Wolverine Asset Management LLC Buys Shares of 4,382 Synovus Financial Corp. (NYSE:SNV)

Wolverine Asset Management LLC purchased a new stake in shares of Synovus Financial Corp. (NYSE:SNV) in the third quarter, according to its most recent filing with the SEC. The firm purchased 4,382 shares of the bank’s stock, valued at approximately $195,000.

Other institutional investors have also modified their holdings of the company. Millennium Management LLC boosted its position in Synovus Financial by 181.0% during the second quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock worth $52,343,000 after purchasing an additional 838,932 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Synovus Financial by 9.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock worth $231,597,000 after buying an additional 491,036 shares in the last quarter. Diamond Hill Capital Management Inc. acquired a new stake in Synovus Financial in the 2nd quarter valued at about $19,434,000. Interval Partners LP increased its holdings in Synovus Financial by 74.2% during the 1st quarter. Interval Partners LP now owns 388,674 shares of the bank’s stock valued at $15,570,000 after acquiring an additional 165,548 shares in the last quarter. Finally, Wedge Capital Management L L P NC raised its position in Synovus Financial by 14.9% during 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 last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Analyst Ratings Changes

SNV has been the subject of a number of recent research reports. Truist Financial raised their price objective on shares of Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Stephens boosted their price target on Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a report on Friday, October 18th. Citigroup set a $59.00 price objective on Synovus Financial in a research note on Friday, October 18th. StockNews.com raised shares of Synovus Financial from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Finally, Barclays raised their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Seven investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, Synovus Financial presently has a consensus rating of “Moderate Buy” and an average target price of $52.71.

Synovus Financial Price Performance

SNV stock opened at $55.66 on Friday. The company has a market cap of $7.89 billion, a PE ratio of 25.19, a price-to-earnings-growth ratio of 2.10 and a beta of 1.37. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42. The stock has a 50-day moving average price of $47.57 and a two-hundred day moving average price of $43.30. Synovus Financial Corp. has a 12-month low of $29.34 and a 12-month high of $59.79.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The business had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. During the same quarter in the previous year, the business earned $0.84 EPS. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. As a group, research analysts predict that Synovus Financial Corp. will post 4.36 EPS for the current year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were issued a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 annualized dividend and a dividend yield of 2.73%. Synovus Financial’s payout ratio is 68.78%.

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.