GAMMA Investing LLC Acquires 246,997 Shares of Synovus Financial Corp. (NYSE:SNV)

GAMMA Investing LLC increased its holdings in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 6,328.4% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 250,900 shares of the bank's stock after purchasing an additional 246,997 shares during the quarter. GAMMA Investing LLC owned 0.18% of Synovus Financial worth $11,727,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of SNV. Norges Bank bought a new stake in Synovus Financial during the 4th quarter worth approximately $77,209,000. AQR Capital Management LLC increased its stake in Synovus Financial by 226.5% during the 4th quarter. AQR Capital Management LLC now owns 1,065,249 shares of the bank's stock worth $54,573,000 after purchasing an additional 738,983 shares in the last quarter. 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 purchasing an additional 415,201 shares in the last quarter. Prudential Financial Inc. increased its stake in Synovus Financial by 349.4% during the 4th quarter. Prudential Financial Inc. now owns 529,147 shares of the bank's stock worth $27,108,000 after purchasing an additional 411,411 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its stake in Synovus Financial by 5,495.2% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 349,866 shares of the bank's stock worth $17,924,000 after purchasing an additional 343,613 shares in the last quarter. 83.85% of the stock is owned by institutional investors.

Synovus Financial Stock Performance

Synovus Financial stock traded up $1.47 during mid-day trading on Friday, hitting $49.07. 661,656 shares of the company's stock traded hands, compared to its average volume of 1,395,423. The firm has a 50 day simple moving average of $44.63 and a two-hundred day simple moving average of $49.78. Synovus Financial Corp. has a fifty-two week low of $35.81 and a fifty-two week high of $59.92. The stock has a market cap of $6.82 billion, a price-to-earnings ratio of 16.09, a P/E/G ratio of 1.11 and a beta of 1.18. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.19. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The business had revenue of $573.24 million during the quarter, compared to the consensus estimate of $572.35 million. On average, research analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Thursday, June 19th will be given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date is Wednesday, June 18th. Synovus Financial's payout ratio is currently 43.70%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on SNV. Truist Financial began coverage on shares of Synovus Financial in a research note on Tuesday, May 13th. They set a "buy" rating and a $56.00 price target for the company. Wells Fargo & Company decreased their price target 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 note on Thursday, March 13th. Royal Bank of Canada decreased their price target on shares of Synovus Financial from $64.00 to $52.00 and set an "outperform" rating for the company in a research note on Monday, April 21st. Finally, Barclays decreased their price target on shares of Synovus Financial from $66.00 to $60.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Nine equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $56.56.

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.