JPMorgan Chase & Co. Cuts Position in Synovus Financial Corp. (NYSE:SNV)

JPMorgan Chase & Co. decreased its holdings in Synovus Financial Corp. (NYSE:SNV) by 7.2% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 362,798 shares of the bank’s stock after selling 28,234 shares during the period. JPMorgan Chase & Co. owned approximately 0.26% of Synovus Financial worth $16,134,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. GAMMA Investing LLC raised its holdings in Synovus Financial by 6.5% in the third quarter. GAMMA Investing LLC now owns 3,754 shares of the bank’s stock valued at $167,000 after buying an additional 229 shares during the period. Dana Investment Advisors Inc. raised its holdings in Synovus Financial by 0.7% in the second quarter. Dana Investment Advisors Inc. now owns 35,759 shares of the bank’s stock valued at $1,437,000 after buying an additional 254 shares during the period. Hanseatic Management Services Inc. raised its holdings in Synovus Financial by 2.8% in the third quarter. Hanseatic Management Services Inc. now owns 12,212 shares of the bank’s stock valued at $543,000 after buying an additional 327 shares during the period. Wedmont Private Capital raised its holdings in Synovus Financial by 3.8% in the third quarter. Wedmont Private Capital now owns 9,102 shares of the bank’s stock valued at $394,000 after buying an additional 335 shares during the period. Finally, Signaturefd LLC raised its holdings in Synovus Financial by 0.6% in the third quarter. Signaturefd LLC now owns 55,823 shares of the bank’s stock valued at $2,482,000 after buying an additional 338 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 research firms have recently issued reports on SNV. JPMorgan Chase & Co. dropped their price objective on shares of Synovus Financial from $63.00 to $60.50 and set an “overweight” rating on the stock in a research note on Tuesday. The Goldman Sachs Group lifted their price objective on shares of Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Piper Sandler lifted their price objective on shares of Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research note on Wednesday, December 11th. Stephens lifted their price objective on shares of Synovus Financial from $46.00 to $52.00 and gave the company an “equal weight” rating in a research note on Friday, October 18th. Finally, Truist Financial lifted their price objective on shares of Synovus Financial from $52.00 to $57.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.86.

Synovus Financial Stock Performance

Synovus Financial stock opened at $51.05 on Friday. The company has a market cap of $7.23 billion, a PE ratio of 23.10, a P/E/G ratio of 1.58 and a beta of 1.39. The company has a fifty day moving average price of $54.19 and a two-hundred day moving average price of $47.68. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88. Synovus Financial Corp. has a 12 month low of $33.44 and a 12 month high of $59.92.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.14. The firm had revenue of $564.72 million during the quarter, compared to the consensus estimate of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The firm’s revenue was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.84 earnings per share. Research analysts expect that Synovus Financial Corp. will post 4.37 earnings per share for the current year.

Synovus Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 2.98%. The ex-dividend date of this dividend was Thursday, December 19th. Synovus Financial’s dividend 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.