Synovus Financial Corp Buys 8,604 Shares of Evergy, Inc. (NASDAQ:EVRG)

Synovus Financial Corp grew its stake in shares of Evergy, Inc. (NASDAQ:EVRG) by 97.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 17,420 shares of the company’s stock after buying an additional 8,604 shares during the period. Synovus Financial Corp’s holdings in Evergy were worth $1,080,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Pathway Financial Advisers LLC increased its stake in Evergy by 6,854.6% in the third quarter. Pathway Financial Advisers LLC now owns 2,539,001 shares of the company’s stock valued at $157,443,000 after purchasing an additional 2,502,493 shares in the last quarter. Mizuho Securities USA LLC increased its holdings in shares of Evergy by 7,234.3% in the third quarter. Mizuho Securities USA LLC now owns 1,300,000 shares of the company’s stock worth $80,613,000 after acquiring an additional 1,282,275 shares in the last quarter. FMR LLC increased its stake in Evergy by 131.4% during the 3rd quarter. FMR LLC now owns 2,004,414 shares of the company’s stock worth $124,294,000 after purchasing an additional 1,138,138 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Evergy by 38.6% in the second quarter. Millennium Management LLC now owns 3,683,000 shares of the company’s stock valued at $195,089,000 after buying an additional 1,026,374 shares during the period. Finally, Los Angeles Capital Management LLC bought a new stake in Evergy in the 2nd quarter valued at $50,044,000. 87.24% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Evergy news, EVP Kevin E. Bryant sold 48,141 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $62.93, for a total transaction of $3,029,513.13. Following the sale, the executive vice president now owns 1 shares of the company’s stock, valued at approximately $62.93. The trade was a 100.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.47% of the company’s stock.

Evergy Stock Performance

Shares of NASDAQ:EVRG opened at $61.42 on Tuesday. The company has a quick ratio of 0.32, a current ratio of 0.55 and a debt-to-equity ratio of 1.15. The firm has a market cap of $14.13 billion, a PE ratio of 16.60, a PEG ratio of 2.77 and a beta of 0.64. The company’s 50 day moving average price is $62.11 and its two-hundred day moving average price is $58.89. Evergy, Inc. has a 12-month low of $48.04 and a 12-month high of $65.47.

Evergy (NASDAQ:EVRG) last released its earnings results on Thursday, November 7th. The company reported $2.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.95 by $0.07. The company had revenue of $1.81 billion for the quarter, compared to analyst estimates of $2.35 billion. Evergy had a return on equity of 8.77% and a net margin of 14.77%. Evergy’s quarterly revenue was up 8.5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.88 EPS. Equities research analysts predict that Evergy, Inc. will post 3.85 earnings per share for the current year.

Evergy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Thursday, November 21st will be issued a dividend of $0.6675 per share. This represents a $2.67 dividend on an annualized basis and a dividend yield of 4.35%. The ex-dividend date is Thursday, November 21st. This is an increase from Evergy’s previous quarterly dividend of $0.64. Evergy’s dividend payout ratio is 72.16%.

Analyst Upgrades and Downgrades

EVRG has been the topic of a number of research analyst reports. Wells Fargo & Company increased their price target on Evergy from $65.00 to $69.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Mizuho began coverage on shares of Evergy in a research report on Tuesday, October 29th. They issued an “outperform” rating and a $67.00 price objective on the stock. UBS Group raised shares of Evergy to a “hold” rating in a report on Wednesday, September 18th. Jefferies Financial Group started coverage on shares of Evergy in a report on Thursday, September 19th. They issued a “buy” rating and a $70.00 price target on the stock. Finally, Barclays reduced their price objective on Evergy from $67.00 to $65.00 and set an “overweight” rating for the company in a report on Monday, October 21st. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $61.88.

Evergy Company Profile

Evergy, Inc, together with its subsidiaries, engages in the generation, transmission, distribution, and sale of electricity in the United States. The company generates electricity through coal, landfill gas, uranium, and natural gas and oil sources, as well as solar, wind, other renewable sources. It serves residences, commercial firms, industrials, municipalities, and other electric utilities.