Mirae Asset Global Investments Co. Ltd. Buys 14,910 Shares of Synovus Financial Corp. (NYSE:SNV)

Mirae Asset Global Investments Co. Ltd. grew its stake in Synovus Financial Corp. (NYSE:SNV) by 16.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 104,205 shares of the bank’s stock after acquiring an additional 14,910 shares during the period. Mirae Asset Global Investments Co. Ltd. owned 0.07% of Synovus Financial worth $5,334,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. FMR LLC increased its holdings in Synovus Financial by 5.4% during the 3rd quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock worth $517,027,000 after purchasing an additional 598,644 shares during the period. Wellington Management Group LLP raised its holdings in shares of Synovus Financial by 12.8% in the third quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock valued at $430,213,000 after acquiring an additional 1,095,557 shares in the last quarter. State Street Corp lifted its stake in Synovus Financial by 3.2% in the third quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock worth $294,255,000 after acquiring an additional 201,362 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Synovus Financial by 3.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank’s stock worth $222,022,000 after acquiring an additional 147,599 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in Synovus Financial by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 2,419,737 shares of the bank’s stock worth $107,633,000 after acquiring an additional 22,549 shares in the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Stock Performance

Shares of SNV stock opened at $56.00 on Friday. The business has a fifty day moving average of $53.86 and a 200 day moving average of $49.68. Synovus Financial Corp. has a 1 year low of $33.44 and a 1 year high of $59.92. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. The firm has a market capitalization of $7.93 billion, a price-to-earnings ratio of 18.36, a price-to-earnings-growth ratio of 1.17 and a beta of 1.39.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.09. The firm had revenue of $580.58 million during the quarter, compared to analysts’ expectations of $566.83 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period last year, the business posted $0.80 earnings per share. As a group, research analysts expect that Synovus Financial Corp. will post 4.86 earnings per share for the current year.

Synovus Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.71%. The ex-dividend date was Thursday, December 19th. Synovus Financial’s dividend payout ratio (DPR) is currently 49.84%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SNV. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $64.00 price target on shares of Synovus Financial in a research report on Thursday, December 12th. Wells Fargo & Company increased their target price on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 3rd. Truist Financial boosted their price target on Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Evercore ISI lifted their target price on Synovus Financial from $48.00 to $54.00 and gave the company an “in-line” rating in a research note on Wednesday, October 30th. Finally, The Goldman Sachs Group boosted their target price on shares of Synovus Financial from $52.00 to $62.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, Synovus Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.44.

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.