Swiss National Bank Sells 2,700 Shares of Synovus Financial Corp. (NYSE:SNV)

Swiss National Bank lessened its stake in Synovus Financial Corp. (NYSE:SNV) by 0.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 283,119 shares of the bank’s stock after selling 2,700 shares during the period. Swiss National Bank’s holdings in Synovus Financial were worth $14,504,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Keystone Financial Group Inc. bought a new stake in Synovus Financial in the fourth quarter valued at approximately $37,000. Quarry LP acquired a new position in shares of Synovus Financial in the 3rd quarter worth approximately $41,000. Brooklyn Investment Group bought a new stake in shares of Synovus Financial in the 3rd quarter valued at $56,000. Jones Financial Companies Lllp increased its position in shares of Synovus Financial by 72.7% during the fourth quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock worth $56,000 after buying an additional 461 shares during the period. Finally, V Square Quantitative Management LLC raised its stake in Synovus Financial by 69.3% during the fourth quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock worth $58,000 after buying an additional 466 shares during the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on SNV shares. The Goldman Sachs Group lifted their price objective on Synovus Financial from $52.00 to $62.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Stephens reissued an “equal weight” rating and issued a $58.00 price target on shares of Synovus Financial in a research note on Thursday, January 16th. Piper Sandler raised their price objective on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. JPMorgan Chase & Co. boosted their target price on shares of Synovus Financial from $60.50 to $62.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Finally, Wells Fargo & Company raised their price target on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $58.67.

Synovus Financial Stock Performance

NYSE SNV opened at $47.71 on Thursday. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. The firm has a market cap of $6.73 billion, a price-to-earnings ratio of 15.64, a PEG ratio of 1.11 and a beta of 1.36. Synovus Financial Corp. has a 1 year low of $33.44 and a 1 year high of $59.92. The company has a fifty day moving average price of $52.35 and a 200-day moving average price of $50.93.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.09. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The company had revenue of $580.58 million during the quarter, compared to analyst estimates of $566.83 million. During the same period in the prior year, the company posted $0.80 earnings per share. Synovus Financial’s quarterly revenue was up 18.8% on a year-over-year basis. As a group, equities research analysts predict that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Thursday, March 20th will be issued a $0.39 dividend. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date is Thursday, March 20th. Synovus Financial’s payout ratio is 51.15%.

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.