Millennium Management LLC Increases Stake in Synovus Financial Corp. (NYSE:SNV)

Millennium Management LLC grew its stake in Synovus Financial Corp. (NYSE:SNV) by 181.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,302,379 shares of the bank’s stock after purchasing an additional 838,932 shares during the period. Millennium Management LLC’s holdings in Synovus Financial were worth $52,343,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Nordea Investment Management AB boosted its holdings in Synovus Financial by 24.5% during the first quarter. Nordea Investment Management AB now owns 328,604 shares of the bank’s stock worth $13,233,000 after buying an additional 64,621 shares in the last quarter. &PARTNERS acquired a new position in shares of Synovus Financial in the second quarter worth about $284,000. Texas Permanent School Fund Corp boosted its stake in shares of Synovus Financial by 19.6% during the 2nd quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank’s stock worth $6,150,000 after acquiring an additional 25,028 shares in the last quarter. Eventide Asset Management LLC acquired a new stake in shares of Synovus Financial during the 4th quarter valued at about $968,000. Finally, Private Capital Management LLC increased its stake in shares of Synovus Financial by 6.2% in the 1st quarter. Private Capital Management LLC now owns 365,557 shares of the bank’s stock valued at $14,644,000 after purchasing an additional 21,456 shares in the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Stock Performance

NYSE SNV opened at $44.47 on Tuesday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.89 and a current ratio of 0.90. The stock’s fifty day moving average is $44.16 and its two-hundred day moving average is $40.68. The firm has a market capitalization of $6.40 billion, a P/E ratio of 15.23, a price-to-earnings-growth ratio of 3.29 and a beta of 1.39. Synovus Financial Corp. has a fifty-two week low of $24.40 and a fifty-two week high of $47.83.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Wednesday, July 17th. The bank reported $1.16 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.20. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. The firm had revenue of $563.60 million for the quarter, compared to analysts’ expectations of $543.52 million. During the same quarter in the previous year, the company posted $1.16 EPS. The company’s revenue was down .7% compared to the same quarter last year. On average, research analysts anticipate that Synovus Financial Corp. will post 4.21 earnings per share for the current year.

Synovus Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th will be paid a $0.38 dividend. The ex-dividend date is Thursday, September 19th. This represents a $1.52 annualized dividend and a dividend yield of 3.42%. Synovus Financial’s dividend payout ratio (DPR) is 52.05%.

Analyst Ratings Changes

SNV has been the topic of several research analyst reports. Keefe, Bruyette & Woods raised their price objective on Synovus Financial from $38.00 to $42.00 and gave the company a “market perform” rating in a report on Tuesday, July 9th. StockNews.com lowered shares of Synovus Financial from a “hold” rating to a “sell” rating in a report on Thursday, September 12th. Stephens increased their price objective on shares of Synovus Financial from $43.00 to $46.00 and gave the company an “equal weight” rating in a report on Friday, July 19th. Piper Sandler lifted their target price on shares of Synovus Financial from $42.00 to $53.00 and gave the company an “overweight” rating in a research report on Friday, July 19th. Finally, Wells Fargo & Company upped their price target on shares of Synovus Financial from $40.00 to $42.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.81.

Insider Transactions at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 614 shares of the stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total value of $28,366.80. Following the completion of the transaction, the executive vice president now directly owns 14,833 shares in the company, valued at $685,284.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.81% of the company’s stock.

Synovus Financial 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.