Nordea Investment Management AB Boosts Stock Position in Synovus Financial Corp. (NYSE:SNV)

Nordea Investment Management AB lifted its holdings in Synovus Financial Corp. (NYSE:SNVGet Rating) by 3.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 305,537 shares of the bank’s stock after purchasing an additional 9,528 shares during the quarter. Nordea Investment Management AB’s holdings in Synovus Financial were worth $15,488,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Sageworth Trust Co of South Dakota purchased a new position in shares of Synovus Financial in the fourth quarter valued at $25,000. Covestor Ltd bought a new stake in Synovus Financial in the fourth quarter worth $29,000. Smith Group Asset Management LLC bought a new stake in Synovus Financial in the fourth quarter worth $39,000. Ellevest Inc. lifted its position in Synovus Financial by 15.6% in the fourth quarter. Ellevest Inc. now owns 1,856 shares of the bank’s stock worth $89,000 after buying an additional 250 shares during the last quarter. Finally, Van ECK Associates Corp lifted its position in Synovus Financial by 7.6% in the fourth quarter. Van ECK Associates Corp now owns 3,059 shares of the bank’s stock worth $146,000 after buying an additional 216 shares during the last quarter. 79.53% of the stock is owned by hedge funds and other institutional investors.

In related news, Director Joseph J. Prochaska, Jr. bought 1,000 shares of the business’s stock in a transaction on Tuesday, May 10th. The shares were bought at an average price of $41.38 per share, for a total transaction of $41,380.00. Following the completion of the purchase, the director now directly owns 31,109 shares of the company’s stock, valued at $1,287,290.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Andrew J. Jr. Gregory bought 2,000 shares of the business’s stock in a transaction on Wednesday, April 27th. The stock was bought at an average price of $42.73 per share, for a total transaction of $85,460.00. Following the purchase, the chief financial officer now directly owns 29,196 shares of the company’s stock, valued at $1,247,545.08. The disclosure for this purchase can be found here. Company insiders own 1.55% of the company’s stock.

A number of analysts recently issued reports on SNV shares. Piper Sandler lowered their price target on Synovus Financial from $61.00 to $60.00 and set an “overweight” rating for the company in a research report on Friday, April 22nd. The Goldman Sachs Group lowered their price target on Synovus Financial from $57.00 to $47.50 and set a “neutral” rating for the company in a research report on Tuesday, May 31st. Truist Financial lowered their price target on Synovus Financial from $56.00 to $50.00 and set a “buy” rating for the company in a research report on Wednesday, June 15th. Wells Fargo & Company decreased their target price on Synovus Financial from $70.00 to $65.00 and set an “overweight” rating for the company in a research report on Friday, April 22nd. Finally, Raymond James decreased their target price on Synovus Financial from $58.00 to $57.00 and set an “outperform” rating for the company in a research report on Friday, April 22nd. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Synovus Financial presently has an average rating of “Moderate Buy” and a consensus target price of $57.28.

Shares of Synovus Financial stock opened at $35.60 on Friday. The firm has a market cap of $5.17 billion, a P/E ratio of 7.39, a P/E/G ratio of 2.24 and a beta of 1.42. The company has a current ratio of 0.86, a quick ratio of 0.84 and a debt-to-equity ratio of 0.19. Synovus Financial Corp. has a 12 month low of $34.15 and a 12 month high of $54.40. The stock’s fifty day moving average price is $40.90 and its 200-day moving average price is $46.46.

Synovus Financial (NYSE:SNVGet Rating) last announced its quarterly earnings results on Thursday, April 21st. The bank reported $1.08 EPS for the quarter, beating the consensus estimate of $1.03 by $0.05. The firm had revenue of $498.50 million for the quarter, compared to analyst estimates of $497.35 million. Synovus Financial had a return on equity of 16.00% and a net margin of 35.38%. The business’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.21 earnings per share. Analysts forecast that Synovus Financial Corp. will post 4.55 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, July 1st. Stockholders of record on Thursday, June 16th will be paid a dividend of $0.34 per share. The ex-dividend date is Wednesday, June 15th. This represents a $1.36 annualized dividend and a dividend yield of 3.82%. Synovus Financial’s dividend payout ratio is currently 28.22%.

Synovus Financial Company Profile (Get Rating)

Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides commercial and retail banking products and services. It operates through three segments: Community Banking, Wholesale Banking, and Financial Management Services. The company's commercial banking services include treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.

Further Reading

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Institutional Ownership by Quarter for Synovus Financial (NYSE:SNV)

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