Mutual of America Capital Management LLC Cuts Holdings in Synovus Financial Corp. (NYSE:SNV)

Mutual of America Capital Management LLC lowered its stake in Synovus Financial Corp. (NYSE:SNV) by 7.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 77,811 shares of the bank’s stock after selling 6,033 shares during the period. Mutual of America Capital Management LLC owned about 0.05% of Synovus Financial worth $3,460,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in SNV. Dimensional Fund Advisors LP lifted its stake in Synovus Financial by 9.3% in the second quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock worth $231,597,000 after acquiring an additional 491,036 shares during the last quarter. Millennium Management LLC lifted its position in Synovus Financial by 181.0% in the second quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock valued at $52,343,000 after acquiring an additional 838,932 shares during the last quarter. Wedge Capital Management L L P NC lifted its holdings in shares of Synovus Financial by 14.9% in the 2nd quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock valued at $46,025,000 after purchasing an additional 148,842 shares during the last quarter. Diamond Hill Capital Management Inc. purchased a new stake in Synovus Financial in the second quarter valued at approximately $19,434,000. Finally, Interval Partners LP raised its position in Synovus Financial by 14.5% in the 2nd quarter. Interval Partners LP now owns 445,160 shares of the bank’s stock valued at $17,891,000 after purchasing an additional 56,486 shares during the last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Synovus Financial Price Performance

Synovus Financial stock opened at $57.62 on Friday. The firm has a market capitalization of $8.16 billion, a PE ratio of 26.07, a P/E/G ratio of 1.99 and a beta of 1.37. Synovus Financial Corp. has a 52 week low of $29.34 and a 52 week high of $59.79. The firm’s 50-day simple moving average is $49.06 and its 200 day simple moving average is $44.09. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, beating the consensus estimate of $1.09 by $0.14. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The business had revenue of $564.72 million for the quarter, compared to analyst estimates of $557.64 million. During the same period in the prior year, the business earned $0.84 earnings per share. The company’s quarterly revenue was up 2.6% on a year-over-year basis. On average, equities research analysts predict that Synovus Financial Corp. will post 4.37 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were issued a $0.38 dividend. The ex-dividend date was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.64%. Synovus Financial’s dividend payout ratio (DPR) is 68.78%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Citigroup set a $59.00 price target on Synovus Financial in a report on Friday, October 18th. Barclays boosted their target price on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Morgan Stanley increased their price target on Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a report on Monday, October 21st. Truist Financial boosted their price objective on shares of Synovus Financial from $52.00 to $57.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Finally, Raymond James upgraded shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price for the company in a research note on Tuesday, September 17th. Seven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $52.71.

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.