Swiss National Bank Cuts Holdings in Synovus Financial Corp. (NYSE:SNV)

Swiss National Bank cut its holdings in Synovus Financial Corp. (NYSE:SNV) by 10.3% during the fourth quarter, Holdings Channel reports. The institutional investor owned 288,019 shares of the bank’s stock after selling 33,200 shares during the quarter. Swiss National Bank’s holdings in Synovus Financial were worth $10,844,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. North Reef Capital Management LP grew its stake in shares of Synovus Financial by 52.7% during the 3rd quarter. North Reef Capital Management LP now owns 4,485,000 shares of the bank’s stock worth $124,683,000 after purchasing an additional 1,548,370 shares during the period. FMR LLC grew its position in Synovus Financial by 10.0% during the third quarter. FMR LLC now owns 10,702,534 shares of the bank’s stock worth $297,530,000 after buying an additional 977,155 shares during the period. New York State Common Retirement Fund increased its holdings in Synovus Financial by 346.6% in the fourth quarter. New York State Common Retirement Fund now owns 570,880 shares of the bank’s stock valued at $21,494,000 after buying an additional 443,056 shares in the last quarter. Strs Ohio acquired a new stake in shares of Synovus Financial during the 4th quarter valued at approximately $16,415,000. Finally, Qube Research & Technologies Ltd boosted its stake in shares of Synovus Financial by 1,020.1% during the 3rd quarter. Qube Research & Technologies Ltd now owns 448,010 shares of the bank’s stock worth $12,455,000 after acquiring an additional 408,014 shares in the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Jefferies Financial Group reduced their price objective on Synovus Financial from $46.00 to $43.00 and set a “buy” rating for the company in a report on Monday, April 8th. UBS Group boosted 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. DA Davidson raised their target price on shares of Synovus Financial from $43.00 to $47.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. Piper Sandler lowered their price target on shares of Synovus Financial from $46.00 to $42.00 and set an “overweight” rating on the stock in a research report on Friday, April 19th. Finally, Wells Fargo & Company reduced their target price on Synovus Financial from $42.00 to $40.00 and set an “overweight” rating on the stock in a research note on Friday, April 19th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $41.50.

Synovus Financial Stock Up 0.2 %

SNV opened at $39.70 on Friday. The stock has a market capitalization of $5.81 billion, a price-to-earnings ratio of 13.60, a price-to-earnings-growth ratio of 4.56 and a beta of 1.41. Synovus Financial Corp. has a 12 month low of $24.40 and a 12 month high of $40.92. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.89 and a quick ratio of 0.89. The business has a 50-day moving average of $38.06 and a two-hundred day moving average of $35.71.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.20). The company had revenue of $537.73 million for the quarter, compared to analyst estimates of $547.62 million. Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The business’s revenue for the quarter was down 12.4% on a year-over-year basis. During the same period last year, the company posted $1.33 EPS. On average, research analysts expect that Synovus Financial Corp. will post 3.81 earnings per share for the current year.

Synovus Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 3.83%. The ex-dividend date of this dividend was Wednesday, March 20th. Synovus Financial’s dividend payout ratio (DPR) is presently 52.05%.

About Synovus Financial

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.