Quantbot Technologies LP Grows Stock Position in Synovus Financial Corp. (NYSE:SNV)

Quantbot Technologies LP raised its holdings in Synovus Financial Corp. (NYSE:SNV) by 15,076.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 77,552 shares of the bank’s stock after buying an additional 77,041 shares during the quarter. Quantbot Technologies LP owned approximately 0.05% of Synovus Financial worth $3,449,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in SNV. V Square Quantitative Management LLC purchased a new position in shares of Synovus Financial in the 3rd quarter valued at $30,000. UMB Bank n.a. grew its stake in shares of Synovus Financial by 87.2% during the third quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock valued at $33,000 after acquiring an additional 348 shares in the last quarter. Innealta Capital LLC purchased a new stake in shares of Synovus Financial during the second quarter worth about $43,000. Abich Financial Wealth Management LLC lifted its stake in shares of Synovus Financial by 43.5% in the first quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock worth $49,000 after acquiring an additional 371 shares in the last quarter. Finally, Headlands Technologies LLC boosted its holdings in Synovus Financial by 404.8% in the second quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock valued at $55,000 after purchasing an additional 1,105 shares during the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Stock Performance

Shares of SNV opened at $57.45 on Thursday. Synovus Financial Corp. has a one year low of $29.48 and a one year high of $59.92. The company has a 50-day moving average of $49.60 and a two-hundred day moving average of $44.42. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88. The stock has a market cap of $8.14 billion, a price-to-earnings ratio of 26.00, a PEG ratio of 2.09 and a beta of 1.37.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.14. The firm had revenue of $564.72 million during the quarter, compared to analyst estimates of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period last year, the company posted $0.84 EPS. On average, equities research analysts expect that Synovus Financial Corp. will post 4.37 earnings per share for the current year.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were issued a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 annualized dividend and a dividend yield of 2.65%. Synovus Financial’s dividend payout ratio is 68.78%.

Analyst Ratings Changes

SNV has been the topic of a number of recent analyst reports. Truist Financial upped their target price on Synovus Financial from $52.00 to $57.00 and gave the company a “buy” rating in a research report on Monday, October 21st. StockNews.com raised shares of Synovus Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Stephens raised their price objective on shares of Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a report on Friday, October 18th. Evercore ISI upped their target price on shares of Synovus Financial from $48.00 to $54.00 and gave the company an “in-line” rating in a research note on Wednesday, October 30th. Finally, Bank of America increased their price target on shares of Synovus Financial from $48.00 to $57.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Seven research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, Synovus Financial presently has a consensus rating of “Moderate Buy” and an average target price of $53.94.

About Synovus Financial

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.