Handelsbanken Fonder AB Sells 1,200 Shares of Synovus Financial Corp. (NYSE:SNV)

Handelsbanken Fonder AB trimmed its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 3.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,172 shares of the bank’s stock after selling 1,200 shares during the period. Handelsbanken Fonder AB’s holdings in Synovus Financial were worth $1,853,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also modified their holdings of SNV. Keystone Financial Group Inc. bought a new stake in shares of Synovus Financial in the 4th quarter valued at about $37,000. Quarry LP bought a new stake in shares of Synovus Financial in the 3rd quarter valued at about $41,000. Brooklyn Investment Group bought a new stake in shares of Synovus Financial in the 3rd quarter valued at about $56,000. V Square Quantitative Management LLC boosted its holdings in shares of Synovus Financial by 69.3% in the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock valued at $58,000 after buying an additional 466 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its holdings in shares of Synovus Financial by 474.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,466 shares of the bank’s stock valued at $65,000 after buying an additional 1,211 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently commented on SNV. Piper Sandler increased their price objective on shares of Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research report on Wednesday, December 11th. Deutsche Bank Aktiengesellschaft started coverage on shares of Synovus Financial in a research report on Monday, December 9th. They set a “buy” rating and a $64.00 price target for the company. JPMorgan Chase & Co. raised their price target on shares of Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Stephens reissued an “equal weight” rating and set a $58.00 price target on shares of Synovus Financial in a research report on Thursday, January 16th. Finally, The Goldman Sachs Group raised their price target on shares of Synovus Financial from $52.00 to $62.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Synovus Financial has an average rating of “Moderate Buy” and an average target price of $58.44.

Synovus Financial Price Performance

Shares of NYSE SNV opened at $51.50 on Wednesday. The firm has a market cap of $7.30 billion, a PE ratio of 16.88, a PEG ratio of 1.11 and a beta of 1.39. The firm has a fifty day moving average of $53.60 and a 200 day moving average of $50.60. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88. Synovus Financial Corp. has a one year low of $33.44 and a one year high of $59.92.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.09. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The business had revenue of $580.58 million during the quarter, compared to analyst estimates of $566.83 million. During the same quarter in the prior year, the firm earned $0.80 earnings per share. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. As a group, research analysts predict that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.95%. The ex-dividend date of this dividend was Thursday, December 19th. Synovus Financial’s payout ratio is 49.84%.

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.