Synovus Financial Corp. (NYSE:SNV) Stock Position Lowered by Amalgamated Bank

Amalgamated Bank lowered its position in shares of Synovus Financial Corp. (NYSE:SNV) by 1.7% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 67,413 shares of the bank’s stock after selling 1,148 shares during the quarter. Amalgamated Bank’s holdings in Synovus Financial were worth $3,454,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of SNV. Keystone Financial Group Inc. purchased a new stake in shares of Synovus Financial during the fourth quarter valued at $37,000. Quarry LP acquired a new stake in shares of Synovus Financial during the third quarter valued at approximately $41,000. V Square Quantitative Management LLC raised its holdings in shares of Synovus Financial by 69.3% during the fourth quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock valued at $58,000 after acquiring an additional 466 shares during the period. Brooklyn Investment Group purchased a new stake in shares of Synovus Financial in the 3rd quarter valued at approximately $56,000. Finally, Farther Finance Advisors LLC boosted its stake in Synovus Financial by 474.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,466 shares of the bank’s stock worth $65,000 after purchasing an additional 1,211 shares during the period. 83.85% of the stock is owned by institutional investors and hedge funds.

Synovus Financial Stock Performance

Shares of NYSE SNV opened at $51.86 on Friday. The business’s 50-day simple moving average is $53.68 and its 200-day simple moving average is $50.68. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88. Synovus Financial Corp. has a 52 week low of $33.44 and a 52 week high of $59.92. The firm has a market cap of $7.35 billion, a price-to-earnings ratio of 17.00, a P/E/G ratio of 1.11 and a beta of 1.39.

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

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th were given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 2.93%. The ex-dividend date of this dividend was Thursday, December 19th. Synovus Financial’s dividend payout ratio is 49.84%.

Analyst Ratings Changes

Several analysts have issued reports on the stock. JPMorgan Chase & Co. boosted their target price on shares of Synovus Financial from $60.50 to $62.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Piper Sandler upped their price target on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research report on Wednesday, December 11th. Barclays raised their price objective on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Stephens reiterated an “equal weight” rating and issued a $58.00 price objective on shares of Synovus Financial in a research note on Thursday, January 16th. Finally, Wells Fargo & Company increased their target price on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.44.

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.