Point72 Asia Singapore Pte. Ltd. Takes $262,000 Position in Synovus Financial Corp. (NYSE:SNV)

Point72 Asia Singapore Pte. Ltd. bought 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 Form 13F filing with the SEC. The firm bought 5,122 shares of the bank's stock, valued at approximately $262,000.

Several other institutional investors and hedge funds have also modified their holdings of SNV. Proficio Capital Partners LLC purchased a new position in Synovus Financial in the fourth quarter valued at about $3,798,000. Northern Trust Corp grew its position in Synovus Financial by 32.4% in 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 in the last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of Synovus Financial during the 4th quarter worth $1,504,000. SG Americas Securities LLC raised its holdings in shares of Synovus Financial by 11.0% during the 4th quarter. SG Americas Securities LLC now owns 12,547 shares of the bank's stock valued at $643,000 after purchasing an additional 1,240 shares in the last quarter. Finally, Janney Montgomery Scott LLC raised its holdings in shares of 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. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Synovus Financial Stock Performance

SNV stock traded down $0.35 during trading on Tuesday, reaching $48.85. 649,962 shares of the stock were exchanged, compared to its average volume of 1,403,127. Synovus Financial Corp. has a twelve month low of $35.81 and a twelve 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 company has a market capitalization of $6.79 billion, a P/E ratio of 16.02, a price-to-earnings-growth ratio of 1.11 and a beta of 1.13. The stock has a 50 day simple moving average of $44.41 and a 200-day simple moving average of $50.46.

Synovus Financial (NYSE:SNV - Get Free Report) last released its quarterly earnings data on Wednesday, April 16th. The bank reported $1.30 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 return on equity of 14.70% and a net margin of 14.05%. As a group, sell-side analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th were paid a $0.39 dividend. 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 3.19%. Synovus Financial's dividend payout ratio is currently 43.70%.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Stephens lowered their target price on shares of Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating on the stock in a research report on Monday, April 21st. Barclays lowered their price objective on Synovus Financial from $66.00 to $60.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Truist Financial assumed coverage on Synovus Financial in a report on Tuesday, May 13th. They issued a "buy" rating and a $56.00 target price for the company. Royal Bank of Canada lowered their price target on Synovus Financial from $64.00 to $52.00 and set an "outperform" rating on the stock in a report on Monday, April 21st. Finally, Morgan Stanley dropped their price target on shares of Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating on the stock in a research report on Thursday, March 13th. Eight equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $56.11.

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.