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

Mirae Asset Global Investments Co. Ltd. grew its stake in Synovus Financial Corp. (NYSE:SNV) by 16.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 104,205 shares of the bank’s stock after purchasing an additional 14,910 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Synovus Financial were worth $5,334,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in SNV. FMR LLC increased its holdings in Synovus Financial by 5.4% in the third quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock valued at $517,027,000 after buying an additional 598,644 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Synovus Financial by 12.8% in the 3rd quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock valued at $430,213,000 after purchasing an additional 1,095,557 shares in the last quarter. State Street Corp raised its holdings in Synovus Financial by 3.2% in the 3rd quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock worth $294,255,000 after purchasing an additional 201,362 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Synovus Financial by 3.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank’s stock worth $222,022,000 after purchasing an additional 147,599 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in Synovus Financial by 0.9% in the third quarter. Geode Capital Management LLC now owns 2,419,737 shares of the bank’s stock valued at $107,633,000 after purchasing an additional 22,549 shares during the period. 83.85% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Stock Down 1.5 %

Shares of SNV opened at $56.00 on Friday. 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 firm has a market cap of $7.93 billion, a P/E ratio of 18.36, a price-to-earnings-growth ratio of 1.17 and a beta of 1.39. The company’s 50-day moving average price is $53.86 and its 200 day moving average price is $49.68. Synovus Financial Corp. has a 12-month low of $33.44 and a 12-month high of $59.92.

Synovus Financial (NYSE:SNV) last posted its earnings results 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. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The firm had revenue of $580.58 million during the quarter, compared to the consensus estimate of $566.83 million. During the same quarter last year, the firm earned $0.80 EPS. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. On average, sell-side analysts forecast that Synovus Financial Corp. will post 4.86 earnings per share for the current year.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Thursday, December 19th were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date was Thursday, December 19th. Synovus Financial’s dividend payout ratio (DPR) is 49.84%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Morgan Stanley increased their target price on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research report on Monday, October 21st. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Synovus Financial in a research report on Monday, December 9th. They issued a “buy” rating and a $64.00 target price on the stock. Stephens restated an “equal weight” rating and set a $58.00 price target on shares of Synovus Financial in a research report on Thursday, January 16th. Piper Sandler lifted their price objective on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. Finally, Citigroup raised their target price on Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $58.44.

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.