Knights of Columbus Asset Advisors LLC Acquires New Position in Synovus Financial Corp. (NYSE:SNV)

Knights of Columbus Asset Advisors LLC purchased a new stake in Synovus Financial Corp. (NYSE:SNV - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 287,470 shares of the bank's stock, valued at approximately $10,823,000. Synovus Financial makes up approximately 0.7% of Knights of Columbus Asset Advisors LLC's investment portfolio, making the stock its 18th biggest holding. Knights of Columbus Asset Advisors LLC owned approximately 0.20% of Synovus Financial at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. lifted its holdings in Synovus Financial by 10.4% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 14,877 shares of the bank's stock valued at $729,000 after purchasing an additional 1,401 shares during the last quarter. Private Advisor Group LLC acquired a new position in Synovus Financial in the 1st quarter valued at $419,000. PNC Financial Services Group Inc. lifted its position in Synovus Financial by 10.8% during the first quarter. PNC Financial Services Group Inc. now owns 11,420 shares of the bank's stock worth $561,000 after purchasing an additional 1,109 shares during the period. Great West Life Assurance Co. Can lifted its holdings in shares of Synovus Financial by 10.3% during the 1st quarter. Great West Life Assurance Co. Can now owns 82,348 shares of the bank's stock worth $4,147,000 after acquiring an additional 7,682 shares during the period. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of Synovus Financial in the 1st quarter valued at $74,000. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Synovus Financial

In other Synovus Financial news, Director Tim E. Bentsen sold 4,671 shares of Synovus Financial stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total transaction of $180,394.02. Following the completion of the transaction, the director now owns 33,144 shares of the company's stock, valued at approximately $1,280,021.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Tim E. Bentsen sold 4,671 shares of the firm's stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $38.62, for a total value of $180,394.02. Following the completion of the transaction, the director now directly owns 33,144 shares in the company, valued at $1,280,021.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the company's stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total transaction of $78,180.35. Following the sale, the executive vice president now directly owns 11,086 shares in the company, valued at approximately $423,817.78. The disclosure for this sale can be found here. 0.81% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

SNV has been the subject of a number of research analyst reports. Morgan Stanley upped their price objective on shares of Synovus Financial from $29.00 to $37.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 7th. Piper Sandler reduced their target price on Synovus Financial from $46.00 to $42.00 and set an "overweight" rating on the stock in a report on Friday. UBS Group lifted their price objective on Synovus Financial from $42.00 to $44.00 and gave the stock a "buy" rating in a research report on Tuesday, January 23rd. JPMorgan Chase & Co. dropped their target price on shares of Synovus Financial from $50.00 to $48.00 and set an "overweight" rating on the stock in a research report on Friday. Finally, Truist Financial increased their price target on Synovus Financial from $42.00 to $45.00 and gave the stock a "buy" rating in a report on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Synovus Financial presently has an average rating of "Moderate Buy" and an average target price of $41.53.

Synovus Financial Stock Performance

NYSE:SNV traded up $1.01 during trading on Friday, reaching $34.91. The company's stock had a trading volume of 2,607,236 shares, compared to its average volume of 1,510,448. The firm has a 50 day moving average of $37.93 and a 200-day moving average of $34.46. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market cap of $5.11 billion, a price-to-earnings ratio of 11.92, a price-to-earnings-growth ratio of 3.93 and a beta of 1.40. Synovus Financial Corp. has a 12 month low of $24.40 and a 12 month high of $40.92.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings data on Thursday, April 18th. The bank reported $0.79 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.20). Synovus Financial had a net margin of 13.29% and a return on equity of 13.08%. The firm had revenue of $537.73 million for the quarter, compared to the consensus estimate of $547.62 million. During the same period last year, the company posted $1.33 earnings per share. Synovus Financial's revenue for the quarter was down 12.4% on a year-over-year basis. Research analysts expect that Synovus Financial Corp. will post 4.05 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were issued a dividend of $0.38 per share. The ex-dividend date was Wednesday, March 20th. This represents a $1.52 dividend on an annualized basis and a yield of 4.35%. Synovus Financial's payout ratio is 52.05%.

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.