shares of 29,181 Synovus Financial Corp. (NYSE:SNV)

KLP Kapitalforvaltning AS bought a new position in shares of Synovus Financial Corp. (NYSE:SNV) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 29,181 shares of the bank’s stock, valued at approximately $1,504,000.

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

Synovus Financial Price Performance

Shares of NYSE:SNV opened at $46.12 on Friday. The company has a current ratio of 0.88, a quick 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’s 50 day moving average is $51.56 and its 200 day moving average is $51.06. The company has a market cap of $6.50 billion, a PE ratio of 15.12, a price-to-earnings-growth ratio of 1.11 and a beta of 1.36.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.09. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The firm had revenue of $580.58 million during the quarter, compared to analysts’ expectations of $566.83 million. During the same quarter last year, the company posted $0.80 earnings per share. The firm’s revenue was up 18.8% compared to the same quarter last year. On average, sell-side analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th will be paid a $0.39 dividend. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. The ex-dividend date is Thursday, March 20th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.38%. Synovus Financial’s dividend payout ratio is presently 51.15%.

Analysts Set New Price Targets

Several research analysts have recently commented on SNV shares. Piper Sandler boosted their price target on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. JPMorgan Chase & Co. increased their price target on shares of Synovus Financial from $60.50 to $62.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Synovus Financial in a research report on Monday, December 9th. They issued a “buy” rating and a $64.00 price objective on the stock. Stephens restated an “equal weight” rating and issued a $58.00 target price on shares of Synovus Financial in a research note on Thursday, January 16th. Finally, Citigroup lifted their price target on shares of Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average 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.