Meeder Asset Management Inc. Acquires Shares of 32,430 Synovus Financial Corp. (NYSE:SNV)

Meeder Asset Management Inc. bought a new position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 32,430 shares of the bank's stock, valued at approximately $1,661,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cerity Partners LLC raised its position in Synovus Financial by 138.4% in the 3rd quarter. Cerity Partners LLC now owns 14,728 shares of the bank's stock valued at $655,000 after buying an additional 8,549 shares during the last quarter. Fisher Asset Management LLC lifted its position in Synovus Financial by 4.5% during the 3rd quarter. Fisher Asset Management LLC now owns 13,068 shares of the bank's stock worth $581,000 after buying an additional 561 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Synovus Financial by 980.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 58,558 shares of the bank's stock worth $2,604,000 after buying an additional 53,140 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Synovus Financial in the 3rd quarter valued at about $1,523,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Synovus Financial by 2.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,509 shares of the bank's stock valued at $1,312,000 after acquiring an additional 712 shares during the last quarter. Institutional investors and hedge funds own 83.85% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SNV. Stephens restated an "equal weight" rating and issued a $58.00 price target on shares of Synovus Financial in a research note on Thursday, January 16th. Morgan Stanley dropped their price target on shares of Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating on the stock in a research report on Thursday, March 13th. Citigroup boosted their price objective on shares of Synovus Financial from $59.00 to $62.00 and gave the stock a "buy" rating in a research note on Friday, January 17th. Piper Sandler upped their target price on shares of Synovus Financial from $56.00 to $64.00 and gave the company an "overweight" rating in a report on Wednesday, December 11th. Finally, Royal Bank of Canada reiterated an "outperform" rating and set a $64.00 price target on shares of Synovus Financial in a report on Thursday, December 12th. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $58.67.

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Synovus Financial Stock Performance

NYSE SNV traded up $1.02 during trading on Wednesday, reaching $46.78. The company's stock had a trading volume of 1,148,442 shares, compared to its average volume of 1,399,258. The firm has a 50 day moving average price of $51.21 and a 200 day moving average price of $51.20. Synovus Financial Corp. has a 12 month low of $33.44 and a 12 month high of $59.92. The firm has a market capitalization of $6.59 billion, a price-to-earnings ratio of 15.34, a price-to-earnings-growth ratio of 1.11 and a beta of 1.36. 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 (NYSE:SNV - Get Free Report) last issued its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.16 by $0.09. The business had revenue of $580.58 million for the quarter, compared to the consensus estimate of $566.83 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The firm's quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.80 earnings per share. As a group, equities analysts anticipate that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Thursday, March 20th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 3.33%. The ex-dividend date was Thursday, March 20th. This is an increase from Synovus Financial's previous quarterly dividend of $0.38. Synovus Financial's payout ratio is 51.15%.

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.