Two Sigma Advisers LP Acquires Shares of 23,100 Synovus Financial Corp. (NYSE:SNV)

Two Sigma Advisers LP acquired a new stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 23,100 shares of the bank's stock, valued at approximately $1,183,000.

A number of other hedge funds have also recently bought and sold shares of SNV. Janney Montgomery Scott LLC grew its stake in Synovus Financial by 4.4% during the 4th quarter. Janney Montgomery Scott LLC now owns 51,357 shares of the bank's stock valued at $2,631,000 after purchasing an additional 2,166 shares in the last quarter. KBC Group NV lifted its holdings in Synovus Financial by 34.8% during the 4th quarter. KBC Group NV now owns 6,014 shares of the bank's stock worth $308,000 after buying an additional 1,554 shares during the last quarter. Deroy & Devereaux Private Investment Counsel Inc. lifted its holdings in Synovus Financial by 0.3% during the 4th quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 103,480 shares of the bank's stock worth $5,301,000 after buying an additional 270 shares during the last quarter. Montgomery Investment Management Inc. lifted its holdings in Synovus Financial by 0.6% during the 4th quarter. Montgomery Investment Management Inc. now owns 42,493 shares of the bank's stock worth $2,177,000 after buying an additional 235 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in Synovus Financial by 16.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 104,205 shares of the bank's stock worth $5,334,000 after buying an additional 14,910 shares during the last quarter. Institutional investors and hedge funds own 83.85% of the company's stock.

Synovus Financial Stock Performance

SNV stock traded up $1.19 on Tuesday, reaching $48.55. 360,929 shares of the company were exchanged, compared to its average volume of 1,398,723. The firm has a market capitalization of $6.75 billion, a PE ratio of 15.92, a PEG ratio of 1.11 and a beta of 1.13. Synovus Financial Corp. has a 12 month low of $35.81 and a 12 month high of $59.92. The stock's fifty day moving average price is $44.50 and its 200 day moving average price is $49.90. 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 data on Wednesday, April 16th. The bank reported $1.30 EPS for the quarter, beating analysts' consensus estimates of $1.11 by $0.19. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The business had revenue of $573.24 million during the quarter, compared to analyst estimates of $572.35 million. On average, research analysts anticipate that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on SNV shares. Wells Fargo & Company cut their price target on Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 9th. JPMorgan Chase & Co. cut their target price on Synovus Financial from $54.00 to $50.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Stephens cut their target price on Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating on the stock in a research note on Monday, April 21st. Truist Financial began coverage on Synovus Financial in a research report on Tuesday, May 13th. They set a "buy" rating and a $56.00 price target on the stock. Finally, Jefferies Financial Group began coverage on Synovus Financial in a research report on Wednesday, May 21st. They set a "hold" rating and a $55.00 price target on the stock. Nine analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $56.56.

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.