Jones Financial Companies Lllp Grows Position in Synovus Financial Corp. (NYSE:SNV)

Jones Financial Companies Lllp raised its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 72.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,095 shares of the bank’s stock after purchasing an additional 461 shares during the quarter. Jones Financial Companies Lllp’s holdings in Synovus Financial were worth $56,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Thrivent Financial for Lutherans lifted its holdings in shares of Synovus Financial by 7.6% in the third quarter. Thrivent Financial for Lutherans now owns 146,734 shares of the bank’s stock worth $6,525,000 after buying an additional 10,346 shares in the last quarter. Nordea Investment Management AB raised its stake in Synovus Financial by 3.8% in the fourth quarter. Nordea Investment Management AB now owns 276,863 shares of the bank’s stock valued at $14,261,000 after purchasing an additional 10,109 shares in the last quarter. Quest Partners LLC purchased a new stake in Synovus Financial in the third quarter valued at approximately $1,264,000. Quantinno Capital Management LP raised its stake in Synovus Financial by 25.1% in the third quarter. Quantinno Capital Management LP now owns 49,099 shares of the bank’s stock valued at $2,183,000 after purchasing an additional 9,852 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Synovus Financial by 3.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank’s stock valued at $222,022,000 after purchasing an additional 147,599 shares in the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Stock Up 1.6 %

SNV stock opened at $46.43 on Tuesday. The business has a 50 day moving average of $52.56 and a 200 day moving average of $50.95. The firm has a market cap of $6.54 billion, a PE ratio of 15.22, a price-to-earnings-growth ratio of 1.11 and a beta of 1.36. Synovus Financial Corp. has a twelve month low of $33.44 and a twelve month high of $59.92. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, topping 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 firm had revenue of $580.58 million during the quarter, compared to analysts’ expectations of $566.83 million. During the same quarter in the previous year, the business earned $0.80 earnings per share. The company’s revenue was up 18.8% on a year-over-year basis. On average, research analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Thursday, March 20th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $1.56 annualized dividend and a dividend yield of 3.36%. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s payout ratio is presently 51.15%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Citigroup increased their price target on shares of Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a research report on Friday, January 17th. UBS Group assumed coverage on shares of Synovus Financial in a report on Tuesday, December 17th. They issued a “buy” rating and a $76.00 target price on the stock. Piper Sandler raised their target price on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. JPMorgan Chase & Co. raised their target price on shares of Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Finally, The Goldman Sachs Group raised their price target on Synovus Financial from $52.00 to $62.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $58.67.

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.