Trexquant Investment LP boosted its holdings in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 478.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 270,732 shares of the bank's stock after acquiring an additional 223,929 shares during the period. Trexquant Investment LP owned about 0.19% of Synovus Financial worth $13,870,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Keystone Financial Group Inc. purchased a new stake in shares of Synovus Financial in the 4th quarter worth approximately $37,000. Quarry LP purchased a new stake in Synovus Financial during the third quarter worth $41,000. Jones Financial Companies Lllp boosted its position in Synovus Financial by 72.7% during the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank's stock valued at $56,000 after acquiring an additional 461 shares in the last quarter. V Square Quantitative Management LLC increased its holdings in shares of Synovus Financial by 69.3% in the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank's stock valued at $58,000 after acquiring an additional 466 shares during the period. Finally, Millstone Evans Group LLC bought a new position in shares of Synovus Financial in the 4th quarter worth $59,000. 83.85% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
A number of brokerages recently weighed in on SNV. Deutsche Bank Aktiengesellschaft initiated coverage on Synovus Financial in a research report on Monday, December 9th. They set a "buy" rating and a $64.00 price objective on the stock. Citigroup increased their target price on shares of Synovus Financial from $59.00 to $62.00 and gave the company a "buy" rating in a research report on Friday, January 17th. JPMorgan Chase & Co. lifted their price target on shares of Synovus Financial from $60.50 to $62.00 and gave the stock an "overweight" rating in a report on Friday, January 17th. 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. Finally, Stephens restated an "equal weight" rating and set a $58.00 target price on shares of Synovus Financial in a research note on Thursday, January 16th. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $58.67.
Read Our Latest Analysis on SNV
Synovus Financial Stock Performance
Shares of SNV stock traded down $1.90 during trading hours on Friday, hitting $38.21. The company's stock had a trading volume of 2,631,353 shares, compared to its average volume of 1,410,759. The stock has a market cap of $5.39 billion, a PE ratio of 12.53, a price-to-earnings-growth ratio of 1.11 and a beta of 1.16. Synovus Financial Corp. has a 12-month low of $33.44 and a 12-month high of $59.92. The company has a 50 day moving average of $50.40 and a 200 day moving average of $51.09. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37.
Synovus Financial (NYSE:SNV - Get Free Report) last posted its earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.16 by $0.09. The company had revenue of $580.58 million during the quarter, compared to the consensus estimate of $566.83 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The firm's quarterly revenue was up 18.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.80 earnings per share. On average, sell-side analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.
Synovus Financial Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Thursday, March 20th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 4.08%. This is a positive change from Synovus Financial's previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Thursday, March 20th. Synovus Financial's dividend payout ratio (DPR) is 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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