Synovus Financial Corp Acquires 8,604 Shares of Evergy, Inc. (NASDAQ:EVRG)

Synovus Financial Corp increased its stake in Evergy, Inc. (NASDAQ:EVRG - Free Report) by 97.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 17,420 shares of the company's stock after purchasing an additional 8,604 shares during the period. Synovus Financial Corp's holdings in Evergy were worth $1,080,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB bought a new position in Evergy in the third quarter valued at approximately $1,030,000. World Investment Advisors LLC boosted its holdings in shares of Evergy by 3.9% in the 3rd quarter. World Investment Advisors LLC now owns 5,715 shares of the company's stock valued at $354,000 after buying an additional 212 shares during the last quarter. Sanctuary Advisors LLC grew its stake in shares of Evergy by 45.4% in the third quarter. Sanctuary Advisors LLC now owns 23,942 shares of the company's stock valued at $1,539,000 after buying an additional 7,472 shares in the last quarter. Virtu Financial LLC acquired a new position in Evergy during the third quarter worth $692,000. Finally, M&T Bank Corp raised its position in Evergy by 0.8% during the third quarter. M&T Bank Corp now owns 170,300 shares of the company's stock worth $10,560,000 after acquiring an additional 1,272 shares in the last quarter. Institutional investors own 87.24% of the company's stock.

Evergy Stock Performance

Shares of EVRG traded up $0.08 during midday trading on Tuesday, reaching $61.50. 2,032,071 shares of the stock were exchanged, compared to its average volume of 2,045,667. The stock's 50 day simple moving average is $62.11 and its 200 day simple moving average is $58.89. The company has a market cap of $14.14 billion, a P/E ratio of 16.62, a PEG ratio of 2.77 and a beta of 0.64. Evergy, Inc. has a twelve month low of $48.04 and a twelve month high of $65.47. The company has a quick ratio of 0.32, a current ratio of 0.55 and a debt-to-equity ratio of 1.15.

Evergy (NASDAQ:EVRG - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The company reported $2.02 earnings per share for the quarter, topping the consensus estimate of $1.95 by $0.07. Evergy had a net margin of 14.77% and a return on equity of 8.77%. The business had revenue of $1.81 billion during the quarter, compared to analysts' expectations of $2.35 billion. During the same quarter in the previous year, the company earned $1.88 EPS. The business's revenue was up 8.5% on a year-over-year basis. On average, sell-side analysts expect that Evergy, Inc. will post 3.85 earnings per share for the current year.

Evergy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Thursday, November 21st will be paid a dividend of $0.6675 per share. This represents a $2.67 dividend on an annualized basis and a yield of 4.34%. The ex-dividend date is Thursday, November 21st. This is a positive change from Evergy's previous quarterly dividend of $0.64. Evergy's dividend payout ratio (DPR) is 72.16%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on EVRG shares. UBS Group upgraded shares of Evergy to a "hold" rating in a research note on Wednesday, September 18th. Mizuho assumed coverage on Evergy in a research report on Tuesday, October 29th. They issued an "outperform" rating and a $67.00 price objective for the company. Jefferies Financial Group initiated coverage on Evergy in a report on Thursday, September 19th. They set a "buy" rating and a $70.00 target price on the stock. Wells Fargo & Company increased their price target on Evergy from $65.00 to $69.00 and gave the company an "overweight" rating in a research note on Wednesday, October 16th. Finally, Barclays reduced their price objective on shares of Evergy from $67.00 to $65.00 and set an "overweight" rating for the company in a research report on Monday, October 21st. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $61.88.

Insider Buying and Selling at Evergy

In other Evergy news, EVP Kevin E. Bryant sold 48,141 shares of the firm's stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $62.93, for a total value of $3,029,513.13. Following the transaction, the executive vice president now directly owns 1 shares of the company's stock, valued at $62.93. This trade represents a 100.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 3.26% of the company's stock.

Evergy Profile

Evergy, Inc, together with its subsidiaries, engages in the generation, transmission, distribution, and sale of electricity in the United States. The company generates electricity through coal, landfill gas, uranium, and natural gas and oil sources, as well as solar, wind, other renewable sources. It serves residences, commercial firms, industrials, municipalities, and other electric utilities.