Point72 Hong Kong Ltd Invests $3.95 Million in Synovus Financial Corp. (NYSE:SNV)

Point72 Hong Kong Ltd acquired a new stake in Synovus Financial Corp. (NYSE:SNV - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 77,151 shares of the bank's stock, valued at approximately $3,952,000. Point72 Hong Kong Ltd owned approximately 0.05% of Synovus Financial at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in SNV. FMR LLC lifted its position in shares of Synovus Financial by 3.6% during the fourth quarter. FMR LLC now owns 12,041,625 shares of the bank's stock valued at $616,892,000 after buying an additional 415,201 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Synovus Financial by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,109,856 shares of the bank's stock valued at $261,778,000 after buying an additional 117,242 shares during the last quarter. First Trust Advisors LP raised its position in shares of Synovus Financial by 4.5% in the 4th quarter. First Trust Advisors LP now owns 1,827,247 shares of the bank's stock valued at $93,610,000 after purchasing an additional 77,876 shares during the last quarter. Norges Bank purchased a new position in shares of Synovus Financial in the 4th quarter valued at approximately $77,209,000. Finally, Northern Trust Corp raised its position in shares of Synovus Financial by 32.4% in the 4th quarter. Northern Trust Corp now owns 1,380,098 shares of the bank's stock valued at $70,702,000 after purchasing an additional 337,784 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors.

Synovus Financial Price Performance

Shares of NYSE:SNV traded up $0.14 during midday trading on Friday, reaching $49.50. 777,472 shares of the company's stock traded hands, compared to its average volume of 1,408,428. Synovus Financial Corp. has a 1 year low of $35.81 and a 1 year high of $59.92. The company has a market cap of $6.88 billion, a P/E ratio of 16.23, a PEG ratio of 1.11 and a beta of 1.13. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88. The company has a fifty day simple moving average of $44.32 and a two-hundred day simple moving average of $50.45.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its earnings results 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 firm had revenue of $573.24 million for the quarter, compared to analyst estimates of $572.35 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. Equities analysts predict that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 3.15%. The ex-dividend date of this dividend was Thursday, March 20th. This is a positive change from Synovus Financial's previous quarterly dividend of $0.38. Synovus Financial's payout ratio is currently 43.70%.

Wall Street Analysts Forecast Growth

SNV has been the subject of several research analyst reports. Wells Fargo & Company decreased their price objective on shares of Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 9th. Raymond James lowered shares of Synovus Financial from an "outperform" rating to a "market perform" rating in a research report on Wednesday, April 2nd. Royal Bank of Canada decreased their price objective 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. DA Davidson decreased their price objective 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. Finally, Truist Financial initiated coverage on shares of Synovus Financial in a research report on Tuesday, May 13th. They issued a "buy" rating and a $56.00 price objective for the company. Eight research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Synovus Financial 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.