Zurcher Kantonalbank Zurich Cantonalbank Buys 10,039 Shares of Synovus Financial Corp. (NYSE:SNV)

Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 34.0% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 39,548 shares of the bank’s stock after purchasing an additional 10,039 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Synovus Financial were worth $2,026,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SNV. Wellington Management Group LLP increased its holdings in Synovus Financial by 12.8% during the 3rd quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock worth $430,213,000 after purchasing an additional 1,095,557 shares in the last quarter. FMR LLC grew its holdings in shares of Synovus Financial by 5.4% in the third quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock valued at $517,027,000 after acquiring an additional 598,644 shares in the last quarter. TruWealth Advisors LLC bought a new position in shares of Synovus Financial in the fourth quarter valued at approximately $12,350,000. Blue Trust Inc. grew its holdings in shares of Synovus Financial by 934.0% in the fourth quarter. Blue Trust Inc. now owns 246,686 shares of the bank’s stock valued at $12,638,000 after acquiring an additional 222,828 shares in the last quarter. Finally, State Street Corp grew its holdings in shares of Synovus Financial by 3.2% in the third quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock valued at $294,255,000 after acquiring an additional 201,362 shares in the last quarter. 83.85% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

SNV has been the subject of several recent analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $64.00 target price on shares of Synovus Financial in a report on Thursday, December 12th. Morgan Stanley reduced their target price on Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating for the company in a report on Thursday. Citigroup upped their target price on Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a report on Friday, January 17th. Deutsche Bank Aktiengesellschaft initiated coverage on Synovus Financial in a research note on Monday, December 9th. They issued a “buy” rating and a $64.00 price objective on the stock. Finally, Piper Sandler upped their price objective on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research note on Wednesday, December 11th. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $58.67.

Synovus Financial Price Performance

Synovus Financial stock opened at $45.67 on Monday. Synovus Financial Corp. has a one year low of $33.44 and a one year high of $59.92. The business has a fifty day moving average price of $52.69 and a 200-day moving average price of $50.95. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. The firm has a market capitalization of $6.44 billion, a P/E ratio of 14.97, a PEG ratio of 1.11 and a beta of 1.36.

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

Synovus Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Thursday, March 20th will be paid a dividend of $0.39 per share. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38. The ex-dividend date is Thursday, March 20th. This represents a $1.56 annualized dividend and a yield of 3.42%. Synovus Financial’s dividend payout ratio (DPR) is currently 51.15%.

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.