Envestnet Portfolio Solutions Inc. acquired a new position in Synovus Financial Corp. (NYSE:SNV - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 5,370 shares of the bank's stock, valued at approximately $251,000.
Other institutional investors have also recently made changes to their positions in the company. FMR LLC increased its stake in Synovus Financial by 3.6% during the 4th quarter. FMR LLC now owns 12,041,625 shares of the bank's stock worth $616,892,000 after buying an additional 415,201 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Synovus Financial by 2.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,109,856 shares of the bank's stock valued at $261,778,000 after purchasing an additional 117,242 shares in the last quarter. Silvercrest Asset Management Group LLC raised its holdings in shares of Synovus Financial by 2.3% in the 4th quarter. Silvercrest Asset Management Group LLC now owns 2,370,521 shares of the bank's stock valued at $121,442,000 after purchasing an additional 53,286 shares in the last quarter. First Trust Advisors LP increased its stake in Synovus Financial by 4.5% in the fourth quarter. First Trust Advisors LP now owns 1,827,247 shares of the bank's stock valued at $93,610,000 after purchasing an additional 77,876 shares during the last quarter. Finally, Norges Bank purchased a new stake in Synovus Financial in the fourth quarter valued at $77,209,000. 83.85% of the stock is owned by hedge funds and other institutional investors.
Synovus Financial Trading Up 0.3%
Synovus Financial stock opened at $51.75 on Monday. Synovus Financial Corp. has a 52 week low of $35.94 and a 52 week high of $59.92. The firm has a market capitalization of $7.19 billion, a price-to-earnings ratio of 14.49, a P/E/G ratio of 1.00 and a beta of 1.18. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.88 and a current ratio of 0.88. The company has a 50 day moving average price of $47.20 and a 200 day moving average price of $48.93.
Synovus Financial (NYSE:SNV - Get Free Report) last issued its earnings results on Wednesday, April 16th. The bank reported $1.30 EPS for the quarter, beating analysts' consensus estimates of $1.11 by $0.19. The firm had revenue of $573.24 million for the quarter, compared to the consensus estimate of $572.35 million. Synovus Financial had a return on equity of 15.87% and a net margin of 16.19%. Research analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current year.
Synovus Financial Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Thursday, June 19th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date is Wednesday, June 18th. Synovus Financial's dividend payout ratio is 43.70%.
Analyst Ratings Changes
SNV has been the subject of several analyst reports. DA Davidson reduced their price objective on Synovus Financial from $65.00 to $60.00 and set a "buy" rating for the company in a research note on Monday, April 21st. Truist Financial began coverage on Synovus Financial in a research report on Tuesday, May 13th. They issued a "buy" rating and a $56.00 target price on the stock. Wells Fargo & Company decreased their target price on shares of Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 9th. Morgan Stanley decreased their price target on shares of Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating for the company in a research report on Thursday, March 13th. Finally, Stephens cut their target price on shares of Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating on the stock in a report on Monday, April 21st. Nine research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $56.56.
Check Out Our Latest Research Report on Synovus Financial
Synovus Financial Profile
(
Free Report)
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.
See Also
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Synovus Financial, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Synovus Financial wasn't on the list.
While Synovus Financial currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Thinking about investing in Meta, Roblox, or Unity? Enter your email to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
