KLP Kapitalforvaltning AS Has $1.31 Million Position in Synovus Financial Corp. (NYSE:SNV)

KLP Kapitalforvaltning AS cut its position in Synovus Financial Corp. (NYSE:SNV) by 4.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 27,781 shares of the bank’s stock after selling 1,400 shares during the period. KLP Kapitalforvaltning AS’s holdings in Synovus Financial were worth $1,308,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Synovus Financial in the fourth quarter worth about $77,209,000. AQR Capital Management LLC grew its position in shares of Synovus Financial by 226.5% in the 4th quarter. AQR Capital Management LLC now owns 1,065,249 shares of the bank’s stock valued at $54,573,000 after purchasing an additional 738,983 shares during the period. FMR LLC increased its stake in Synovus Financial by 3.6% during the 4th quarter. FMR LLC now owns 12,041,625 shares of the bank’s stock worth $616,892,000 after purchasing an additional 415,201 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its holdings in Synovus Financial by 5,495.2% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 349,866 shares of the bank’s stock worth $17,924,000 after buying an additional 343,613 shares during the period. Finally, Northern Trust Corp lifted its stake in Synovus Financial by 32.4% in the fourth quarter. Northern Trust Corp now owns 1,380,098 shares of the bank’s stock valued at $70,702,000 after buying an additional 337,784 shares in the last quarter. 83.85% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on SNV shares. Wells Fargo & Company downgraded shares of Synovus Financial from a “strong-buy” rating to a “hold” rating and lowered their price objective for the stock from $62.00 to $58.00 in a research report on Friday. Truist Financial increased their target price on Synovus Financial from $56.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, July 11th. Keefe, Bruyette & Woods upgraded Synovus Financial from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $58.00 to $65.00 in a report on Friday, July 18th. Barclays increased their price objective on Synovus Financial from $60.00 to $67.00 and gave the stock an “overweight” rating in a report on Tuesday, July 8th. Finally, Royal Bank Of Canada dropped their target price 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. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Synovus Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.44.

Synovus Financial Trading Down 12.5%

Shares of NYSE:SNV opened at $49.64 on Monday. Synovus Financial Corp. has a 52-week low of $35.94 and a 52-week high of $61.06. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.92 and a current ratio of 0.92. The company has a market capitalization of $6.90 billion, a P/E ratio of 9.53, a price-to-earnings-growth ratio of 0.84 and a beta of 1.19. The company has a 50-day simple moving average of $50.97 and a 200 day simple moving average of $49.33.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, July 16th. The bank reported $1.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.23. The company had revenue of $592.08 million during the quarter, compared to analysts’ expectations of $584.89 million. Synovus Financial had a return on equity of 16.20% and a net margin of 21.52%. During the same period last year, the firm posted $1.16 earnings per share. Sell-side analysts forecast that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Thursday, June 19th were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $1.56 dividend on an annualized basis and a yield of 3.14%. Synovus Financial’s dividend payout ratio (DPR) is 29.94%.

Synovus Financial 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.