Mirae Asset Global Investments Co. Ltd. Increases Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 12.2% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 89,295 shares of the bank’s stock after purchasing an additional 9,693 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned 0.06% of Synovus Financial worth $3,912,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of SNV. Nordea Investment Management AB increased its position in Synovus Financial by 24.5% during the first quarter. Nordea Investment Management AB now owns 328,604 shares of the bank’s stock valued at $13,233,000 after acquiring an additional 64,621 shares during the last quarter. &PARTNERS purchased a new stake in Synovus Financial in the 2nd quarter worth about $284,000. Texas Permanent School Fund Corp raised its position in Synovus Financial by 19.6% in the 2nd quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank’s stock worth $6,150,000 after purchasing an additional 25,028 shares during the period. Private Capital Management LLC lifted its stake in Synovus Financial by 6.2% in the first quarter. Private Capital Management LLC now owns 365,557 shares of the bank’s stock worth $14,644,000 after purchasing an additional 21,456 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp boosted its position in shares of Synovus Financial by 92.0% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 47,198 shares of the bank’s stock valued at $1,852,000 after buying an additional 22,621 shares during the period. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on SNV shares. Truist Financial raised their price target on Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Royal Bank of Canada lifted their target price on Synovus Financial from $49.00 to $57.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Morgan Stanley upped their price target on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a report on Monday, October 21st. Evercore ISI decreased their price objective on shares of Synovus Financial from $50.00 to $48.00 and set an “in-line” rating for the company in a report on Wednesday, October 2nd. Finally, Wells Fargo & Company downgraded shares of Synovus Financial from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $48.00 to $46.00 in a research note on Tuesday, October 1st. Seven investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Synovus Financial currently has an average rating of “Moderate Buy” and an average target price of $51.88.

Synovus Financial Trading Down 0.4 %

Shares of NYSE:SNV opened at $49.86 on Wednesday. The company has a market capitalization of $7.18 billion, a PE ratio of 22.56, a P/E/G ratio of 1.76 and a beta of 1.38. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42. Synovus Financial Corp. has a 12-month low of $25.10 and a 12-month high of $51.69. The business’s fifty day simple moving average is $45.42 and its 200-day simple moving average is $41.89.

Synovus Financial (NYSE:SNV) last posted its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.14. The company had revenue of $564.72 million for the quarter, compared to analyst estimates of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.84 earnings per share. As a group, equities research analysts predict that Synovus Financial Corp. will post 4.34 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were paid a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 annualized dividend and a dividend yield of 3.05%. Synovus Financial’s dividend payout ratio (DPR) is presently 68.78%.

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.