Great Lakes Advisors LLC Grows Stake in Synovus Financial Corp. (NYSE:SNV)

Great Lakes Advisors LLC grew its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 14.9% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,047 shares of the bank’s stock after buying an additional 784 shares during the period. Great Lakes Advisors LLC’s holdings in Synovus Financial were worth $310,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Thrivent Financial for Lutherans increased its position in Synovus Financial by 7.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 146,734 shares of the bank’s stock valued at $6,525,000 after purchasing an additional 10,346 shares during the period. Nordea Investment Management AB increased its position in shares of Synovus Financial by 3.8% during the fourth quarter. Nordea Investment Management AB now owns 276,863 shares of the bank’s stock valued at $14,261,000 after buying an additional 10,109 shares during the period. Quest Partners LLC bought a new position in Synovus Financial in the third quarter worth about $1,264,000. Quantinno Capital Management LP boosted its position in Synovus Financial by 25.1% during the 3rd quarter. Quantinno Capital Management LP now owns 49,099 shares of the bank’s stock valued at $2,183,000 after acquiring an additional 9,852 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Synovus Financial by 3.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank’s stock worth $222,022,000 after acquiring an additional 147,599 shares during the period. Institutional investors own 83.85% of the company’s stock.

Synovus Financial Trading Up 3.4 %

Synovus Financial stock opened at $45.67 on Monday. Synovus Financial Corp. has a one year low of $33.44 and a one year high of $59.92. The business’s fifty day moving average is $52.69 and its 200 day moving average is $50.95. The stock has a market capitalization of $6.44 billion, a PE ratio of 14.97, a price-to-earnings-growth ratio of 1.11 and a beta of 1.36. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88.

Synovus Financial (NYSE:SNV) last announced its earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. The business had revenue of $580.58 million during the quarter, compared to analyst estimates of $566.83 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The company’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.80 EPS. On average, sell-side analysts predict that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $1.56 annualized dividend and a dividend yield of 3.42%. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s dividend payout ratio is presently 51.15%.

Analyst Upgrades and Downgrades

SNV has been the subject of a number of research analyst reports. Piper Sandler raised their target price on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research note on Wednesday, December 11th. UBS Group began coverage on shares of Synovus Financial in a report on Tuesday, December 17th. They set a “buy” rating and a $76.00 target price on the stock. JPMorgan Chase & Co. increased their price target on shares of Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Synovus Financial in a research note on Monday, December 9th. They set a “buy” rating and a $64.00 price objective on the stock. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $64.00 target price on shares of Synovus Financial in a research note on Thursday, December 12th. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $58.67.

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.