Oliver Luxxe Assets LLC Acquires 49,644 Shares of Synovus Financial Corp. $SNV

Oliver Luxxe Assets LLC boosted its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 99.2% in the third quarter, HoldingsChannel reports. The firm owned 99,699 shares of the bank’s stock after acquiring an additional 49,644 shares during the period. Oliver Luxxe Assets LLC’s holdings in Synovus Financial were worth $4,893,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Pzena Investment Management LLC raised its holdings in shares of Synovus Financial by 1.7% in the second quarter. Pzena Investment Management LLC now owns 680,368 shares of the bank’s stock valued at $35,209,000 after buying an additional 11,521 shares during the last quarter. Bank of Montreal Can increased its position in Synovus Financial by 17.4% in the 2nd quarter. Bank of Montreal Can now owns 57,373 shares of the bank’s stock valued at $2,969,000 after acquiring an additional 8,509 shares in the last quarter. Wolverine Asset Management LLC acquired a new position in shares of Synovus Financial during the second quarter worth approximately $592,000. Brighton Jones LLC acquired a new position in shares of Synovus Financial during the second quarter worth approximately $468,000. Finally, IFP Advisors Inc grew its stake in shares of Synovus Financial by 650.4% during the second quarter. IFP Advisors Inc now owns 1,058 shares of the bank’s stock valued at $60,000 after purchasing an additional 917 shares during the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Stock Down 1.6%

Shares of Synovus Financial stock opened at $50.51 on Friday. The business has a fifty day simple moving average of $49.34 and a 200 day simple moving average of $49.81. The stock has a market cap of $7.01 billion, a PE ratio of 9.42, a price-to-earnings-growth ratio of 0.88 and a beta of 1.21. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.57. Synovus Financial Corp. has a 12 month low of $35.94 and a 12 month high of $61.06.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, October 15th. The bank reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.36 by $0.10. The firm had revenue of $612.79 million for the quarter, compared to analysts’ expectations 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 was up 9.0% compared to the same quarter last year. During the same quarter last year, the business earned $1.23 earnings per share. Research analysts predict that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 24th. Investors of record on Thursday, December 18th were issued a dividend of $0.39 per share. The ex-dividend date was Thursday, December 18th. This represents a $1.56 dividend on an annualized basis and a yield of 3.1%. Synovus Financial’s payout ratio is currently 29.10%.

Insider Buying and Selling

In other news, Director Gregory G. Montana bought 1,000 shares of the business’s stock in a transaction on Monday, October 20th. The shares were bought at an average cost of $45.37 per share, for a total transaction of $45,370.00. Following the completion of the acquisition, the director owned 5,464 shares in the company, valued at approximately $247,901.68. This trade represents a 22.40% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.00% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SNV. JPMorgan Chase & Co. boosted their price objective on shares of Synovus Financial from $58.00 to $65.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 16th. Barclays boosted their target price on Synovus Financial from $65.00 to $70.00 and gave the stock an “overweight” rating in a research report on Friday, December 19th. Truist Financial cut their price target on Synovus Financial from $56.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, October 17th. Stephens lowered their price objective on Synovus Financial from $54.00 to $51.00 and set an “equal weight” rating for the company in a research report on Friday, October 17th. Finally, Weiss Ratings cut Synovus Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, October 8th. Six investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $58.38.

About Synovus Financial

Synovus Financial Corp (NYSE: SNV) is a regional financial services company headquartered in Columbus, Georgia. The company offers a comprehensive range of banking and financial products to individual consumers, small businesses, and large corporations. Synovus operates through various business segments, including commercial and retail banking, mortgage lending, treasury and payment solutions, and wealth management services.

In its commercial banking division, Synovus provides loans, lines of credit, and treasury management services tailored to the needs of businesses across multiple industries.