iSAM Funds UK Ltd Has $1.04 Million Stock Holdings in Synovus Financial Corp. $SNV

iSAM Funds UK Ltd increased its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 128.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 20,078 shares of the bank’s stock after purchasing an additional 11,272 shares during the period. iSAM Funds UK Ltd’s holdings in Synovus Financial were worth $1,039,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Cetera Investment Advisers boosted its holdings in shares of Synovus Financial by 70.8% during the 1st quarter. Cetera Investment Advisers now owns 11,933 shares of the bank’s stock worth $558,000 after buying an additional 4,948 shares in the last quarter. LPL Financial LLC lifted its position in shares of Synovus Financial by 5.6% during the 1st quarter. LPL Financial LLC now owns 35,616 shares of the bank’s stock valued at $1,665,000 after acquiring an additional 1,902 shares during the period. PNC Financial Services Group Inc. boosted its stake in Synovus Financial by 10.6% during the first quarter. PNC Financial Services Group Inc. now owns 8,389 shares of the bank’s stock worth $392,000 after acquiring an additional 805 shares in the last quarter. Invesco Ltd. boosted its stake in Synovus Financial by 201.0% during the first quarter. Invesco Ltd. now owns 820,782 shares of the bank’s stock worth $38,363,000 after acquiring an additional 548,092 shares in the last quarter. Finally, Aigen Investment Management LP acquired a new stake in Synovus Financial in the first quarter worth $253,000. 83.85% of the stock is currently owned by institutional investors.

Synovus Financial Price Performance

SNV stock opened at $50.92 on Wednesday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.91 and a current ratio of 0.91. The business has a 50-day simple moving average of $46.78 and a two-hundred day simple moving average of $49.24. The company has a market capitalization of $7.07 billion, a P/E ratio of 9.50, a price-to-earnings-growth ratio of 0.89 and a beta of 1.21. Synovus Financial Corp. has a 52-week low of $35.94 and a 52-week high of $61.06.

Synovus Financial (NYSE:SNV) last posted its earnings results on Wednesday, October 15th. The bank reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.36 by $0.10. The company had revenue of $612.79 million for the quarter, compared to analyst estimates of $604.59 million. Synovus Financial had a return on equity of 16.13% and a net margin of 21.97%.The company’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same quarter last year, the company earned $1.23 earnings per share. Research analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 24th. Shareholders of record on Thursday, December 18th will be paid a dividend of $0.39 per share. The ex-dividend date is Thursday, December 18th. This represents a $1.56 annualized dividend and a yield of 3.1%. Synovus Financial’s dividend payout ratio (DPR) is 29.10%.

Insider Transactions at Synovus Financial

In other news, Director Gregory G. Montana acquired 1,000 shares of the business’s stock in a transaction on Monday, October 20th. The shares were purchased at an average cost of $45.37 per share, with a total value of $45,370.00. Following the acquisition, the director directly owned 5,464 shares of the company’s stock, valued at $247,901.68. The trade was a 22.40% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

SNV has been the topic of a number of research analyst reports. DA Davidson reissued a “buy” rating and set a $63.00 price objective on shares of Synovus Financial in a research report on Thursday, October 16th. Royal Bank Of Canada dropped their price target on Synovus Financial from $65.00 to $58.00 and set an “outperform” rating on the stock in a research note on Friday, October 17th. JPMorgan Chase & Co. cut their price target on Synovus Financial from $65.00 to $58.00 and set an “overweight” rating on the stock in a report on Wednesday, October 1st. Keefe, Bruyette & Woods downgraded Synovus Financial from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $65.00 to $50.00 in a report on Tuesday, August 12th. Finally, UBS Group lowered their target price on Synovus Financial from $53.00 to $49.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 5th. Seven research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $57.93.

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.