AlphaQuest LLC lessened its position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 73.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,579 shares of the bank's stock after selling 20,844 shares during the period. AlphaQuest LLC's holdings in Synovus Financial were worth $388,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Keystone Financial Group Inc. bought a new position in shares of Synovus Financial during the fourth quarter worth about $37,000. Quarry LP bought a new position in shares of Synovus Financial during the 3rd quarter worth approximately $41,000. Brooklyn Investment Group bought a new position in shares of Synovus Financial during the 3rd quarter worth approximately $56,000. Jones Financial Companies Lllp raised its holdings in shares of Synovus Financial by 72.7% in the fourth quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank's stock valued at $56,000 after purchasing an additional 461 shares during the last quarter. Finally, V Square Quantitative Management LLC lifted its position in shares of Synovus Financial by 69.3% in the fourth quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank's stock worth $58,000 after purchasing an additional 466 shares in the last quarter. Institutional investors and hedge funds own 83.85% of the company's stock.
Analyst Ratings Changes
A number of research firms recently weighed in on SNV. The Goldman Sachs Group raised their target price on shares of Synovus Financial from $52.00 to $62.00 and gave the company a "neutral" rating in a research report on Tuesday, November 26th. Deutsche Bank Aktiengesellschaft assumed coverage on Synovus Financial in a research report on Monday, December 9th. They issued a "buy" rating and a $64.00 target price on the stock. UBS Group assumed coverage on Synovus Financial in a research note on Tuesday, December 17th. They issued a "buy" rating and a $76.00 price target for the company. Morgan Stanley decreased their price target on Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating for the company in a research note on Thursday. Finally, Piper Sandler increased their price objective on Synovus Financial from $56.00 to $64.00 and gave the company an "overweight" rating in a report on Wednesday, December 11th. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $58.67.
Get Our Latest Report on Synovus Financial
Synovus Financial Stock Performance
SNV traded up $0.75 on Monday, reaching $46.43. The company had a trading volume of 1,526,557 shares, compared to its average volume of 1,307,795. The company's fifty day moving average is $52.69 and its 200 day moving average is $50.95. 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 stock has a market cap of $6.54 billion, a P/E ratio of 15.22, a P/E/G ratio of 1.11 and a beta of 1.36. Synovus Financial Corp. has a fifty-two week low of $33.44 and a fifty-two week high of $59.92.
Synovus Financial (NYSE:SNV - Get Free Report) last announced its earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, topping analysts' consensus estimates of $1.16 by $0.09. The company had revenue of $580.58 million for the quarter, compared to analyst estimates 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 last year, the company earned $0.80 earnings per share. As a group, analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.
Synovus Financial Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th will be given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date is Thursday, March 20th. This is a boost from Synovus Financial's previous quarterly dividend of $0.38. Synovus Financial's payout ratio is presently 51.15%.
About Synovus Financial
(
Free Report)
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.
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