Xponance Inc. Grows Position in Synovus Financial Corp. (NYSE:SNV)

Xponance Inc. raised its position in Synovus Financial Corp. (NYSE:SNV) by 5.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 16,377 shares of the bank’s stock after acquiring an additional 784 shares during the quarter. Xponance Inc.’s holdings in Synovus Financial were worth $839,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Pathstone Holdings LLC increased its holdings in Synovus Financial by 1.9% in the third quarter. Pathstone Holdings LLC now owns 52,416 shares of the bank’s stock valued at $2,331,000 after buying an additional 980 shares during the last quarter. Advisors Asset Management Inc. increased its holdings in shares of Synovus Financial by 66.2% in the 3rd quarter. Advisors Asset Management Inc. now owns 2,586 shares of the bank’s stock valued at $115,000 after acquiring an additional 1,030 shares during the last quarter. Raymond James Trust N.A. purchased a new stake in Synovus Financial during the third quarter worth approximately $262,000. Cerity Partners LLC boosted its holdings in Synovus Financial by 138.4% in the third quarter. Cerity Partners LLC now owns 14,728 shares of the bank’s stock valued at $655,000 after purchasing an additional 8,549 shares in the last quarter. Finally, Fisher Asset Management LLC increased its stake in Synovus Financial by 4.5% in the third quarter. Fisher Asset Management LLC now owns 13,068 shares of the bank’s stock valued at $581,000 after purchasing an additional 561 shares during the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Stock Up 3.5 %

SNV stock opened at $49.09 on Tuesday. Synovus Financial Corp. has a 52 week low of $33.44 and a 52 week 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 cap of $6.92 billion, a P/E ratio of 16.09, a P/E/G ratio of 1.11 and a beta of 1.36. The company’s 50-day moving average price is $52.12 and its 200 day moving average price is $51.04.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.09. The firm had revenue of $580.58 million during the quarter, compared to the consensus estimate of $566.83 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. Synovus Financial’s quarterly revenue was up 18.8% on a year-over-year basis. During the same period last year, the business posted $0.80 EPS. On average, research analysts expect that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th will be given a dividend of $0.39 per share. The ex-dividend date is Thursday, March 20th. This represents a $1.56 dividend on an annualized basis and a yield of 3.18%. This is a boost from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s payout ratio is presently 51.15%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on SNV shares. Piper Sandler boosted their price objective on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. Wells Fargo & Company upped their price objective on shares of Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. JPMorgan Chase & Co. boosted their target price on Synovus Financial from $60.50 to $62.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Royal Bank of Canada restated an “outperform” rating and set a $64.00 price target on shares of Synovus Financial in a research note on Thursday, December 12th. Finally, The Goldman Sachs Group increased their price objective on Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $58.67.

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.