Y Intercept Hong Kong Ltd Purchases 17,705 Shares of Synovus Financial Corp. (NYSE:SNV)

Y Intercept Hong Kong Ltd boosted its stake in Synovus Financial Corp. (NYSE:SNV - Free Report) by 345.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,828 shares of the bank's stock after acquiring an additional 17,705 shares during the period. Y Intercept Hong Kong Ltd's holdings in Synovus Financial were worth $1,067,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Tidal Investments LLC bought a new position in shares of Synovus Financial during the fourth quarter worth about $222,000. Cerity Partners LLC grew its position in shares of Synovus Financial by 50.9% during the first quarter. Cerity Partners LLC now owns 23,879 shares of the bank's stock worth $1,116,000 after acquiring an additional 8,059 shares during the last quarter. Envestnet Portfolio Solutions Inc. bought a new position in shares of Synovus Financial during the first quarter worth about $251,000. First Citizens Bank & Trust Co. grew its position in shares of Synovus Financial by 32.8% during the first quarter. First Citizens Bank & Trust Co. now owns 23,132 shares of the bank's stock worth $1,081,000 after acquiring an additional 5,717 shares during the last quarter. Finally, Tradewinds LLC. bought a new position in shares of Synovus Financial during the first quarter worth about $351,000. 83.85% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on SNV shares. DA Davidson increased their target price on shares of Synovus Financial from $60.00 to $63.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Stephens decreased their target price on shares of Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating for the company in a research report on Monday, April 21st. Keefe, Bruyette & Woods upgraded shares of Synovus Financial from a "market perform" rating to an "outperform" rating and raised their price objective for the company from $58.00 to $65.00 in a research report on Friday, July 18th. Truist Financial upped their price objective on shares of Synovus Financial from $56.00 to $60.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Synovus Financial from $50.00 to $60.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $60.44.

Synovus Financial Stock Down 12.5%

SNV traded down $7.08 during midday trading on Friday, hitting $49.64. 12,224,884 shares of the company's stock traded hands, compared to its average volume of 2,020,881. Synovus Financial Corp. has a one year low of $35.94 and a one year high of $61.06. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.92 and a quick ratio of 0.92. The stock's fifty day simple moving average is $50.97 and its 200-day simple moving average is $49.37. The company has a market cap of $6.90 billion, a PE ratio of 9.53, a price-to-earnings-growth ratio of 0.96 and a beta of 1.19.

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, beating the consensus estimate of $1.25 by $0.23. Synovus Financial had a return on equity of 16.20% and a net margin of 21.52%. The company had revenue of $592.08 million for the quarter, compared to the consensus estimate of $584.89 million. During the same quarter last year, the company posted $1.16 earnings per share. 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 business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders 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 annualized dividend and a dividend yield of 3.14%. Synovus Financial's payout ratio is 29.94%.

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.