Weiss Asset Management LP Takes $958,000 Position in Synovus Financial Corp. (NYSE:SNV)

Weiss Asset Management LP purchased a new position in Synovus Financial Corp. (NYSE:SNV) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 21,536 shares of the bank’s stock, valued at approximately $958,000.

A number of other institutional investors have also recently bought and sold shares of the company. GAMMA Investing LLC increased its position in Synovus Financial by 6.5% in the 3rd quarter. GAMMA Investing LLC now owns 3,754 shares of the bank’s stock worth $167,000 after purchasing an additional 229 shares during the last quarter. Fifth Third Bancorp increased its holdings in Synovus Financial by 7.0% in the second quarter. Fifth Third Bancorp now owns 3,760 shares of the bank’s stock worth $151,000 after buying an additional 245 shares during the last quarter. Dana Investment Advisors Inc. increased its holdings in Synovus Financial by 0.7% in the second quarter. Dana Investment Advisors Inc. now owns 35,759 shares of the bank’s stock worth $1,437,000 after buying an additional 254 shares during the last quarter. Hanseatic Management Services Inc. raised its position in Synovus Financial by 2.6% during the second quarter. Hanseatic Management Services Inc. now owns 11,885 shares of the bank’s stock valued at $478,000 after acquiring an additional 303 shares in the last quarter. Finally, Wedmont Private Capital lifted its stake in Synovus Financial by 3.8% in the third quarter. Wedmont Private Capital now owns 9,102 shares of the bank’s stock valued at $394,000 after acquiring an additional 335 shares during the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Trading Up 0.6 %

Shares of SNV opened at $55.77 on Monday. The stock’s 50-day moving average price is $51.54 and its 200 day moving average price is $45.36. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $7.90 billion, a price-to-earnings ratio of 25.24, a P/E/G ratio of 2.01 and a beta of 1.38. Synovus Financial Corp. has a 12-month low of $33.44 and a 12-month high of $59.92.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. The business had revenue of $564.72 million for the quarter, compared to analysts’ expectations of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. Synovus Financial’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.84 earnings per share. As a group, research analysts predict that Synovus Financial Corp. will post 4.37 earnings per share for the current year.

Synovus Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th will be paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date is Thursday, December 19th. Synovus Financial’s dividend payout ratio is 68.78%.

Wall Street Analyst Weigh In

SNV has been the topic of several analyst reports. Truist Financial increased their target price on shares of Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. StockNews.com raised Synovus Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Raymond James upgraded Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price for the company in a report on Tuesday, September 17th. Barclays increased their price target on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Finally, Bank of America boosted their price objective on shares of Synovus Financial from $48.00 to $57.00 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 given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $54.47.

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.