Cwm LLC Raises Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

Cwm LLC boosted its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 93.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,003 shares of the bank’s stock after purchasing an additional 967 shares during the quarter. Cwm LLC’s holdings in Synovus Financial were worth $89,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. State of Michigan Retirement System lifted its position in shares of Synovus Financial by 2.3% in the first quarter. State of Michigan Retirement System now owns 35,904 shares of the bank’s stock valued at $1,438,000 after acquiring an additional 800 shares in the last quarter. SpiderRock Advisors LLC purchased a new position in shares of Synovus Financial in the first quarter valued at approximately $2,476,000. Janney Montgomery Scott LLC lifted its position in shares of Synovus Financial by 2.0% in the first quarter. Janney Montgomery Scott LLC now owns 49,151 shares of the bank’s stock valued at $1,969,000 after acquiring an additional 953 shares in the last quarter. Fidelis Capital Partners LLC purchased a new position in shares of Synovus Financial in the first quarter valued at approximately $51,000. Finally, Nordea Investment Management AB lifted its position in shares of Synovus Financial by 24.5% in the first quarter. Nordea Investment Management AB now owns 328,604 shares of the bank’s stock valued at $13,233,000 after acquiring an additional 64,621 shares in the last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on SNV. Morgan Stanley raised their target price on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research report on Monday, October 21st. Bank of America raised their target price on Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Piper Sandler increased their price target on Synovus Financial from $42.00 to $53.00 and gave the company an “overweight” rating in a report on Friday, July 19th. Raymond James raised Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price target for the company in a report on Tuesday, September 17th. Finally, StockNews.com raised Synovus Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Seven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Synovus Financial has a consensus rating of “Moderate Buy” and an average target price of $51.88.

Synovus Financial Price Performance

SNV stock opened at $48.58 on Friday. The business has a fifty day moving average of $45.17 and a two-hundred day moving average of $41.67. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. The stock has a market cap of $7.11 billion, a price-to-earnings ratio of 16.64, a price-to-earnings-growth ratio of 1.80 and a beta of 1.38. Synovus Financial Corp. has a 52-week low of $24.75 and a 52-week high of $51.69.

Synovus Financial (NYSE:SNV) last posted its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The company had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. During the same quarter last year, the firm earned $0.84 earnings per share. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. As a group, research analysts anticipate that Synovus Financial Corp. will post 4.3 earnings per share for the current year.

Synovus Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 annualized dividend and a dividend yield of 3.13%. Synovus Financial’s dividend payout ratio is currently 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.