Mather Group LLC. Takes $144,000 Position in Synovus Financial Corp. (NYSE:SNV)

Mather Group LLC. bought a new stake in shares of Synovus Financial Corp. (NYSE:SNV) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 3,814 shares of the bank’s stock, valued at approximately $144,000.

Several other hedge funds have also modified their holdings of SNV. Wellington Management Group LLP lifted its holdings in shares of Synovus Financial by 56.9% during the fourth quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock valued at $295,127,000 after purchasing an additional 2,843,488 shares during the last quarter. Channing Capital Management LLC purchased a new stake in Synovus Financial in the 4th quarter worth about $72,201,000. Norges Bank purchased a new stake in Synovus Financial in the 4th quarter worth about $59,941,000. North Reef Capital Management LP lifted its stake in Synovus Financial by 52.7% in the 3rd quarter. North Reef Capital Management LP now owns 4,485,000 shares of the bank’s stock worth $124,683,000 after acquiring an additional 1,548,370 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Synovus Financial by 24.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,177,889 shares of the bank’s stock worth $194,951,000 after acquiring an additional 1,016,231 shares in the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Stock Performance

Shares of NYSE SNV opened at $36.92 on Friday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market cap of $5.41 billion, a price-to-earnings ratio of 12.64, a P/E/G ratio of 5.02 and a beta of 1.41. The business’s 50-day simple moving average is $37.82 and its 200-day simple moving average is $37.63. Synovus Financial Corp. has a 52 week low of $24.40 and a 52 week high of $40.92.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Thursday, April 18th. The bank reported $0.79 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). The company had revenue of $537.73 million for the quarter, compared to analyst estimates of $547.62 million. Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The business’s revenue was down 12.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.33 EPS. As a group, equities research analysts expect that Synovus Financial Corp. will post 3.82 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Thursday, June 20th will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 4.12%. The ex-dividend date of this dividend is Thursday, June 20th. Synovus Financial’s dividend payout ratio (DPR) is currently 52.05%.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, major shareholder Eli Samaha sold 172,889 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $25.20, for a total value of $4,356,802.80. Following the sale, the insider now owns 1,293,259 shares of the company’s stock, valued at approximately $32,590,126.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Synovus Financial news, EVP D Wayne Akins, Jr. bought 24,500 shares of the stock in a transaction on Friday, June 7th. The shares were purchased at an average price of $37.40 per share, with a total value of $916,300.00. Following the acquisition, the executive vice president now directly owns 41,884 shares of the company’s stock, valued at approximately $1,566,461.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Eli Samaha sold 172,889 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $25.20, for a total value of $4,356,802.80. Following the completion of the sale, the insider now directly owns 1,293,259 shares in the company, valued at approximately $32,590,126.80. The disclosure for this sale can be found here. Insiders have sold 179,712 shares of company stock valued at $4,528,878 in the last 90 days. 0.81% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SNV. Royal Bank of Canada reduced their price objective on Synovus Financial from $44.00 to $41.00 and set an “outperform” rating for the company in a research note on Friday, April 19th. Jefferies Financial Group reduced their price objective on Synovus Financial from $46.00 to $43.00 and set a “buy” rating for the company in a research note on Monday, April 8th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $38.00 price objective (down from $46.00) on shares of Synovus Financial in a research note on Friday, April 19th. DA Davidson increased their price objective on Synovus Financial from $43.00 to $47.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. Finally, Piper Sandler cut their price target on Synovus Financial from $46.00 to $42.00 and set an “overweight” rating for the company in a research note on Friday, April 19th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $41.50.

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.