LSV Asset Management Raises Position in Synovus Financial Corp. (NYSE:SNV)

Key Points

• LSV Asset Management increased its stake in Synovus Financial Corp. by 11.9%, owning 420,637 shares worth approximately $19.66 million as of the latest report.
• Synovus Financial reported earnings of $1.48 per share for the last quarter, surpassing analysts' expectations of $1.25, alongside a revenue of $592.08 million.
• The company recently declared a quarterly dividend of $0.39, translating to an annualized dividend of $1.56, equating to a yield of 3.3%.

LSV Asset Management grew its position in Synovus Financial Corp. (NYSE:SNV - Free Report) by 11.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 420,637 shares of the bank's stock after buying an additional 44,900 shares during the period. LSV Asset Management owned 0.30% of Synovus Financial worth $19,661,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in SNV. AQR Capital Management LLC boosted its position in shares of 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 during the period. FMR LLC increased its position in shares of Synovus Financial by 3.6% during the fourth quarter. FMR LLC now owns 12,041,625 shares of the bank's stock worth $616,892,000 after acquiring an additional 415,201 shares during the period. Jacobs Levy Equity Management Inc. increased its position in shares of Synovus Financial by 5,495.2% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 349,866 shares of the bank's stock worth $17,924,000 after acquiring an additional 343,613 shares during the period. Northern Trust Corp increased its position in shares of Synovus Financial by 32.4% during the fourth quarter. Northern Trust Corp now owns 1,380,098 shares of the bank's stock worth $70,702,000 after acquiring an additional 337,784 shares during the period. Finally, Mesirow Institutional Investment Management Inc. purchased a new stake in shares of Synovus Financial during the fourth quarter worth $14,991,000. Hedge funds and other institutional investors own 83.85% of the company's stock.

Synovus Financial Stock Up 2.1%

NYSE:SNV traded up $1.01 during midday trading on Friday, hitting $48.07. 775,508 shares of the company were exchanged, compared to its average volume of 1,629,579. The company has a fifty day simple moving average of $50.96 and a 200 day simple moving average of $49.02. Synovus Financial Corp. has a fifty-two week low of $35.94 and a fifty-two week high of $61.06. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $6.67 billion, a PE ratio of 9.22, a price-to-earnings-growth ratio of 0.81 and a beta of 1.21.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The bank reported $1.48 EPS for the quarter, topping the consensus estimate of $1.25 by $0.23. Synovus Financial had a net margin of 21.52% and a return on equity of 16.20%. The firm had revenue of $592.08 million for the quarter, compared to analyst estimates of $584.89 million. During the same period last year, the business earned $1.16 EPS. As a group, equities analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Thursday, June 19th were paid a $0.39 dividend. The ex-dividend date was Wednesday, June 18th. This represents a $1.56 dividend on an annualized basis and a yield of 3.2%. Synovus Financial's payout ratio is currently 29.94%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Raymond James Financial lowered Synovus Financial from a "moderate buy" rating to a "hold" rating in a research report on Monday, July 28th. Wells Fargo & Company reaffirmed an "equal weight" rating and set a $58.00 price objective (down previously from $62.00) on shares of Synovus Financial in a research report on Friday, July 25th. Wall Street Zen raised Synovus Financial from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Royal Bank Of Canada decreased their price objective on shares of Synovus Financial from $64.00 to $52.00 and set an "outperform" rating for the company in a research report on Monday, April 21st. Finally, Keefe, Bruyette & Woods raised shares of Synovus Financial from a "market perform" rating to an "outperform" rating and lifted their price objective for the stock from $58.00 to $65.00 in a research report on Friday, July 18th. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $60.78.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, CFO Andrew J. Jr. Gregory acquired 2,000 shares of the company's stock in a transaction on Tuesday, July 29th. The shares were bought at an average cost of $48.90 per share, for a total transaction of $97,800.00. Following the completion of the purchase, the chief financial officer owned 58,220 shares in the company, valued at $2,846,958. This trade represents a 3.56% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Kevin S. Blair acquired 4,040 shares of the company's stock in a transaction on Tuesday, July 29th. The stock was acquired at an average price of $49.40 per share, for a total transaction of $199,576.00. Following the completion of the purchase, the chief executive officer owned 164,378 shares of the company's stock, valued at $8,120,273.20. This trade represents a 2.52% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 8,040 shares of company stock valued at $392,916. Company insiders own 1.00% of the company's stock.

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.