Sit Investment Associates Inc. Purchases 425 Shares of Synovus Financial Corp. (NYSE:SNV)

Sit Investment Associates Inc. raised its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 8.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,706 shares of the bank’s stock after purchasing an additional 425 shares during the quarter. Sit Investment Associates Inc.’s holdings in Synovus Financial were worth $292,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Wells Fargo & Company MN lifted its position in Synovus Financial by 1.0% in the 4th quarter. Wells Fargo & Company MN now owns 88,204 shares of the bank’s stock valued at $4,519,000 after acquiring an additional 895 shares in the last quarter. Prudential PLC bought a new position in shares of Synovus Financial during the 4th quarter worth $1,776,000. ExodusPoint Capital Management LP grew its stake in shares of Synovus Financial by 268.5% during the 4th quarter. ExodusPoint Capital Management LP now owns 257,966 shares of the bank’s stock worth $13,216,000 after acquiring an additional 187,966 shares during the period. Trexquant Investment LP raised its stake in Synovus Financial by 478.5% in the 4th quarter. Trexquant Investment LP now owns 270,732 shares of the bank’s stock valued at $13,870,000 after acquiring an additional 223,929 shares during the period. Finally, Franklin Resources Inc. lifted its holdings in Synovus Financial by 9.0% during the fourth quarter. Franklin Resources Inc. now owns 25,039 shares of the bank’s stock valued at $1,283,000 after purchasing an additional 2,075 shares during the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

Analyst Upgrades and Downgrades

SNV has been the subject of several recent research reports. Piper Sandler lifted their target price on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 11th. 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 report on Friday, January 17th. Stephens reaffirmed an “equal weight” rating and issued a $58.00 price target on shares of Synovus Financial in a report on Thursday, January 16th. Royal Bank of Canada reiterated an “outperform” rating and set a $64.00 price objective on shares of Synovus Financial in a research note on Thursday, December 12th. Finally, Morgan Stanley reduced their target price on Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating for the company in a report on Thursday, March 13th. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.67.

Synovus Financial Price Performance

NYSE SNV opened at $38.21 on Monday. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. Synovus Financial Corp. has a 1-year low of $33.44 and a 1-year high of $59.92. The stock has a market capitalization of $5.39 billion, a price-to-earnings ratio of 12.53, a PEG ratio of 1.11 and a beta of 1.16. The business’s fifty day moving average price is $50.40 and its 200-day moving average price is $51.13.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. The business had revenue of $580.58 million during the quarter, compared to the consensus estimate of $566.83 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.80 EPS. On average, equities analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th were given a dividend of $0.39 per share. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. The ex-dividend date was Thursday, March 20th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 4.08%. Synovus Financial’s payout ratio is presently 51.15%.

Synovus Financial 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.