Knights of Columbus Asset Advisors LLC Makes New Investment in Synovus Financial Corp. (NYSE:SNV)

Knights of Columbus Asset Advisors LLC bought a new position in Synovus Financial Corp. (NYSE:SNV) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 287,470 shares of the bank’s stock, valued at approximately $10,823,000. Synovus Financial comprises approximately 0.7% of Knights of Columbus Asset Advisors LLC’s holdings, making the stock its 18th largest holding. Knights of Columbus Asset Advisors LLC owned approximately 0.20% of Synovus Financial as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Allworth Financial LP raised its holdings in Synovus Financial by 333.5% in the fourth quarter. Allworth Financial LP now owns 724 shares of the bank’s stock worth $27,000 after buying an additional 557 shares during the last quarter. International Assets Investment Management LLC purchased a new position in Synovus Financial in the fourth quarter worth about $28,000. Lazard Asset Management LLC raised its holdings in Synovus Financial by 64.8% in the fourth quarter. Lazard Asset Management LLC now owns 809 shares of the bank’s stock worth $30,000 after buying an additional 318 shares during the last quarter. Covestor Ltd raised its holdings in Synovus Financial by 76.7% in the first quarter. Covestor Ltd now owns 1,087 shares of the bank’s stock worth $53,000 after buying an additional 472 shares during the last quarter. Finally, Belpointe Asset Management LLC grew its stake in shares of Synovus Financial by 138.0% in the first quarter. Belpointe Asset Management LLC now owns 1,095 shares of the bank’s stock worth $34,000 after acquiring an additional 635 shares during the period. 83.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SNV has been the subject of a number of research analyst reports. Truist Financial lifted their price target on shares of Synovus Financial from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, April 1st. StockNews.com lowered shares of Synovus Financial from a “hold” rating to a “sell” rating in a research note on Thursday, February 15th. The Goldman Sachs Group reduced their price target on shares of Synovus Financial from $46.00 to $41.00 and set a “neutral” rating for the company in a research note on Friday. Jefferies Financial Group reduced their price target on shares of Synovus Financial from $46.00 to $43.00 and set a “buy” rating for the company in a research note on Monday, April 8th. Finally, Barclays reduced their price target on shares of Synovus Financial from $42.00 to $39.00 and set an “equal weight” rating for the company in a research note on Friday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $41.69.

Synovus Financial Price Performance

Shares of SNV traded up $1.30 during mid-day trading on Friday, reaching $35.20. The stock had a trading volume of 1,389,403 shares, compared to its average volume of 1,494,072. The firm has a market cap of $5.15 billion, a price-to-earnings ratio of 11.99, a PEG ratio of 3.93 and a beta of 1.40. Synovus Financial Corp. has a 12 month low of $24.40 and a 12 month high of $40.92. The business has a fifty day moving average of $37.93 and a 200 day moving average of $34.46. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.89 and a current ratio of 0.89.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, April 17th. The bank reported $0.79 earnings per share for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). The firm had revenue of $537.73 million during the quarter, compared to the consensus estimate of $547.62 million. Synovus Financial had a return on equity of 13.08% and a net margin of 13.29%. The business’s revenue for the quarter was down 12.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.33 earnings per share. Equities analysts predict that Synovus Financial Corp. will post 4.05 EPS for the current year.

Synovus Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Thursday, March 21st were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 4.32%. The ex-dividend date of this dividend was Wednesday, March 20th. Synovus Financial’s dividend payout ratio (DPR) is presently 52.05%.

Insider Transactions at Synovus Financial

In other news, Director Tim E. Bentsen sold 4,671 shares of the business’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $38.62, for a total value of $180,394.02. Following the transaction, the director now owns 33,144 shares of the company’s stock, valued at $1,280,021.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP Thomas T. Dierdorff sold 2,045 shares of the business’s stock in a transaction on Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total value of $78,180.35. Following the transaction, the executive vice president now owns 11,086 shares of the company’s stock, valued at $423,817.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Tim E. Bentsen sold 4,671 shares of the business’s stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total transaction of $180,394.02. Following the completion of the transaction, the director now directly owns 33,144 shares in the company, valued at approximately $1,280,021.28. The disclosure for this sale can be found here. Insiders own 0.81% of the company’s stock.

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.