Synovus Financial Corp. (NYSE:SNV) Shares Bought by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC increased its holdings in Synovus Financial Corp. (NYSE:SNV) by 4.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 239,165 shares of the bank’s stock after acquiring an additional 9,721 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.16% of Synovus Financial worth $10,636,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. V Square Quantitative Management LLC purchased a new stake in Synovus Financial during the 3rd quarter worth approximately $30,000. UMB Bank n.a. grew its position in shares of Synovus Financial by 87.2% during the third quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock worth $33,000 after buying an additional 348 shares in the last quarter. Innealta Capital LLC bought a new stake in shares of Synovus Financial in the second quarter worth $43,000. Abich Financial Wealth Management LLC raised its holdings in Synovus Financial by 43.5% in the first quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock valued at $49,000 after acquiring an additional 371 shares in the last quarter. Finally, Fidelis Capital Partners LLC bought a new position in Synovus Financial during the 1st quarter valued at $51,000. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SNV. Truist Financial boosted their target price on shares of Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Wells Fargo & Company lowered Synovus Financial from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $48.00 to $46.00 in a report on Tuesday, October 1st. Keefe, Bruyette & Woods increased their target price on Synovus Financial from $38.00 to $42.00 and gave the stock a “market perform” rating in a report on Tuesday, July 9th. JPMorgan Chase & Co. boosted their price target on Synovus Financial from $52.00 to $59.00 and gave the company an “overweight” rating in a report on Friday, October 18th. Finally, Barclays raised their price objective on Synovus Financial from $49.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Synovus Financial presently has an average rating of “Moderate Buy” and a consensus price target of $51.88.

Synovus Financial Trading Down 1.0 %

Shares of NYSE:SNV opened at $48.58 on Friday. Synovus Financial Corp. has a fifty-two week low of $24.75 and a fifty-two week high of $51.69. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. The company has a market cap of $7.11 billion, a PE ratio of 16.64, a P/E/G ratio of 1.80 and a beta of 1.38. The company’s 50-day moving average price is $45.17 and its 200 day moving average price is $41.67.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results 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. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The company had revenue of $564.72 million for the quarter, compared to analysts’ expectations of $557.64 million. During the same quarter in the previous year, the company posted $0.84 earnings per share. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. Sell-side analysts anticipate that Synovus Financial Corp. will post 4.3 earnings per share for the current year.

Synovus Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a yield of 3.13%. Synovus Financial’s dividend payout ratio (DPR) is presently 52.05%.

Synovus Financial Company 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.