Mirae Asset Global Investments Co. Ltd. Grows Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 228.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 51,828 shares of the bank’s stock after buying an additional 36,047 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Synovus Financial were worth $1,951,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Allworth Financial LP boosted its position in Synovus Financial by 333.5% during the 4th quarter. Allworth Financial LP now owns 724 shares of the bank’s stock worth $27,000 after purchasing an additional 557 shares during the period. International Assets Investment Management LLC purchased a new stake in Synovus Financial during the 4th quarter worth $28,000. Lazard Asset Management LLC boosted 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 worth $30,000 after purchasing an additional 318 shares during the period. Covestor Ltd boosted its position in Synovus Financial by 76.7% during the 1st quarter. Covestor Ltd now owns 1,087 shares of the bank’s stock worth $53,000 after purchasing an additional 472 shares during the period. Finally, Belpointe Asset Management LLC boosted 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 worth $34,000 after purchasing an additional 635 shares during the period. 83.85% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

Analysts Set New Price Targets

SNV has been the subject of a number of research reports. The Goldman Sachs Group decreased their price target on shares of Synovus Financial from $46.00 to $41.00 and set a “neutral” rating for the company in a research report on Friday. DA Davidson cut their price objective on shares of Synovus Financial from $45.00 to $43.00 and set a “buy” rating on the stock in a report on Friday. Bank of America cut their price objective on shares of Synovus Financial from $44.00 to $40.00 and set a “buy” rating on the stock in a report on Friday. Evercore ISI boosted their price objective on shares of Synovus Financial from $40.00 to $42.00 and gave the stock an “in-line” rating in a report on Thursday, March 28th. Finally, Barclays cut their price objective on shares of Synovus Financial from $42.00 to $39.00 and set an “equal weight” rating on the stock in a report on Friday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $41.53.

Synovus Financial Stock Performance

Shares of NYSE SNV opened at $34.91 on Friday. 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 firm’s 50-day moving average price is $37.91 and its two-hundred day moving average price is $34.52. Synovus Financial Corp. has a 52-week low of $24.40 and a 52-week high of $40.92. The stock has a market capitalization of $5.11 billion, a P/E ratio of 11.96, a P/E/G ratio of 3.93 and a beta of 1.40.

Synovus Financial (NYSE:SNV) last issued its earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). Synovus Financial had a return on equity of 13.08% and a net margin of 13.29%. The business had revenue of $537.73 million during the quarter, compared to the consensus estimate of $547.62 million. During the same period in the prior year, the business earned $1.33 EPS. The business’s revenue was down 12.4% on a year-over-year basis. As a group, sell-side analysts forecast that Synovus Financial Corp. will post 4.05 earnings per share for the current year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were issued a $0.38 dividend. The ex-dividend date was Wednesday, March 20th. This represents a $1.52 dividend on an annualized basis and a yield of 4.35%. Synovus Financial’s dividend payout ratio is currently 52.05%.

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.