Synovus Financial Corp. (NYSE:SNV) Shares Sold by AM Investment Strategies LLC

AM Investment Strategies LLC reduced its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 45.6% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 453,658 shares of the bank’s stock after selling 380,753 shares during the period. Synovus Financial makes up approximately 4.9% of AM Investment Strategies LLC’s holdings, making the stock its 4th biggest holding. AM Investment Strategies LLC owned 0.32% of Synovus Financial worth $20,174,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Millennium Management LLC increased its position in shares of Synovus Financial by 181.0% during the 2nd quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock worth $52,343,000 after purchasing an additional 838,932 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Synovus Financial by 9.3% in the second quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock valued at $231,597,000 after purchasing an additional 491,036 shares during the period. Diamond Hill Capital Management Inc. acquired a new stake in shares of Synovus Financial during the 2nd quarter worth about $19,434,000. Interval Partners LP boosted its stake in Synovus Financial by 74.2% in the 1st quarter. Interval Partners LP now owns 388,674 shares of the bank’s stock valued at $15,570,000 after purchasing an additional 165,548 shares during the period. Finally, Wedge Capital Management L L P NC raised its stake in Synovus Financial by 14.9% in the 2nd quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock worth $46,025,000 after purchasing an additional 148,842 shares in the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Trading Down 1.0 %

SNV traded down $0.48 during trading on Friday, reaching $49.39. 1,037,427 shares of the company’s stock were exchanged, compared to its average volume of 1,614,833. The firm has a fifty day moving average price of $45.74 and a two-hundred day moving average price of $42.09. The stock has a market capitalization of $7.11 billion, a PE ratio of 22.35, a price-to-earnings-growth ratio of 1.81 and a beta of 1.37. Synovus Financial Corp. has a one year low of $26.52 and a one year high of $51.69. 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 (NYSE:SNV) last posted its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. The business had revenue of $564.72 million during the quarter, compared to the consensus estimate of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. Synovus Financial’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.84 earnings per share. As a group, equities research analysts forecast that Synovus Financial Corp. will post 4.34 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 3.08%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial’s payout ratio is presently 68.78%.

Analyst Ratings Changes

SNV has been the subject of a number of analyst reports. Bank of America lifted their price target on shares of Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Piper Sandler upped their target price on Synovus Financial from $42.00 to $53.00 and gave the company an “overweight” rating in a research report on Friday, July 19th. Citigroup set a $59.00 price target on Synovus Financial in a research note on Friday, October 18th. Evercore ISI increased their price objective on shares of Synovus Financial from $48.00 to $54.00 and gave the stock an “in-line” rating in a research note on Wednesday. Finally, Stephens boosted their target price on shares of Synovus Financial from $46.00 to $52.00 and gave the company an “equal weight” rating in a research report on Friday, October 18th. Seven research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $52.24.

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.