Xponance Inc. Raises Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

Xponance Inc. boosted its position in shares of Synovus Financial Corp. (NYSE:SNV) by 5.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 16,377 shares of the bank’s stock after acquiring an additional 784 shares during the quarter. Xponance Inc.’s holdings in Synovus Financial were worth $839,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Wellington Management Group LLP increased its holdings in Synovus Financial by 12.8% in the 3rd quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock worth $430,213,000 after buying an additional 1,095,557 shares during the period. FMR LLC increased its stake 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 worth $517,027,000 after acquiring an additional 598,644 shares during the period. TruWealth Advisors LLC purchased a new position in shares of Synovus Financial during the fourth quarter worth $12,350,000. Blue Trust Inc. lifted its position in Synovus Financial by 934.0% during the fourth quarter. Blue Trust Inc. now owns 246,686 shares of the bank’s stock valued at $12,638,000 after purchasing an additional 222,828 shares during the period. Finally, State Street Corp boosted its holdings in 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 purchasing an additional 201,362 shares during the last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on SNV. Stephens reiterated an “equal weight” rating and set a $58.00 price target on shares of Synovus Financial in a research report on Thursday, January 16th. JPMorgan Chase & Co. boosted their target price on shares of Synovus Financial from $60.50 to $62.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Wells Fargo & Company lifted their price objective on shares of Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a report on Tuesday, December 3rd. Piper Sandler upped their price objective on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. Finally, The Goldman Sachs Group raised their target price on Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, Synovus Financial has a consensus rating of “Moderate Buy” and an average price target of $58.67.

Synovus Financial Trading Up 3.5 %

Shares of SNV opened at $49.09 on Tuesday. The firm’s fifty day moving average is $52.12 and its two-hundred day moving average is $51.04. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. The stock has a market cap of $6.92 billion, a PE ratio of 16.09, a price-to-earnings-growth ratio of 1.11 and a beta of 1.36. Synovus Financial Corp. has a 52-week low of $33.44 and a 52-week high of $59.92.

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

Synovus Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th will be given a $0.39 dividend. The ex-dividend date is Thursday, March 20th. This represents a $1.56 dividend on an annualized basis and a yield of 3.18%. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s payout ratio is currently 51.15%.

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.