Point72 Asset Management L.P. Makes New $1.88 Million Investment in Synovus Financial Corp. (NYSE:SNV)

Point72 Asset Management L.P. bought a new position in Synovus Financial Corp. (NYSE:SNV - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 36,737 shares of the bank's stock, valued at approximately $1,882,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SNV. Colonial Trust Co SC lifted its position in Synovus Financial by 554.4% during the fourth quarter. Colonial Trust Co SC now owns 589 shares of the bank's stock valued at $30,000 after buying an additional 499 shares during the period. Keystone Financial Group Inc. purchased a new position in Synovus Financial during the fourth quarter valued at $37,000. Jones Financial Companies Lllp lifted its position in Synovus Financial by 72.7% during the fourth quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank's stock valued at $56,000 after buying an additional 461 shares during the period. V Square Quantitative Management LLC boosted its stake in Synovus Financial by 69.3% in the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank's stock worth $58,000 after purchasing an additional 466 shares in the last quarter. Finally, Millstone Evans Group LLC bought a new stake in Synovus Financial during the 4th quarter valued at about $59,000. Hedge funds and other institutional investors own 83.85% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on SNV shares. Jefferies Financial Group assumed coverage on Synovus Financial in a research note on Wednesday, May 21st. They issued a "hold" rating and a $55.00 price target for the company. DA Davidson lowered their price objective on shares of Synovus Financial from $65.00 to $60.00 and set a "buy" rating on the stock in a research report on Monday, April 21st. JPMorgan Chase & Co. cut their price objective on Synovus Financial from $54.00 to $50.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Barclays dropped their target price on Synovus Financial from $66.00 to $60.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Finally, Truist Financial initiated coverage on Synovus Financial in a research note on Tuesday, May 13th. They issued a "buy" rating and a $56.00 price objective on the stock. Nine analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $56.56.

Synovus Financial Trading Up 1.4%

SNV stock traded up $0.67 during mid-day trading on Tuesday, reaching $47.67. 88,772 shares of the stock traded hands, compared to its average volume of 1,402,351. The business has a 50-day moving average price of $44.54 and a two-hundred day moving average price of $50.23. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a market capitalization of $6.63 billion, a PE ratio of 15.63, a PEG ratio of 1.11 and a beta of 1.13. Synovus Financial Corp. has a one year low of $35.81 and a one year high of $59.92.

Synovus Financial (NYSE:SNV - Get Free Report) last released its quarterly earnings data on Wednesday, April 16th. The bank reported $1.30 earnings per share for the quarter, topping analysts' consensus estimates of $1.11 by $0.19. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The firm had revenue of $573.24 million for the quarter, compared to analyst estimates of $572.35 million. Equities research analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 3.27%. This is an increase from Synovus Financial's previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Thursday, March 20th. Synovus Financial's dividend payout ratio (DPR) is presently 43.70%.

Synovus Financial Company Profile

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.