Mirae Asset Global Investments Co. Ltd. Boosts Stake in Synovus Financial Corp. (NYSE:SNV)

Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 12.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 89,295 shares of the bank’s stock after buying an additional 9,693 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Synovus Financial were worth $3,912,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in SNV. Nordea Investment Management AB lifted its position in Synovus Financial by 24.5% during the 1st quarter. Nordea Investment Management AB now owns 328,604 shares of the bank’s stock worth $13,233,000 after acquiring an additional 64,621 shares during the period. &PARTNERS purchased a new position in shares of Synovus Financial in the second quarter worth about $284,000. Texas Permanent School Fund Corp raised its stake in shares of Synovus Financial by 19.6% in the second quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank’s stock worth $6,150,000 after purchasing an additional 25,028 shares during the last quarter. Private Capital Management LLC lifted its holdings in shares of Synovus Financial by 6.2% during the first quarter. Private Capital Management LLC now owns 365,557 shares of the bank’s stock worth $14,644,000 after purchasing an additional 21,456 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp boosted its position in Synovus Financial by 92.0% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 47,198 shares of the bank’s stock valued at $1,852,000 after buying an additional 22,621 shares during the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Price Performance

Synovus Financial stock opened at $49.86 on Wednesday. The company has a fifty day simple moving average of $45.42 and a 200-day simple moving average of $41.89. The firm has a market capitalization of $7.18 billion, a price-to-earnings ratio of 22.56, a PEG ratio of 1.76 and a beta of 1.38. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. Synovus Financial Corp. has a 52-week low of $25.10 and a 52-week high of $51.69.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.14. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The company had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. During the same quarter in the prior year, the company earned $0.84 EPS. Synovus Financial’s revenue was up 2.6% compared to the same quarter last year. On average, equities analysts anticipate that Synovus Financial Corp. will post 4.34 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were given a dividend of $0.38 per share. The ex-dividend date was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a yield of 3.05%. Synovus Financial’s payout ratio is 68.78%.

Analysts Set New Price Targets

Several analysts have commented on the stock. Royal Bank of Canada lifted their price objective on shares of Synovus Financial from $49.00 to $57.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Stephens boosted their target price on shares of Synovus Financial from $46.00 to $52.00 and gave the company an “equal weight” rating in a research report on Friday, October 18th. Piper Sandler increased their price target on Synovus Financial from $42.00 to $53.00 and gave the stock an “overweight” rating in a research report on Friday, July 19th. Morgan Stanley boosted their price objective on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a report on Monday, October 21st. Finally, DA Davidson upped their target price on Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.88.

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.