Salzhauer Michael Has $7.89 Million Stake in Synovus Financial Corp. (NYSE:SNV)

Salzhauer Michael cut its position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 17.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 168,761 shares of the bank's stock after selling 35,165 shares during the quarter. Synovus Financial accounts for 3.1% of Salzhauer Michael's portfolio, making the stock its 5th biggest holding. Salzhauer Michael owned approximately 0.12% of Synovus Financial worth $7,888,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Sound View Wealth Advisors Group LLC grew its stake in Synovus Financial by 3.1% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 7,941 shares of the bank's stock worth $407,000 after buying an additional 241 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake in Synovus Financial by 0.5% in the first quarter. Janney Montgomery Scott LLC now owns 51,606 shares of the bank's stock worth $2,412,000 after purchasing an additional 249 shares in the last quarter. M&T Bank Corp increased its stake in shares of Synovus Financial by 4.8% in the fourth quarter. M&T Bank Corp now owns 7,265 shares of the bank's stock valued at $372,000 after buying an additional 331 shares in the last quarter. ProShare Advisors LLC raised its holdings in shares of Synovus Financial by 5.6% in the fourth quarter. ProShare Advisors LLC now owns 6,628 shares of the bank's stock valued at $340,000 after buying an additional 352 shares during the last quarter. Finally, Blair William & Co. IL raised its holdings in shares of Synovus Financial by 6.4% in the fourth quarter. Blair William & Co. IL now owns 6,241 shares of the bank's stock valued at $320,000 after buying an additional 374 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Raymond James Financial downgraded shares of Synovus Financial from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 2nd. Barclays cut their price target on Synovus Financial from $66.00 to $60.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. JPMorgan Chase & Co. cut their target price on shares of Synovus Financial from $54.00 to $50.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Truist Financial began coverage on shares of Synovus Financial in a research report on Tuesday, May 13th. They set a "buy" rating and a $56.00 price target for the company. Finally, Morgan Stanley lowered their target price on shares of Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating for the company in a report on Thursday, March 13th. Nine equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Synovus Financial currently has an average rating of "Moderate Buy" and a consensus price target of $56.56.

Synovus Financial Stock Down 0.2%

Synovus Financial stock opened at $50.22 on Thursday. The company has a 50 day moving average of $46.78 and a 200-day moving average of $49.06. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.43. Synovus Financial Corp. has a twelve month low of $35.94 and a twelve month high of $59.92. The stock has a market capitalization of $6.98 billion, a PE ratio of 14.07, a price-to-earnings-growth ratio of 0.97 and a beta of 1.18.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its earnings results 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. The firm had revenue of $573.24 million during the quarter, compared to analyst estimates of $572.35 million. Synovus Financial had a net margin of 16.19% and a return on equity of 15.87%. On average, equities research analysts anticipate that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Thursday, June 19th will be issued a dividend of $0.39 per share. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.11%. Synovus Financial's payout ratio is presently 43.70%.

Synovus Financial 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.

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