Harbor Capital Advisors Inc. Boosts Stake in Synovus Financial Corp. (NYSE:SNV)

Harbor Capital Advisors Inc. grew its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 2.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 14,800 shares of the bank’s stock after buying an additional 302 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Synovus Financial were worth $758,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. V Square Quantitative Management LLC purchased a new stake in shares of Synovus Financial during the 3rd quarter valued at $30,000. UMB Bank n.a. raised its position in shares of Synovus Financial by 87.2% during the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock valued at $33,000 after buying an additional 348 shares in the last quarter. Quarry LP purchased a new position in Synovus Financial in the 3rd quarter worth $41,000. Brooklyn Investment Group purchased a new position in Synovus Financial in the 3rd quarter worth $56,000. Finally, Headlands Technologies LLC raised its position in Synovus Financial by 404.8% in the 2nd quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock worth $55,000 after purchasing an additional 1,105 shares during the period. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Synovus Financial Trading Up 2.0 %

Shares of SNV opened at $51.97 on Tuesday. Synovus Financial Corp. has a 1-year low of $33.44 and a 1-year high of $59.92. 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 firm’s 50-day moving average price is $54.29 and its 200-day moving average price is $48.01. The firm has a market capitalization of $7.36 billion, a price-to-earnings ratio of 23.52, a PEG ratio of 1.58 and a beta of 1.39.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, topping 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 quarter in the previous year, the firm posted $0.84 earnings per share. Synovus Financial’s quarterly revenue was up 2.6% on a year-over-year basis. Sell-side analysts anticipate that Synovus Financial Corp. will post 4.37 EPS for the current year.

Synovus Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Thursday, December 19th were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.92%. The ex-dividend date was Thursday, December 19th. Synovus Financial’s payout ratio is currently 68.78%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SNV. Evercore ISI lifted their target price on shares of Synovus Financial from $48.00 to $54.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 30th. UBS Group began coverage on shares of Synovus Financial in a research report on Tuesday, December 17th. They issued a “buy” rating and a $76.00 target price on the stock. Deutsche Bank Aktiengesellschaft began coverage on shares of Synovus Financial in a research report on Monday, December 9th. They issued a “buy” rating and a $64.00 target price on the stock. Barclays lifted their target price on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Finally, Truist Financial lifted their target price on shares of Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $57.86.

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.