Greenwood Capital Associates LLC Purchases 10,519 Shares of Synovus Financial Corp. (NYSE:SNV)

Greenwood Capital Associates LLC increased its position in shares of Synovus Financial Corp. (NYSE:SNV) by 35.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 40,246 shares of the bank’s stock after purchasing an additional 10,519 shares during the period. Greenwood Capital Associates LLC’s holdings in Synovus Financial were worth $1,881,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of SNV. Norges Bank bought a new stake in Synovus Financial in the fourth quarter valued at $77,209,000. AQR Capital Management LLC grew its position in Synovus Financial by 226.5% in the fourth quarter. AQR Capital Management LLC now owns 1,065,249 shares of the bank’s stock valued at $54,573,000 after acquiring an additional 738,983 shares during the period. FMR LLC grew its position in Synovus Financial by 3.6% in the fourth quarter. FMR LLC now owns 12,041,625 shares of the bank’s stock valued at $616,892,000 after acquiring an additional 415,201 shares during the period. Prudential Financial Inc. grew its position in Synovus Financial by 349.4% in the fourth quarter. Prudential Financial Inc. now owns 529,147 shares of the bank’s stock valued at $27,108,000 after acquiring an additional 411,411 shares during the period. Finally, Jacobs Levy Equity Management Inc. grew its position in Synovus Financial by 5,495.2% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 349,866 shares of the bank’s stock valued at $17,924,000 after acquiring an additional 343,613 shares during the period. 83.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on SNV shares. DA Davidson lowered their price target on Synovus Financial from $65.00 to $60.00 and set a “buy” rating on the stock in a research report on Monday, April 21st. Truist Financial started coverage on Synovus Financial in a research report on Tuesday, May 13th. They issued a “buy” rating and a $56.00 price target on the stock. Stephens lowered their price target on Synovus Financial from $52.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Monday, April 21st. Royal Bank of Canada lowered their price target on Synovus Financial from $64.00 to $52.00 and set an “outperform” rating on the stock in a research report on Monday, April 21st. Finally, Wells Fargo & Company lowered their price target on Synovus Financial from $60.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 9th. Nine equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Synovus Financial currently has an average rating of “Moderate Buy” and an average price target of $56.56.

Synovus Financial Price Performance

Synovus Financial stock opened at $48.96 on Thursday. The business’s 50-day simple moving average is $45.08 and its 200 day simple moving average is $49.63. The stock has a market cap of $6.81 billion, a price-to-earnings ratio of 16.05, a P/E/G ratio of 1.11 and a beta of 1.18. Synovus Financial Corp. has a 12-month low of $35.94 and a 12-month high of $59.92. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.19. The business had revenue of $573.24 million for the quarter, compared to analysts’ expectations of $572.35 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. As a group, research analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Thursday, June 19th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 3.19%. The ex-dividend date is Wednesday, June 18th. Synovus Financial’s dividend payout ratio is 43.70%.

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.