Advisors Asset Management Inc. Acquires 1,030 Shares of Synovus Financial Corp. (NYSE:SNV)

Advisors Asset Management Inc. grew its holdings in shares of Synovus Financial Corp. (NYSE:SNV – Free Report) by 66.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 2,586 shares of the bank’s stock after acquiring an additional 1,030 shares during the period. Advisors Asset Management Inc.’s holdings in Synovus Financial were worth $115,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Millennium Management LLC increased its holdings in Synovus Financial by 181.0% in the second quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock valued at $52,343,000 after purchasing an additional 838,932 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Synovus Financial by 9.3% in the second quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock valued at $231,597,000 after buying an additional 491,036 shares during the period. Diamond Hill Capital Management Inc. bought a new position in shares of Synovus Financial during the second quarter worth about $19,434,000. Wedge Capital Management L L P NC lifted its stake in shares of Synovus Financial by 14.9% in the second quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock worth $46,025,000 after acquiring an additional 148,842 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Synovus Financial by 81.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 230,856 shares of the bank’s stock valued at $9,249,000 after acquiring an additional 103,891 shares during the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Price Performance

Shares of NYSE:SNV opened at $57.08 on Friday. Synovus Financial Corp. has a twelve month low of $30.52 and a twelve month high of $59.92. The stock’s 50 day moving average is $50.09 and its 200-day moving average is $44.61. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $8.09 billion, a price-to-earnings ratio of 25.83, a PEG ratio of 2.07 and a beta of 1.37.

Synovus Financial (NYSE:SNV – Get Free Report) last released its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.14. The firm had revenue of $564.72 million for the quarter, compared to the consensus estimate of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The business’s revenue was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.84 earnings per share. Sell-side analysts forecast that Synovus Financial Corp. will post 4.37 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were paid a dividend of $0.38 per share. The ex-dividend date was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a yield of 2.66%. Synovus Financial’s dividend payout ratio (DPR) is currently 68.78%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on SNV shares. DA Davidson raised their price target on shares of Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Citigroup set a $59.00 target price on shares of Synovus Financial in a research note on Friday, October 18th. Raymond James raised shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price target on the stock in a research report on Tuesday, September 17th. Evercore ISI lifted their price objective on Synovus Financial from $48.00 to $54.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 30th. Finally, Truist Financial boosted their price objective on Synovus Financial from $52.00 to $57.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Seven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $53.94.

Check Out Our Latest Stock Report on SNV

Synovus Financial Company Profile

(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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