Aigen Investment Management LP Purchases New Shares in Synovus Financial Corp. (NYSE:SNV)

Aigen Investment Management LP bought a new position in Synovus Financial Corp. (NYSE:SNV - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 9,191 shares of the bank's stock, valued at approximately $409,000.

Several other hedge funds have also bought and sold shares of the stock. Dimensional Fund Advisors LP raised its holdings in shares of Synovus Financial by 9.3% in 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 Synovus Financial by 181.0% in the second quarter. Millennium Management LLC now owns 1,302,379 shares of the bank's stock worth $52,343,000 after purchasing an additional 838,932 shares in the last quarter. Wedge Capital Management L L P NC lifted its position in shares of Synovus Financial by 14.9% during the second quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank's stock valued at $46,025,000 after buying an additional 148,842 shares during the last quarter. Diamond Hill Capital Management Inc. purchased a new position in shares of Synovus Financial in the 2nd quarter worth approximately $19,434,000. Finally, Interval Partners LP raised its stake in shares of Synovus Financial by 14.5% during the 2nd quarter. Interval Partners LP now owns 445,160 shares of the bank's stock worth $17,891,000 after acquiring an additional 56,486 shares in the last quarter. Hedge funds and other institutional investors own 83.85% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on SNV shares. Wells Fargo & Company lowered Synovus Financial from an "overweight" rating to an "equal weight" rating and reduced their target price for the company from $48.00 to $46.00 in a research report on Tuesday, October 1st. StockNews.com raised shares of Synovus Financial from a "sell" rating to a "hold" rating in a research report on Friday, October 18th. Truist Financial raised their price target on shares of Synovus Financial from $52.00 to $57.00 and gave the stock a "buy" rating in a report on Monday, October 21st. Barclays lifted their price target on Synovus Financial from $56.00 to $64.00 and gave the stock an "overweight" rating in a research report on Friday, November 8th. Finally, Royal Bank of Canada lifted their target price on Synovus Financial from $49.00 to $57.00 and gave the stock an "outperform" rating in a report on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat.com, Synovus Financial has an average rating of "Moderate Buy" and an average target price of $52.71.

Synovus Financial Price Performance

Synovus Financial stock traded up $0.05 during trading hours on Friday, hitting $55.72. 1,035,733 shares of the company traded hands, compared to its average volume of 1,412,493. The firm has a market cap of $7.89 billion, a P/E ratio of 25.21, a P/E/G ratio of 2.05 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 1-year low of $29.34 and a 1-year high of $59.79. The firm's 50-day simple moving average is $47.83 and its two-hundred day simple moving average is $43.44.

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

Synovus Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were issued a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 annualized dividend and a dividend yield of 2.73%. Synovus Financial's payout ratio is 68.78%.

Synovus Financial 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.