Dynamic Technology Lab Private Ltd Makes New Investment in Synovus Financial Corp. (NYSE:SNV)

Dynamic Technology Lab Private Ltd purchased a new stake in shares of Synovus Financial Corp. (NYSE:SNV) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 15,342 shares of the bank’s stock, valued at approximately $682,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of SNV. &PARTNERS bought a new stake in shares of Synovus Financial in the 2nd quarter worth about $284,000. Texas Permanent School Fund Corp grew its holdings in Synovus Financial by 19.6% during the 2nd quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank’s stock worth $6,150,000 after acquiring an additional 25,028 shares during the last quarter. Private Capital Management LLC grew its stake in shares of Synovus Financial by 6.2% during the first quarter. Private Capital Management LLC now owns 365,557 shares of the bank’s stock valued at $14,644,000 after purchasing an additional 21,456 shares during the last quarter. Thrivent Financial for Lutherans increased its holdings in shares of Synovus Financial by 7.6% in the third quarter. Thrivent Financial for Lutherans now owns 146,734 shares of the bank’s stock valued at $6,525,000 after purchasing an additional 10,346 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in Synovus Financial by 81.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 230,856 shares of the bank’s stock worth $9,249,000 after purchasing an additional 103,891 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Barclays lifted their target price on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. The Goldman Sachs Group lifted their price objective on Synovus Financial from $52.00 to $62.00 and gave the stock a “neutral” rating in a research report on Tuesday. Wells Fargo & Company downgraded shares of Synovus Financial from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $48.00 to $46.00 in a research report on Tuesday, October 1st. JPMorgan Chase & Co. lifted their price target on shares of Synovus Financial from $52.00 to $59.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th. Finally, Stephens increased their price objective on shares of Synovus Financial from $46.00 to $52.00 and gave the company an “equal weight” rating in a report on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.94.

Synovus Financial Stock Down 0.9 %

Shares of Synovus Financial stock opened at $57.45 on Friday. The company has a market capitalization of $8.14 billion, a P/E ratio of 26.00, a price-to-earnings-growth ratio of 2.09 and a beta of 1.37. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88. The business has a 50-day moving average of $49.85 and a two-hundred day moving average of $44.52. Synovus Financial Corp. has a 1 year low of $29.48 and a 1 year high of $59.92.

Synovus Financial (NYSE:SNV) last announced its earnings results 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 firm had revenue of $564.72 million for the quarter, compared to the consensus estimate of $557.64 million. During the same period last year, the company posted $0.84 EPS. The business’s quarterly revenue was up 2.6% on a year-over-year basis. As a group, equities analysts predict that Synovus Financial Corp. will post 4.37 EPS for the current year.

Synovus Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial’s payout ratio is presently 68.78%.

About Synovus Financial

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.