Verition Fund Management LLC Invests $294,000 in Synovus Financial Corp. (NYSE:SNV)

Verition Fund Management LLC bought a new stake in shares of Synovus Financial Corp. (NYSE:SNV) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 6,618 shares of the bank’s stock, valued at approximately $294,000.

Several other hedge funds also recently bought and sold shares of SNV. GAMMA Investing LLC raised its holdings in Synovus Financial by 6.5% during the third quarter. GAMMA Investing LLC now owns 3,754 shares of the bank’s stock valued at $167,000 after acquiring an additional 229 shares during the period. Fifth Third Bancorp raised its stake in Synovus Financial by 7.0% during the 2nd quarter. Fifth Third Bancorp now owns 3,760 shares of the bank’s stock valued at $151,000 after purchasing an additional 245 shares during the period. Dana Investment Advisors Inc. lifted its holdings in Synovus Financial by 0.7% in the 2nd quarter. Dana Investment Advisors Inc. now owns 35,759 shares of the bank’s stock worth $1,437,000 after purchasing an additional 254 shares in the last quarter. Hanseatic Management Services Inc. lifted its holdings in Synovus Financial by 2.6% in the 2nd quarter. Hanseatic Management Services Inc. now owns 11,885 shares of the bank’s stock worth $478,000 after purchasing an additional 303 shares in the last quarter. Finally, Wedmont Private Capital boosted its stake in Synovus Financial by 3.8% in the 3rd quarter. Wedmont Private Capital now owns 9,102 shares of the bank’s stock worth $394,000 after purchasing an additional 335 shares during the period. Institutional investors own 83.85% of the company’s stock.

Synovus Financial Trading Down 1.0 %

SNV stock opened at $54.16 on Friday. Synovus Financial Corp. has a twelve month low of $33.44 and a twelve month high of $59.92. The stock has a market capitalization of $7.67 billion, a price-to-earnings ratio of 24.51, a price-to-earnings-growth ratio of 1.58 and a beta of 1.38. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. The firm’s fifty day simple moving average is $52.71 and its two-hundred day simple moving average is $45.87.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The firm had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. During the same period in the previous year, the company earned $0.84 EPS. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, analysts anticipate that Synovus Financial Corp. will post 4.37 earnings per share for the current year.

Synovus Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th will be issued a $0.38 dividend. The ex-dividend date of this dividend is Thursday, December 19th. This represents a $1.52 annualized dividend and a dividend yield of 2.81%. Synovus Financial’s payout ratio is 68.78%.

Analysts Set New Price Targets

Several research firms have recently issued reports on SNV. Citigroup set a $59.00 price objective on shares of Synovus Financial in a research report on Friday, October 18th. Barclays lifted their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Piper Sandler increased their price objective on shares of Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a report on Wednesday. JPMorgan Chase & Co. raised their price objective on Synovus Financial from $52.00 to $59.00 and gave the company an “overweight” rating in a research report on Friday, October 18th. Finally, Raymond James upgraded Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price on the stock in a research report on Tuesday, September 17th. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $56.00.

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.