Rockefeller Capital Management L.P. boosted its position in shares of Synovus Financial Corp. (NYSE:SNV) by 5.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 20,938 shares of the bank’s stock after buying an additional 1,048 shares during the period. Rockefeller Capital Management L.P.’s holdings in Synovus Financial were worth $918,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SNV. Envestnet Asset Management Inc. grew its stake in shares of Synovus Financial by 222.6% in the 1st quarter. Envestnet Asset Management Inc. now owns 38,053 shares of the bank’s stock valued at $1,741,000 after purchasing an additional 26,256 shares during the last quarter. Rhumbline Advisers grew its stake in shares of Synovus Financial by 0.8% in the 1st quarter. Rhumbline Advisers now owns 406,464 shares of the bank’s stock valued at $18,596,000 after purchasing an additional 3,262 shares during the last quarter. Arizona State Retirement System grew its stake in shares of Synovus Financial by 0.7% in the 1st quarter. Arizona State Retirement System now owns 43,027 shares of the bank’s stock valued at $1,968,000 after purchasing an additional 306 shares during the last quarter. Fifth Third Bancorp grew its stake in shares of Synovus Financial by 301.9% in the 1st quarter. Fifth Third Bancorp now owns 2,323 shares of the bank’s stock valued at $106,000 after purchasing an additional 1,745 shares during the last quarter. Finally, Swiss National Bank grew its stake in shares of Synovus Financial by 1.4% in the 1st quarter. Swiss National Bank now owns 337,719 shares of the bank’s stock valued at $15,451,000 after purchasing an additional 4,700 shares during the last quarter. 76.40% of the stock is currently owned by institutional investors.
SNV has been the topic of several analyst reports. Piper Sandler lifted their target price on Synovus Financial from $54.50 to $59.00 and gave the company an “overweight” rating in a research note on Thursday, June 3rd. Zacks Investment Research downgraded Synovus Financial from a “strong-buy” rating to a “hold” rating and set a $52.00 price target on the stock. in a research note on Monday, June 7th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Synovus Financial has a consensus rating of “Buy” and an average target price of $45.15.
SNV opened at $38.93 on Wednesday. The business’s fifty day moving average is $41.98 and its two-hundred day moving average is $45.01. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.87 and a current ratio of 0.88. The company has a market cap of $5.70 billion, a price-to-earnings ratio of 9.98, a PEG ratio of 1.12 and a beta of 1.62. Synovus Financial Corp. has a one year low of $19.39 and a one year high of $50.51.
Synovus Financial (NYSE:SNV) last posted its earnings results on Monday, July 19th. The bank reported $1.20 EPS for the quarter, topping the Zacks’ consensus estimate of $1.03 by $0.17. The company had revenue of $488.95 million for the quarter, compared to the consensus estimate of $486.99 million. Synovus Financial had a return on equity of 14.65% and a net margin of 28.77%. During the same period in the previous year, the business earned $0.23 earnings per share. On average, analysts predict that Synovus Financial Corp. will post 4.49 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 1st. Shareholders of record on Thursday, September 16th will be given a dividend of $0.33 per share. The ex-dividend date of this dividend is Wednesday, September 15th. This represents a $1.32 dividend on an annualized basis and a yield of 3.39%. Synovus Financial’s payout ratio is 54.77%.
Synovus Financial Company Profile
Synovus Financial Corp. is a bank holding company, which engages in the provision of financial services. The company operates through the following segments: Community Banking, Wholesale Banking, and Financial Management Services (FMS). The Community Banking business segment serves customers using a relationship-based approach through its branch, ATM, commercial, and private wealth network in addition to mobile, Internet, and telephone banking.
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