Allspring Global Investments Holdings LLC Lowers Stake in Synovus Financial Corp. $SNV

Allspring Global Investments Holdings LLC decreased its position in shares of Synovus Financial Corp. (NYSE:SNV) by 32.2% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 152,332 shares of the bank’s stock after selling 72,310 shares during the period. Allspring Global Investments Holdings LLC owned 0.11% of Synovus Financial worth $7,414,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Royal Bank of Canada lifted its stake in shares of Synovus Financial by 51.2% during the 1st quarter. Royal Bank of Canada now owns 26,820 shares of the bank’s stock worth $1,254,000 after purchasing an additional 9,080 shares during the period. Amundi grew its position in shares of Synovus Financial by 78,349.2% in the first quarter. Amundi now owns 100,415 shares of the bank’s stock valued at $4,693,000 after purchasing an additional 100,287 shares during the period. Advisors Asset Management Inc. increased its stake in Synovus Financial by 17.8% in the first quarter. Advisors Asset Management Inc. now owns 4,388 shares of the bank’s stock valued at $205,000 after purchasing an additional 662 shares during the last quarter. Alliancebernstein L.P. lifted its position in Synovus Financial by 67.0% during the first quarter. Alliancebernstein L.P. now owns 311,528 shares of the bank’s stock worth $14,561,000 after buying an additional 124,987 shares during the period. Finally, Millennium Management LLC lifted its position in Synovus Financial by 125.5% during the first quarter. Millennium Management LLC now owns 646,098 shares of the bank’s stock worth $30,199,000 after buying an additional 359,568 shares during the period. Institutional investors and hedge funds own 83.85% of the company’s stock.

Wall Street Analysts Forecast Growth

SNV has been the subject of several recent analyst reports. Stephens lowered their price target on Synovus Financial from $54.00 to $51.00 and set an “equal weight” rating for the company in a report on Friday, October 17th. JPMorgan Chase & Co. boosted their target price on shares of Synovus Financial from $58.00 to $65.00 and gave the company an “overweight” rating in a report on Tuesday, December 16th. Truist Financial dropped their price target on shares of Synovus Financial from $56.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, October 17th. DA Davidson reiterated a “buy” rating and issued a $63.00 price target on shares of Synovus Financial in a report on Thursday, October 16th. Finally, Weiss Ratings cut shares of Synovus Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, October 8th. Six research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $58.38.

Synovus Financial Trading Down 1.6%

Shares of SNV stock opened at $50.51 on Wednesday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.57. Synovus Financial Corp. has a fifty-two week low of $35.94 and a fifty-two week high of $61.06. The firm’s 50 day moving average price is $48.97 and its two-hundred day moving average price is $49.80. The stock has a market cap of $7.01 billion, a price-to-earnings ratio of 9.42, a price-to-earnings-growth ratio of 0.88 and a beta of 1.21.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, October 15th. The bank reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.36 by $0.10. Synovus Financial had a net margin of 21.97% and a return on equity of 16.13%. The company had revenue of $612.79 million during the quarter, compared to analyst estimates of $604.59 million. During the same quarter in the prior year, the business earned $1.23 earnings per share. The business’s quarterly revenue was up 9.0% compared to the same quarter last year. On average, analysts anticipate that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 24th. Investors of record on Thursday, December 18th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 3.1%. The ex-dividend date was Thursday, December 18th. Synovus Financial’s dividend payout ratio is currently 29.10%.

Insider Buying and Selling

In related news, Director Gregory G. Montana acquired 1,000 shares of Synovus Financial stock in a transaction on Monday, October 20th. The shares were bought at an average price of $45.37 per share, for a total transaction of $45,370.00. Following the completion of the purchase, the director directly owned 5,464 shares in the company, valued at $247,901.68. This trade represents a 22.40% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.00% of the stock is owned by company insiders.

About Synovus Financial

Synovus Financial Corp (NYSE: SNV) is a regional financial services company headquartered in Columbus, Georgia. The company offers a comprehensive range of banking and financial products to individual consumers, small businesses, and large corporations. Synovus operates through various business segments, including commercial and retail banking, mortgage lending, treasury and payment solutions, and wealth management services.

In its commercial banking division, Synovus provides loans, lines of credit, and treasury management services tailored to the needs of businesses across multiple industries.