Amalgamated Bank Cuts Holdings in Synovus Financial Corp. (NYSE:SNV)

Amalgamated Bank decreased its holdings in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 25.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 68,561 shares of the bank's stock after selling 23,162 shares during the quarter. Amalgamated Bank's holdings in Synovus Financial were worth $3,049,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC purchased a new stake in shares of Synovus Financial in the 3rd quarter valued at $30,000. UMB Bank n.a. raised its holdings in shares of Synovus Financial by 87.2% in the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank's stock valued at $33,000 after buying an additional 348 shares during the period. Innealta Capital LLC purchased a new stake in shares of Synovus Financial in the 2nd quarter valued at $43,000. Abich Financial Wealth Management LLC raised its holdings in shares of Synovus Financial by 43.5% in the 1st quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank's stock valued at $49,000 after buying an additional 371 shares during the period. Finally, Headlands Technologies LLC raised its holdings in shares of Synovus Financial by 404.8% in the 2nd quarter. Headlands Technologies LLC now owns 1,378 shares of the bank's stock valued at $55,000 after buying an additional 1,105 shares during the period. Institutional investors and hedge funds own 83.85% of the company's stock.

Synovus Financial Stock Performance

Shares of NYSE SNV traded up $1.92 during trading hours on Monday, reaching $58.72. The stock had a trading volume of 1,345,382 shares, compared to its average volume of 1,418,436. The firm has a market cap of $8.32 billion, a price-to-earnings ratio of 26.57, a PEG ratio of 2.05 and a beta of 1.37. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42. Synovus Financial Corp. has a fifty-two week low of $26.76 and a fifty-two week high of $59.79. The firm has a 50-day moving average of $46.81 and a 200-day moving average of $42.97.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.09 by $0.14. The firm had revenue of $564.72 million during the quarter, compared to analysts' expectations of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The business's revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.84 EPS. Equities research analysts predict that Synovus Financial Corp. will post 4.36 earnings per share for the current year.

Synovus Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a yield of 2.59%. Synovus Financial's payout ratio is 68.78%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SNV. JPMorgan Chase & Co. boosted their price objective on Synovus Financial from $52.00 to $59.00 and gave the company an "overweight" rating in a report on Friday, October 18th. Barclays upped their price target on Synovus Financial from $56.00 to $64.00 and gave the stock an "overweight" rating in a report on Friday. Truist Financial upped their price target on Synovus Financial from $52.00 to $57.00 and gave the stock a "buy" rating in a report on Monday, October 21st. StockNews.com upgraded Synovus Financial from a "sell" rating to a "hold" rating in a report on Friday, October 18th. Finally, DA Davidson upped their price target on Synovus Financial from $53.00 to $60.00 and gave the stock a "buy" rating in a report on Friday, October 18th. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $52.71.

Synovus Financial Company 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.