Synovus Financial Corp. (NYSE:SNV) Shares Sold by Nisa Investment Advisors LLC

Nisa Investment Advisors LLC cut its position in shares of Synovus Financial Corp. (NYSE:SNV) by 16.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,595 shares of the bank’s stock after selling 5,000 shares during the quarter. Nisa Investment Advisors LLC’s holdings in Synovus Financial were worth $1,270,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Hsbc Holdings PLC increased its position in Synovus Financial by 27.4% during the second quarter. Hsbc Holdings PLC now owns 12,018 shares of the bank’s stock worth $480,000 after purchasing an additional 2,586 shares during the last quarter. ProShare Advisors LLC raised its stake in shares of Synovus Financial by 93.4% in the 2nd quarter. ProShare Advisors LLC now owns 13,810 shares of the bank’s stock valued at $555,000 after acquiring an additional 6,671 shares during the period. Millennium Management LLC boosted its position in shares of Synovus Financial by 181.0% in the second quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock worth $52,343,000 after buying an additional 838,932 shares during the period. Algert Global LLC grew its stake in shares of Synovus Financial by 5.2% in the second quarter. Algert Global LLC now owns 172,216 shares of the bank’s stock valued at $6,921,000 after buying an additional 8,436 shares in the last quarter. Finally, Creative Planning grew its position in Synovus Financial by 18.3% in the second quarter. Creative Planning now owns 43,392 shares of the bank’s stock valued at $1,744,000 after acquiring an additional 6,710 shares in the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Evercore ISI boosted their target price on shares of Synovus Financial from $48.00 to $54.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 30th. UBS Group started coverage on shares of Synovus Financial in a research note on Tuesday, December 17th. They issued a “buy” rating and a $76.00 target price on the stock. Truist Financial boosted their price target on Synovus Financial from $52.00 to $57.00 and gave the company a “buy” rating in a report on Monday, October 21st. Deutsche Bank Aktiengesellschaft started coverage on shares of Synovus Financial in a research report on Monday, December 9th. They set a “buy” rating and a $64.00 price objective for the company. Finally, Bank of America raised their price target on Synovus Financial from $48.00 to $57.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $58.44.

Synovus Financial Price Performance

Shares of NYSE:SNV opened at $55.17 on Tuesday. The stock has a market cap of $7.82 billion, a price-to-earnings ratio of 18.09, a PEG ratio of 1.14 and a beta of 1.39. 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 12 month low of $33.44 and a 12 month high of $59.92. The stock’s 50 day moving average price is $54.03 and its 200 day moving average price is $49.03.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, topping the consensus estimate of $1.16 by $0.09. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The firm had revenue of $580.58 million for the quarter, compared to analysts’ expectations of $566.83 million. During the same period in the previous year, the business earned $0.80 earnings per share. Synovus Financial’s revenue for the quarter was up 18.8% compared to the same quarter last year. Equities research analysts anticipate that Synovus Financial Corp. will post 4.86 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th were given a dividend of $0.38 per share. The ex-dividend date was Thursday, December 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.75%. Synovus Financial’s dividend payout ratio (DPR) is presently 49.84%.

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.