M&T Bank Corp Raises Position in Synovus Financial Corp. (NYSE:SNV)

M&T Bank Corp grew its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 7.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,782 shares of the bank’s stock after buying an additional 517 shares during the quarter. M&T Bank Corp’s holdings in Synovus Financial were worth $364,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Tidal Investments LLC purchased a new position in shares of Synovus Financial during the fourth quarter valued at approximately $222,000. Envestnet Portfolio Solutions Inc. purchased a new position in Synovus Financial during the 1st quarter valued at about $251,000. First Citizens Bank & Trust Co. boosted its holdings in shares of Synovus Financial by 32.8% in the 1st quarter. First Citizens Bank & Trust Co. now owns 23,132 shares of the bank’s stock valued at $1,081,000 after buying an additional 5,717 shares in the last quarter. Tradewinds LLC. acquired a new stake in Synovus Financial in the 1st quarter worth approximately $351,000. Finally, KBC Group NV increased its holdings in shares of Synovus Financial by 265.2% during the 1st quarter. KBC Group NV now owns 21,966 shares of the bank’s stock valued at $1,027,000 after purchasing an additional 15,952 shares in the last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on SNV shares. Jefferies Financial Group initiated coverage on shares of Synovus Financial in a research report on Wednesday, May 21st. They set a “hold” rating and a $55.00 price target on the stock. Raymond James Financial cut shares of Synovus Financial from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 2nd. Wells Fargo & Company raised Synovus Financial from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $50.00 to $62.00 in a research note on Thursday, July 10th. Stephens lowered their price target on Synovus Financial from $52.00 to $46.00 and set an “equal weight” rating for the company in a report on Monday, April 21st. Finally, Truist Financial upped their price objective on Synovus Financial from $56.00 to $60.00 and gave the company a “buy” rating in a report on Friday, July 11th. Seven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $59.35.

Synovus Financial Trading Up 2.0%

Shares of NYSE:SNV opened at $53.91 on Friday. The company has a market capitalization of $7.49 billion, a P/E ratio of 10.35, a P/E/G ratio of 1.01 and a beta of 1.19. Synovus Financial Corp. has a 1 year low of $35.94 and a 1 year high of $59.92. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.88 and a quick ratio of 0.88. The business’s 50 day simple moving average is $50.14 and its 200 day simple moving average is $49.20.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, July 16th. The bank reported $1.48 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.23. Synovus Financial had a return on equity of 16.44% and a net margin of 21.52%. The firm had revenue of $592.08 million for the quarter, compared to the consensus estimate of $584.89 million. During the same quarter last year, the business posted $1.16 EPS. On average, research analysts anticipate that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Thursday, June 19th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 2.89%. The ex-dividend date of this dividend was Wednesday, June 18th. Synovus Financial’s dividend payout ratio is currently 43.70%.

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.