Maven Securities LTD Purchases Shares of 13,082 Synovus Financial Corp. (NYSE:SNV)

Maven Securities LTD purchased a new stake in Synovus Financial Corp. (NYSE:SNVGet Rating) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 13,082 shares of the bank’s stock, valued at approximately $641,000.

A number of other large investors have also recently added to or reduced their stakes in SNV. Scout Investments Inc. lifted its stake in Synovus Financial by 250.9% in the first quarter. Scout Investments Inc. now owns 1,571,380 shares of the bank’s stock valued at $76,998,000 after acquiring an additional 1,123,578 shares during the last quarter. Bank of Montreal Can raised its position in shares of Synovus Financial by 3,331.0% in the fourth quarter. Bank of Montreal Can now owns 1,034,013 shares of the bank’s stock valued at $49,560,000 after purchasing an additional 1,003,876 shares during the period. Millennium Management LLC raised its position in shares of Synovus Financial by 124.2% in the fourth quarter. Millennium Management LLC now owns 1,179,766 shares of the bank’s stock valued at $56,475,000 after purchasing an additional 653,615 shares during the period. American Century Companies Inc. raised its position in shares of Synovus Financial by 340.4% in the first quarter. American Century Companies Inc. now owns 751,682 shares of the bank’s stock valued at $36,832,000 after purchasing an additional 581,004 shares during the period. Finally, First Trust Advisors LP raised its position in shares of Synovus Financial by 78.8% in the first quarter. First Trust Advisors LP now owns 720,573 shares of the bank’s stock valued at $35,308,000 after purchasing an additional 317,619 shares during the period. Institutional investors and hedge funds own 80.41% of the company’s stock.

Synovus Financial Trading Up 1.1 %

SNV opened at $41.53 on Friday. The company’s 50 day moving average is $39.89 and its 200-day moving average is $42.36. Synovus Financial Corp. has a 1-year low of $34.15 and a 1-year high of $54.40. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 0.45. The company has a market cap of $6.04 billion, a P/E ratio of 8.67, a PEG ratio of 1.92 and a beta of 1.42.

Synovus Financial (NYSE:SNVGet Rating) last posted its quarterly earnings results on Thursday, July 21st. The bank reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.07. Synovus Financial had a net margin of 34.48% and a return on equity of 16.40%. The company had revenue of $522.60 million for the quarter, compared to the consensus estimate of $518.64 million. During the same period last year, the company posted $1.20 EPS. The firm’s quarterly revenue was up 5.0% compared to the same quarter last year. Equities research analysts predict that Synovus Financial Corp. will post 4.86 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th will be paid a $0.34 dividend. The ex-dividend date of this dividend is Wednesday, September 14th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.27%. Synovus Financial’s payout ratio is currently 28.39%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on SNV. JPMorgan Chase & Co. dropped their price objective on shares of Synovus Financial from $60.00 to $46.00 and set an “overweight” rating on the stock in a research report on Friday, July 1st. Raymond James dropped their price objective on shares of Synovus Financial from $57.00 to $50.00 and set an “outperform” rating on the stock in a research report on Thursday, July 7th. Wells Fargo & Company increased their price objective on shares of Synovus Financial to $60.00 in a research report on Friday, July 22nd. Piper Sandler raised their price target on shares of Synovus Financial to $53.00 in a research report on Friday, July 22nd. Finally, The Goldman Sachs Group lowered their price target on shares of Synovus Financial from $57.00 to $47.50 and set a “neutral” rating on the stock in a research report on Tuesday, May 31st. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $53.15.

Synovus Financial 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

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

Receive News & Ratings for Synovus Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Synovus Financial and related companies with MarketBeat.com's FREE daily email newsletter.