Voloridge Investment Management LLC Purchases New Holdings in Synovus Financial Corp. (NYSE:SNV)

Voloridge Investment Management LLC acquired a new stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 97,359 shares of the bank's stock, valued at approximately $4,988,000. Voloridge Investment Management LLC owned approximately 0.07% of Synovus Financial as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Colonial Trust Co SC raised its position in shares of Synovus Financial by 554.4% during the 4th quarter. Colonial Trust Co SC now owns 589 shares of the bank's stock valued at $30,000 after buying an additional 499 shares in the last quarter. Keystone Financial Group Inc. purchased a new stake in shares of Synovus Financial during the 4th quarter valued at $37,000. Jones Financial Companies Lllp raised its position in shares of Synovus Financial by 72.7% during the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank's stock valued at $56,000 after buying an additional 461 shares in the last quarter. V Square Quantitative Management LLC raised its position in shares of Synovus Financial by 69.3% during the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank's stock valued at $58,000 after buying an additional 466 shares in the last quarter. Finally, Millstone Evans Group LLC purchased a new stake in shares of Synovus Financial during the 4th quarter valued at $59,000. Hedge funds and other institutional investors own 83.85% of the company's stock.

Analyst Upgrades and Downgrades

SNV has been the subject of several analyst reports. DA Davidson cut their price target on shares of Synovus Financial from $65.00 to $60.00 and set a "buy" rating for the company in a research report on Monday, April 21st. Jefferies Financial Group initiated coverage on shares of Synovus Financial in a research report on Wednesday, May 21st. They set a "hold" rating and a $55.00 price target for the company. Royal Bank of Canada cut 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 report on Monday, April 21st. Stephens cut their price target 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. Finally, Truist Financial initiated coverage on shares of Synovus Financial in a research report on Tuesday, May 13th. They set a "buy" rating and a $56.00 price target for the company. Nine research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Synovus Financial has a consensus rating of "Moderate Buy" and a consensus price target of $56.56.

Synovus Financial Stock Performance

SNV stock traded down $0.19 on Friday, hitting $47.88. The company had a trading volume of 1,114,704 shares, compared to its average volume of 1,403,825. Synovus Financial Corp. has a 12-month low of $35.81 and a 12-month high of $59.92. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. The stock's 50-day simple moving average is $44.52 and its 200 day simple moving average is $50.00. The stock has a market cap of $6.66 billion, a price-to-earnings ratio of 15.70, a P/E/G ratio of 1.11 and a beta of 1.13.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.19. The business had revenue of $573.24 million for the quarter, compared to analysts' expectations 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 expect that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Thursday, March 20th were paid a dividend of $0.39 per share. This is a boost from Synovus Financial's previous quarterly dividend of $0.38. The ex-dividend date was Thursday, March 20th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.26%. Synovus Financial's payout ratio is 43.70%.

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.