Handelsbanken Fonder AB Has $1.66 Million Stake in Synovus Financial Corp. (NYSE:SNV)

Handelsbanken Fonder AB grew its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 46.7% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 37,372 shares of the bank’s stock after buying an additional 11,900 shares during the period. Handelsbanken Fonder AB’s holdings in Synovus Financial were worth $1,662,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in SNV. Innealta Capital LLC acquired a new position in Synovus Financial in the 2nd quarter valued at approximately $43,000. Abich Financial Wealth Management LLC raised its stake in shares of Synovus Financial by 43.5% in the first quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock valued at $49,000 after purchasing an additional 371 shares in the last quarter. Fidelis Capital Partners LLC bought a new position in Synovus Financial in the first quarter worth $51,000. Headlands Technologies LLC boosted its stake in Synovus Financial by 404.8% during the second quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock worth $55,000 after buying an additional 1,105 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in Synovus Financial by 18.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock valued at $76,000 after buying an additional 298 shares during the period. Institutional investors own 83.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SNV. Morgan Stanley raised their price objective on shares of Synovus Financial from $41.00 to $51.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Evercore ISI decreased their price objective on Synovus Financial from $50.00 to $48.00 and set an “in-line” rating on the stock in a report on Wednesday, October 2nd. Royal Bank of Canada upped their price objective on Synovus Financial from $45.00 to $49.00 and gave the company an “outperform” rating in a research note on Friday, July 19th. Piper Sandler raised their target price on Synovus Financial from $42.00 to $53.00 and gave the stock an “overweight” rating in a research report on Friday, July 19th. Finally, DA Davidson upped their price target on Synovus Financial from $47.00 to $55.00 and gave the company a “buy” rating in a research report on Friday, July 19th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $47.94.

Synovus Financial Price Performance

SNV opened at $43.98 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.90 and a quick ratio of 0.89. The stock has a market capitalization of $6.44 billion, a P/E ratio of 15.06, a price-to-earnings-growth ratio of 3.44 and a beta of 1.38. The company’s 50 day simple moving average is $43.64 and its 200-day simple moving average is $40.92. Synovus Financial Corp. has a one year low of $24.40 and a one year high of $47.83.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, July 17th. The bank reported $1.16 EPS for the quarter, beating the consensus estimate of $0.96 by $0.20. Synovus Financial had a return on equity of 12.76% and a net margin of 8.40%. The company had revenue of $563.60 million during the quarter, compared to analysts’ expectations of $543.52 million. During the same period last year, the firm earned $1.16 EPS. The business’s revenue for the quarter was down .7% on a year-over-year basis. Sell-side analysts anticipate that Synovus Financial Corp. will post 4.03 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a yield of 3.46%. Synovus Financial’s payout ratio is presently 52.05%.

Insider Activity

In related news, EVP Thomas T. Dierdorff sold 614 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total transaction of $28,366.80. Following the completion of the sale, the executive vice president now directly owns 14,833 shares of the company’s stock, valued at $685,284.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 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.