Park Avenue Securities LLC Makes New Investment in Synovus Financial Corp. (NYSE:SNV)

Park Avenue Securities LLC bought a new position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 4,965 shares of the bank's stock, valued at approximately $254,000.

Other institutional investors have also recently modified their holdings of the company. FMR LLC lifted its holdings in Synovus Financial by 5.4% during the third quarter. FMR LLC now owns 11,626,424 shares of the bank's stock valued at $517,027,000 after purchasing an additional 598,644 shares in the last quarter. Wellington Management Group LLP lifted its stake in Synovus Financial by 12.8% in the 3rd quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank's stock valued at $430,213,000 after buying an additional 1,095,557 shares in the last quarter. State Street Corp lifted its stake in Synovus Financial by 3.2% in the 3rd quarter. State Street Corp now owns 6,561,056 shares of the bank's stock valued at $294,255,000 after buying an additional 201,362 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Synovus Financial by 3.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank's stock worth $222,022,000 after buying an additional 147,599 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Synovus Financial by 0.9% during the third quarter. Geode Capital Management LLC now owns 2,419,737 shares of the bank's stock valued at $107,633,000 after acquiring an additional 22,549 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts 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. Truist Financial upped their target price 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. The Goldman Sachs Group raised their price target on shares of Synovus Financial from $52.00 to $62.00 and gave the stock a "neutral" rating in a research note on Tuesday, November 26th. Evercore ISI upped their price objective on shares of Synovus Financial from $48.00 to $54.00 and gave the company an "in-line" rating in a research note on Wednesday, October 30th. Finally, UBS Group assumed coverage on shares of Synovus Financial in a research note on Tuesday, December 17th. They issued a "buy" rating and a $76.00 target price on the stock. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat, Synovus Financial presently has a consensus rating of "Moderate Buy" and an average price target of $58.44.

Synovus Financial Trading Up 0.2 %

Shares of SNV stock traded up $0.11 on Friday, hitting $55.28. The stock had a trading volume of 1,133,928 shares, compared to its average volume of 1,086,074. The company's 50 day moving average price is $54.04 and its 200-day moving average price is $48.89. Synovus Financial Corp. has a 1 year low of $33.44 and a 1 year high of $59.92. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. The firm has a market capitalization of $7.83 billion, a P/E ratio of 18.13, a P/E/G ratio of 1.14 and a beta of 1.39.

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. 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 for 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 revenue for the quarter was up 18.8% compared to the same quarter last year. Analysts anticipate that Synovus Financial Corp. will post 4.86 earnings per share for the current year.

Synovus Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th were given a $0.38 dividend. The ex-dividend date of this dividend was Thursday, December 19th. This represents a $1.52 annualized dividend and a yield of 2.75%. Synovus Financial's dividend payout ratio is presently 49.84%.

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.