Mutual of America Capital Management LLC Sells 4,648 Shares of Synovus Financial Corp. (NYSE:SNV)

Mutual of America Capital Management LLC lessened its holdings in Synovus Financial Corp. (NYSE:SNV) by 4.9% in the fourth quarter, Holdings Channel reports. The institutional investor owned 90,364 shares of the bank’s stock after selling 4,648 shares during the period. Mutual of America Capital Management LLC’s holdings in Synovus Financial were worth $3,402,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in SNV. Allworth Financial LP raised its holdings in Synovus Financial by 333.5% in the 4th quarter. Allworth Financial LP now owns 724 shares of the bank’s stock valued at $27,000 after buying an additional 557 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in Synovus Financial during the 4th quarter valued at approximately $28,000. Lazard Asset Management LLC increased its position in Synovus Financial by 64.8% during the 4th quarter. Lazard Asset Management LLC now owns 809 shares of the bank’s stock valued at $30,000 after purchasing an additional 318 shares during the period. First Command Advisory Services Inc. acquired a new stake in Synovus Financial during the 3rd quarter valued at approximately $33,000. Finally, Belpointe Asset Management LLC increased its position in Synovus Financial by 138.0% during the 1st quarter. Belpointe Asset Management LLC now owns 1,095 shares of the bank’s stock valued at $34,000 after purchasing an additional 635 shares during the period. Institutional investors own 83.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on SNV shares. Evercore ISI increased their target price on shares of Synovus Financial from $40.00 to $42.00 and gave the company an “in-line” rating in a research report on Thursday, March 28th. Raymond James raised shares of Synovus Financial from an “outperform” rating to a “strong-buy” rating and increased their target price for the company from $34.00 to $45.00 in a research report on Friday, January 5th. Truist Financial increased their target price on shares of Synovus Financial from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, April 1st. JPMorgan Chase & Co. raised their price objective on shares of Synovus Financial from $46.00 to $50.00 and gave the stock an “overweight” rating in a research report on Thursday, April 4th. Finally, UBS Group raised their price objective on shares of Synovus Financial from $42.00 to $44.00 and gave the stock a “buy” rating in a research report on Tuesday, January 23rd. One analyst has rated the stock with a sell rating, five have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Synovus Financial presently has an average rating of “Moderate Buy” and an average price target of $41.50.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, Director Tim E. Bentsen sold 4,671 shares of the firm’s stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total transaction of $180,394.02. Following the transaction, the director now directly owns 33,144 shares in the company, valued at approximately $1,280,021.28. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Synovus Financial news, EVP Thomas T. Dierdorff sold 2,045 shares of the firm’s stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total transaction of $78,180.35. Following the transaction, the executive vice president now directly owns 11,086 shares in the company, valued at approximately $423,817.78. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Tim E. Bentsen sold 4,671 shares of the firm’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $38.62, for a total value of $180,394.02. Following the transaction, the director now owns 33,144 shares in the company, valued at $1,280,021.28. The disclosure for this sale can be found here. Company insiders own 0.81% of the company’s stock.

Synovus Financial Price Performance

Shares of SNV opened at $36.60 on Thursday. Synovus Financial Corp. has a 12-month low of $24.40 and a 12-month high of $40.92. The business’s fifty day moving average is $37.96 and its 200 day moving average is $34.46. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. The stock has a market cap of $5.36 billion, a P/E ratio of 10.58, a P/E/G ratio of 3.93 and a beta of 1.40.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, January 17th. The bank reported $0.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.14). Synovus Financial had a return on equity of 14.95% and a net margin of 15.74%. The firm had revenue of $488.68 million during the quarter, compared to the consensus estimate of $527.60 million. Sell-side analysts anticipate that Synovus Financial Corp. will post 4.05 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 4.15%. The ex-dividend date of this dividend was Wednesday, March 20th. Synovus Financial’s dividend payout ratio (DPR) is presently 43.93%.

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.