AM Investment Strategies LLC Has $20.17 Million Stock Position in Synovus Financial Corp. (NYSE:SNV)

AM Investment Strategies LLC trimmed its stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 45.6% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 453,658 shares of the bank's stock after selling 380,753 shares during the period. Synovus Financial makes up 4.9% of AM Investment Strategies LLC's investment portfolio, making the stock its 4th largest holding. AM Investment Strategies LLC owned 0.32% of Synovus Financial worth $20,174,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its position in Synovus Financial by 9.3% in the second quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank's stock worth $231,597,000 after purchasing an additional 491,036 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Synovus Financial by 181.0% in the 2nd 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 during the period. Wedge Capital Management L L P NC boosted its holdings in shares of Synovus Financial by 14.9% in the second quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank's stock worth $46,025,000 after buying an additional 148,842 shares during the last quarter. Diamond Hill Capital Management Inc. bought a new stake in Synovus Financial during the second quarter valued at approximately $19,434,000. Finally, Interval Partners LP increased its holdings in Synovus Financial by 14.5% during the second quarter. Interval Partners LP now owns 445,160 shares of the bank's stock valued at $17,891,000 after buying an additional 56,486 shares during the last quarter. Institutional investors own 83.85% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on SNV shares. Morgan Stanley lifted 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 note on Monday, October 21st. Truist Financial lifted their target price on Synovus Financial from $52.00 to $57.00 and gave the company a "buy" rating in a research report on Monday, October 21st. Keefe, Bruyette & Woods upped their price target on Synovus Financial from $38.00 to $42.00 and gave the stock a "market perform" rating in a research report on Tuesday, July 9th. JPMorgan Chase & Co. raised their price objective on Synovus Financial from $52.00 to $59.00 and gave the stock an "overweight" rating in a research note on Friday, October 18th. Finally, DA Davidson boosted their price objective on Synovus Financial from $53.00 to $60.00 and gave the company a "buy" rating in a research note on Friday, October 18th. Seven investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $52.24.

Synovus Financial Price Performance

SNV stock traded down $0.48 during mid-day trading on Friday, hitting $49.39. The company had a trading volume of 1,037,427 shares, compared to its average volume of 1,614,833. The company has a 50-day moving average price of $45.74 and a 200 day moving average price of $42.09. Synovus Financial Corp. has a 12-month low of $26.52 and a 12-month high of $51.69. The company has a market capitalization of $7.11 billion, a price-to-earnings ratio of 22.35, a P/E/G ratio of 1.81 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 (NYSE:SNV - Get Free Report) last posted its earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, topping analysts' consensus estimates of $1.09 by $0.14. The company had revenue of $564.72 million for the quarter, compared to the consensus estimate of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The firm's revenue for the quarter was up 2.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.84 earnings per share. On average, research analysts anticipate that Synovus Financial Corp. will post 4.34 earnings per share for the current year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial's dividend payout ratio (DPR) is presently 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.