Corebridge Financial Inc. Decreases Stake in Synovus Financial Corp. (NYSE:SNV)

Corebridge Financial Inc. decreased its holdings in Synovus Financial Corp. (NYSE:SNV) by 5.8% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 160,313 shares of the bank’s stock after selling 9,938 shares during the quarter. Corebridge Financial Inc.’s holdings in Synovus Financial were worth $8,213,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Keystone Financial Group Inc. acquired a new position in shares of Synovus Financial during the 4th quarter worth $37,000. Quarry LP purchased a new stake in Synovus Financial during the third quarter worth about $41,000. Brooklyn Investment Group acquired a new position in Synovus Financial during the third quarter worth about $56,000. Jones Financial Companies Lllp increased its holdings in 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 buying an additional 461 shares in the last quarter. Finally, V Square Quantitative Management LLC lifted its position in shares of Synovus Financial by 69.3% during 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. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Price Performance

SNV stock opened at $47.47 on Friday. The stock has a market capitalization of $6.69 billion, a price-to-earnings ratio of 15.56, a price-to-earnings-growth ratio of 1.11 and a beta of 1.36. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. Synovus Financial Corp. has a 52-week low of $33.44 and a 52-week high of $59.92. The stock’s fifty day simple moving average is $51.73 and its 200-day simple moving average is $51.04.

Synovus Financial (NYSE:SNV) 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 return on equity of 14.70% and a net margin of 14.05%. The firm had revenue of $580.58 million for the quarter, compared to analyst estimates of $566.83 million. During the same period last year, the company earned $0.80 EPS. The firm’s quarterly revenue was up 18.8% on a year-over-year basis. Equities research analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Thursday, March 20th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 3.29%. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. The ex-dividend date is Thursday, March 20th. Synovus Financial’s payout ratio is presently 51.15%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on SNV shares. Morgan Stanley dropped their price objective on Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating for the company in a research note on Thursday, March 13th. Stephens restated an “equal weight” rating and issued a $58.00 price target on shares of Synovus Financial in a research report on Thursday, January 16th. Piper Sandler boosted their price objective on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. JPMorgan Chase & Co. increased their price objective on shares of Synovus Financial from $60.50 to $62.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Finally, UBS Group began coverage on shares of Synovus Financial in a research report on Tuesday, December 17th. They set a “buy” rating and a $76.00 target price for the company. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, Synovus Financial currently has an average rating of “Moderate Buy” and an average price target of $58.67.

About Synovus Financial

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.