CIBC Asset Management Inc Invests $231,000 in Synovus Financial Corp. (NYSE:SNV)

CIBC Asset Management Inc acquired a new position in Synovus Financial Corp. (NYSE:SNV) in the 4th quarter, Holdings Channel reports. The institutional investor acquired 4,500 shares of the bank’s stock, valued at approximately $231,000.

Other institutional investors also recently modified their holdings of the company. Keystone Financial Group Inc. bought a new position in Synovus Financial during the fourth quarter worth about $37,000. Quarry LP bought a new position in Synovus Financial during the third quarter worth about $41,000. V Square Quantitative Management LLC raised its holdings in shares of Synovus Financial by 69.3% during the fourth quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock worth $58,000 after acquiring an additional 466 shares during the period. Brooklyn Investment Group acquired a new stake in shares of Synovus Financial during the third quarter worth $56,000. Finally, Farther Finance Advisors LLC raised its holdings in shares of Synovus Financial by 474.9% during the third quarter. Farther Finance Advisors LLC now owns 1,466 shares of the bank’s stock worth $65,000 after acquiring an additional 1,211 shares during the period. Institutional investors and hedge funds own 83.85% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on SNV. UBS Group started coverage on shares of Synovus Financial in a research note on Tuesday, December 17th. They set a “buy” rating and a $76.00 price target for the company. Stephens reaffirmed an “equal weight” rating and issued a $58.00 target price on shares of Synovus Financial in a report on Thursday, January 16th. The Goldman Sachs Group upped their price objective on shares of Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Royal Bank of Canada reiterated an “outperform” rating and issued a $64.00 price objective on shares of Synovus Financial in a report on Thursday, December 12th. Finally, Piper Sandler upped 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, December 11th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $58.44.

Synovus Financial Trading Down 0.1 %

NYSE SNV opened at $51.50 on Wednesday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. Synovus Financial Corp. has a twelve month low of $33.44 and a twelve month high of $59.92. The company has a market cap of $7.30 billion, a price-to-earnings ratio of 16.88, a price-to-earnings-growth ratio of 1.11 and a beta of 1.39. The business’s fifty day moving average is $53.60 and its 200 day moving average is $50.60.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.09. The company had revenue of $580.58 million for the quarter, compared to the consensus estimate of $566.83 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. Synovus Financial’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same quarter last year, the business posted $0.80 EPS. As a group, sell-side analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.95%. The ex-dividend date was Thursday, December 19th. Synovus Financial’s payout ratio is currently 49.84%.

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.