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

Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 228.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 51,828 shares of the bank’s stock after buying an additional 36,047 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Synovus Financial were worth $1,951,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Allworth Financial LP grew its stake in Synovus Financial by 333.5% during the 4th quarter. Allworth Financial LP now owns 724 shares of the bank’s stock valued at $27,000 after purchasing an additional 557 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in Synovus Financial during the 4th quarter valued at about $28,000. Lazard Asset Management LLC grew its stake in Synovus Financial by 64.8% during the 4th quarter. Lazard Asset Management LLC now owns 809 shares of the bank’s stock valued at $30,000 after purchasing an additional 318 shares during the last quarter. Covestor Ltd grew its stake in Synovus Financial by 76.7% during the 1st quarter. Covestor Ltd now owns 1,087 shares of the bank’s stock valued at $53,000 after purchasing an additional 472 shares during the last quarter. Finally, Belpointe Asset Management LLC grew its stake in Synovus Financial by 138.0% during the 1st quarter. Belpointe Asset Management LLC now owns 1,095 shares of the bank’s stock valued at $34,000 after purchasing an additional 635 shares during the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on SNV. Piper Sandler dropped their price target on Synovus Financial from $46.00 to $42.00 and set an “overweight” rating on the stock in a research note on Friday. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $38.00 price objective (down previously from $46.00) on shares of Synovus Financial in a report on Friday. UBS Group boosted their price objective on Synovus Financial from $42.00 to $44.00 and gave the company a “buy” rating in a report on Tuesday, January 23rd. Jefferies Financial Group decreased their price objective on Synovus Financial from $46.00 to $43.00 and set a “buy” rating for the company in a report on Monday, April 8th. Finally, Bank of America decreased their price objective on Synovus Financial from $44.00 to $40.00 and set a “buy” rating for the company in a report on Friday. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $41.53.

Insider Activity

In other news, Director Tim E. Bentsen sold 4,671 shares of the company’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total value of $180,394.02. Following the completion of the sale, the director now directly owns 33,144 shares in the company, valued at $1,280,021.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Thomas T. Dierdorff sold 2,045 shares of the company’s stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total value of $78,180.35. Following the completion of the sale, the executive vice president now directly owns 11,086 shares in the company, valued at $423,817.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Tim E. Bentsen sold 4,671 shares of the stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total value of $180,394.02. Following the completion of the transaction, the director now owns 33,144 shares of the company’s stock, valued at $1,280,021.28. The disclosure for this sale can be found here. Company insiders own 0.81% of the company’s stock.

Synovus Financial Price Performance

Shares of Synovus Financial stock opened at $34.91 on Friday. The business has a 50 day simple moving average of $37.91 and a two-hundred day simple moving average of $34.52. Synovus Financial Corp. has a 12 month low of $24.40 and a 12 month high of $40.92. The stock has a market capitalization of $5.11 billion, a P/E ratio of 11.96, a PEG ratio of 3.93 and a beta of 1.40. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.89.

Synovus Financial (NYSE:SNV) last announced its earnings results on Thursday, April 18th. The bank reported $0.79 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). Synovus Financial had a net margin of 13.29% and a return on equity of 13.08%. The firm had revenue of $537.73 million for the quarter, compared to analyst estimates of $547.62 million. During the same period in the previous year, the company earned $1.33 EPS. Synovus Financial’s revenue was down 12.4% compared to the same quarter last year. As a group, analysts predict that Synovus Financial Corp. will post 4.05 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Thursday, March 21st were given a $0.38 dividend. The ex-dividend date was Wednesday, March 20th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.35%. Synovus Financial’s dividend payout ratio (DPR) is presently 52.05%.

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.