V Square Quantitative Management LLC Boosts Stock Position in Synovus Financial Corp. (NYSE:SNV)

V Square Quantitative Management LLC increased its stake in Synovus Financial Corp. (NYSE:SNV) by 69.3% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,138 shares of the bank’s stock after buying an additional 466 shares during the period. V Square Quantitative Management LLC’s holdings in Synovus Financial were worth $58,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. FMR LLC grew its stake in shares of Synovus Financial by 5.4% in the 3rd quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock worth $517,027,000 after buying an additional 598,644 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Synovus Financial by 12.8% in the 3rd quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock worth $430,213,000 after buying an additional 1,095,557 shares during the last quarter. State Street Corp grew its stake in shares of Synovus Financial by 3.2% in the 3rd quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock worth $294,255,000 after buying an additional 201,362 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Synovus Financial by 3.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank’s stock worth $222,022,000 after buying an additional 147,599 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Synovus Financial by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 2,419,737 shares of the bank’s stock worth $107,633,000 after buying an additional 22,549 shares during the last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Synovus Financial Price Performance

Shares of Synovus Financial stock opened at $55.21 on Tuesday. Synovus Financial Corp. has a one year low of $33.44 and a one year high of $59.92. The stock’s fifty day moving average is $53.77 and its 200 day moving average is $50.08. The stock has a market cap of $7.82 billion, a P/E ratio of 18.10, a P/E/G ratio of 1.17 and a beta of 1.39. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88.

Synovus Financial (NYSE:SNV) last announced its earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.09. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The company had revenue of $580.58 million for the quarter, compared to analysts’ expectations of $566.83 million. During the same period last year, the firm earned $0.80 EPS. Synovus Financial’s revenue for the quarter was up 18.8% compared to the same quarter last year. Sell-side analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th were paid a $0.38 dividend. The ex-dividend date of this dividend was Thursday, December 19th. This represents a $1.52 dividend on an annualized basis and a yield of 2.75%. Synovus Financial’s payout ratio is presently 49.84%.

Analyst Ratings Changes

Several equities analysts recently issued reports on SNV shares. Stephens reaffirmed an “equal weight” rating and issued a $58.00 price objective on shares of Synovus Financial in a research report on Thursday, January 16th. Evercore ISI upped their price objective on Synovus Financial from $48.00 to $54.00 and gave the company an “in-line” rating in a research report on Wednesday, October 30th. Piper Sandler upped their price objective on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research report on Wednesday, December 11th. Deutsche Bank Aktiengesellschaft started coverage on Synovus Financial in a research report on Monday, December 9th. They issued a “buy” rating and a $64.00 price objective on the stock. Finally, The Goldman Sachs Group upped their price objective on Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, Synovus Financial currently has a consensus rating of “Moderate Buy” and an average target price of $58.44.

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.