GAMMA Investing LLC Grows Stake in Synovus Financial Corp. (NYSE:SNV)

GAMMA Investing LLC grew its position in shares of Synovus Financial Corp. (NYSE:SNV) by 6.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,754 shares of the bank’s stock after purchasing an additional 229 shares during the period. GAMMA Investing LLC’s holdings in Synovus Financial were worth $167,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Innealta Capital LLC purchased a new position in shares of Synovus Financial during the 2nd quarter valued at $43,000. Abich Financial Wealth Management LLC grew its position in shares of Synovus Financial by 43.5% during the 1st 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 purchased a new position in shares of Synovus Financial during the 1st quarter valued at $51,000. Headlands Technologies LLC lifted its holdings in shares of Synovus Financial by 404.8% during the 2nd quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock worth $55,000 after acquiring an additional 1,105 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Synovus Financial by 18.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock worth $76,000 after acquiring an additional 298 shares during the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on SNV shares. Raymond James raised shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price objective for the company in a report on Tuesday, September 17th. Morgan Stanley lifted 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 dropped their price objective on shares of Synovus Financial from $50.00 to $48.00 and set an “in-line” rating for the company in a report on Wednesday, October 2nd. Keefe, Bruyette & Woods lifted their price objective on shares of Synovus Financial from $38.00 to $42.00 and gave the stock a “market perform” rating in a report on Tuesday, July 9th. Finally, Wells Fargo & Company downgraded shares of Synovus Financial from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $48.00 to $46.00 in a report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.94.

Synovus Financial Price Performance

SNV stock opened at $45.81 on Friday. The firm’s 50-day moving average price is $43.72 and its two-hundred day moving average price is $40.98. Synovus Financial Corp. has a 12-month low of $24.40 and a 12-month high of $47.83. The stock has a market capitalization of $6.60 billion, a price-to-earnings ratio of 28.10, a PEG ratio of 2.05 and a beta of 1.38. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.50.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) 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 company 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 earned $1.16 earnings per share. Synovus Financial’s quarterly revenue was down .7% on a year-over-year basis. As a group, equities analysts predict that Synovus Financial Corp. will post 4.02 earnings per share for the current year.

Synovus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 3.32%. The ex-dividend date was Thursday, September 19th. Synovus Financial’s dividend payout ratio is currently 93.25%.

Insider Activity at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 614 shares of the business’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $46.20, for a total transaction of $28,366.80. Following the transaction, the executive vice president now owns 14,833 shares in the company, valued at $685,284.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.81% of the stock is owned by corporate insiders.

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.