GAMMA Investing LLC Has $11.73 Million Stock Position in Synovus Financial Corp. (NYSE:SNV)

GAMMA Investing LLC increased its holdings in Synovus Financial Corp. (NYSE:SNV - Free Report) by 6,328.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (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 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. FMR LLC grew its position in Synovus Financial by 3.6% in the fourth 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 during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Synovus Financial by 2.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,109,856 shares of the bank's stock worth $261,778,000 after acquiring an additional 117,242 shares in the last quarter. Silvercrest Asset Management Group LLC grew 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 worth $121,442,000 after acquiring an additional 53,286 shares during the last quarter. First Trust Advisors LP grew its holdings in shares of Synovus Financial by 4.5% in the 4th quarter. First Trust Advisors LP now owns 1,827,247 shares of the bank's stock worth $93,610,000 after acquiring an additional 77,876 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Synovus Financial during the fourth quarter worth $77,209,000. 83.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. JPMorgan Chase & Co. decreased their price target on Synovus Financial from $54.00 to $50.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Raymond James lowered shares of Synovus Financial from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 2nd. DA Davidson decreased their target price on shares of Synovus Financial from $65.00 to $60.00 and set a "buy" rating for the company in a report on Monday, April 21st. Truist Financial began coverage on shares of Synovus Financial in a report on Tuesday, May 13th. They set a "buy" rating and a $56.00 price target on the stock. Finally, Morgan Stanley decreased their price objective 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. Nine research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $56.56.

Synovus Financial Stock Performance

SNV stock traded up $0.29 during midday trading on Tuesday, hitting $49.46. 483,696 shares of the company traded hands, compared to its average volume of 1,392,146. Synovus Financial Corp. has a twelve month low of $35.81 and a twelve month high of $59.92. The stock has a market capitalization of $6.88 billion, a price-to-earnings ratio of 16.22, a price-to-earnings-growth ratio of 1.11 and a beta of 1.18. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. The business has a 50 day simple moving average of $44.87 and a 200-day simple moving average of $49.63.

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

Synovus Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Thursday, June 19th will be given a dividend of $0.39 per share. The ex-dividend date is Wednesday, June 18th. This represents a $1.56 annualized dividend and a dividend yield of 3.15%. Synovus Financial's dividend payout ratio is presently 43.70%.

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.