Van ECK Associates Corp Grows Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

Posted by Defense World Staff on Jan 19th, 2023

Van ECK Associates Corp raised its stake in Synovus Financial Corp. (NYSE:SNV – Get Rating) by 9.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,113 shares of the bank’s stock after buying an additional 370 shares during the period. Van ECK Associates Corp’s holdings in Synovus Financial were worth $154,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of SNV. Montgomery Investment Management Inc. raised its stake in shares of Synovus Financial by 2.4% during the 3rd quarter. Montgomery Investment Management Inc. now owns 39,058 shares of the bank’s stock worth $1,465,000 after acquiring an additional 900 shares in the last quarter. CWM LLC increased its stake in shares of Synovus Financial by 93.7% in the third quarter. CWM LLC now owns 1,071 shares of the bank’s stock worth $40,000 after acquiring an additional 518 shares during the period. Investors Asset Management of Georgia Inc. GA ADV increased its stake in shares of Synovus Financial by 3.1% in the third quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 23,605 shares of the bank’s stock worth $885,000 after acquiring an additional 717 shares during the period. Handelsbanken Fonder AB boosted its holdings in Synovus Financial by 4.6% during the third quarter. Handelsbanken Fonder AB now owns 25,072 shares of the bank’s stock worth $940,000 after buying an additional 1,100 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Synovus Financial by 18.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 226,117 shares of the bank’s stock worth $8,481,000 after buying an additional 35,906 shares in the last quarter. Hedge funds and other institutional investors own 79.89% of the company’s stock.

Insider Buying and Selling

In other Synovus Financial news, EVP Allan E. Kamensky sold 663 shares of Synovus Financial stock in a transaction dated Monday, November 14th. The shares were sold at an average price of $43.80, for a total transaction of $29,039.40. Following the completion of the sale, the executive vice president now directly owns 5,090 shares in the company, valued at $222,942. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.55% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Royal Bank of Canada lowered their price target on shares of Synovus Financial from $49.00 to $46.00 and set an “outperform” rating on the stock in a report on Friday, October 21st. Raymond James decreased their price objective on shares of Synovus Financial from $48.00 to $45.00 and set an “outperform” rating on the stock in a report on Friday, October 21st. TheStreet raised shares of Synovus Financial from a “c+” rating to a “b” rating in a report on Friday, November 4th. JPMorgan Chase & Co. decreased their price objective on shares of Synovus Financial from $45.00 to $43.00 and set an “overweight” rating on the stock in a report on Tuesday, December 13th. Finally, Morgan Stanley assumed coverage on shares of Synovus Financial in a report on Monday, December 5th. They set an “equal weight” rating and a $44.00 price objective on the stock. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.30.

Synovus Financial Price Performance

Synovus Financial stock opened at $37.02 on Thursday. Synovus Financial Corp. has a 12-month low of $34.15 and a 12-month high of $54.40. The stock has a market cap of $5.38 billion, a P/E ratio of 7.54, a PEG ratio of 6.16 and a beta of 1.35. The company has a 50-day moving average price of $39.41 and a 200 day moving average price of $39.57. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 1.20.

Synovus Financial (NYSE:SNV – Get Rating) last released its quarterly earnings data on Thursday, October 20th. The bank reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.06. Synovus Financial had a net margin of 33.25% and a return on equity of 17.83%. The firm had revenue of $582.22 million during the quarter, compared to analysts’ expectations of $570.52 million. During the same period last year, the business earned $1.20 earnings per share. Sell-side analysts anticipate that Synovus Financial Corp. will post 4.95 earnings per share for the current year.

Synovus Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 3rd. Investors of record on Thursday, December 15th were given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 3.67%. The ex-dividend date was Wednesday, December 14th. Synovus Financial’s payout ratio is currently 27.70%.

Synovus Financial Profile

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Synovus Financial Corp. is a bank holding company, which engages in the provision of financial services. The company operates through the following segments: Community Banking, Wholesale Banking, and Financial Management Services (FMS). The Community Banking business segment serves customers using a relationship-based approach through its branch, ATM, commercial, and private wealth network in addition to mobile, Internet, and telephone banking.