Mirae Asset Global Investments Co. Ltd. Has $5.33 Million Position in Synovus Financial Corp. (NYSE:SNV)

Mirae Asset Global Investments Co. Ltd. boosted its stake in Synovus Financial Corp. (NYSE:SNV - Free Report) by 16.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 104,205 shares of the bank's stock after acquiring an additional 14,910 shares during the period. Mirae Asset Global Investments Co. Ltd. owned 0.07% of Synovus Financial worth $5,334,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Montgomery Investment Management Inc. raised its holdings in Synovus Financial by 0.6% in the fourth quarter. Montgomery Investment Management Inc. now owns 42,493 shares of the bank's stock valued at $2,177,000 after acquiring an additional 235 shares in the last quarter. Deroy & Devereaux Private Investment Counsel Inc. raised its holdings in shares of Synovus Financial by 0.3% during the fourth quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 103,480 shares of the bank's stock worth $5,301,000 after purchasing an additional 270 shares during the period. R Squared Ltd acquired a new stake in shares of Synovus Financial during the fourth quarter worth $93,000. KBC Group NV raised its holdings in shares of Synovus Financial by 34.8% during the fourth quarter. KBC Group NV now owns 6,014 shares of the bank's stock worth $308,000 after purchasing an additional 1,554 shares during the period. Finally, Blue Trust Inc. raised its holdings in shares of Synovus Financial by 934.0% during the fourth quarter. Blue Trust Inc. now owns 246,686 shares of the bank's stock worth $12,638,000 after purchasing an additional 222,828 shares during the period. 83.85% of the stock is owned by institutional investors and hedge funds.

Synovus Financial Price Performance

Shares of NYSE:SNV traded up $0.59 during trading hours on Tuesday, hitting $55.71. 1,658,516 shares of the company's stock traded hands, compared to its average volume of 1,317,778. Synovus Financial Corp. has a 52 week low of $33.44 and a 52 week high of $59.92. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88. The company's fifty day simple moving average is $53.82 and its two-hundred day simple moving average is $49.84. The company has a market cap of $7.89 billion, a price-to-earnings ratio of 18.27, a price-to-earnings-growth ratio of 1.17 and a beta of 1.39.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, beating analysts' consensus estimates of $1.16 by $0.09. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The company had revenue of $580.58 million during the quarter, compared to analyst estimates of $566.83 million. During the same period in the prior year, the firm earned $0.80 earnings per share. The business's quarterly revenue was up 18.8% on a year-over-year basis. As a group, equities analysts anticipate that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th were paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date of this dividend was Thursday, December 19th. Synovus Financial's dividend payout ratio is presently 49.84%.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. DA Davidson upped their price target on shares of Synovus Financial from $53.00 to $60.00 and gave the stock a "buy" rating in a research report on Friday, October 18th. Piper Sandler upped their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an "overweight" rating in a research report on Wednesday, December 11th. Barclays upped their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an "overweight" rating in a research report on Friday, November 8th. The Goldman Sachs Group upped their price target on shares of Synovus Financial from $52.00 to $62.00 and gave the stock a "neutral" rating in a research report on Tuesday, November 26th. Finally, Wells Fargo & Company upped their price target on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an "equal weight" rating in a research report on Tuesday, December 3rd. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat.com, Synovus Financial currently has an average rating of "Moderate Buy" and an average price target of $58.44.

About Synovus Financial

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.