Synovus Financial Corp. (NYSE:SNV) Shares Sold by Trexquant Investment LP

Posted by Defense World Staff on Mar 13th, 2023

Trexquant Investment LP cut its holdings in shares of Synovus Financial Corp. (NYSE:SNV – Get Rating) by 20.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 43,003 shares of the bank’s stock after selling 10,768 shares during the period. Trexquant Investment LP’s holdings in Synovus Financial were worth $1,613,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Amundi acquired a new stake in shares of Synovus Financial during the second quarter valued at about $25,000. CWM LLC grew its stake in shares of Synovus Financial by 93.7% during the third quarter. CWM LLC now owns 1,071 shares of the bank’s stock valued at $40,000 after acquiring an additional 518 shares in the last quarter. Neo Ivy Capital Management acquired a new stake in shares of Synovus Financial during the second quarter valued at about $48,000. Quadrant Capital Group LLC grew its stake in shares of Synovus Financial by 38.0% during the second quarter. Quadrant Capital Group LLC now owns 1,474 shares of the bank’s stock valued at $53,000 after acquiring an additional 406 shares in the last quarter. Finally, Covestor Ltd grew its stake in shares of Synovus Financial by 76.7% during the first quarter. Covestor Ltd now owns 1,087 shares of the bank’s stock valued at $53,000 after acquiring an additional 472 shares in the last quarter. 79.89% of the stock is currently owned by institutional investors and hedge funds.

Synovus Financial Stock Performance

SNV opened at $34.70 on Monday. The business’s 50 day moving average is $40.66 and its 200-day moving average is $40.01. The stock has a market cap of $5.07 billion, a PE ratio of 7.01, a price-to-earnings-growth ratio of 2.22 and a beta of 1.37. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 1.04. Synovus Financial Corp. has a twelve month low of $32.62 and a twelve month high of $52.22.

Synovus Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 3rd. Stockholders of record on Thursday, March 16th will be issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.38%. The ex-dividend date of this dividend is Wednesday, March 15th. This is a boost from Synovus Financial’s previous quarterly dividend of $0.34. Synovus Financial’s payout ratio is 27.47%.

Analysts Set New Price Targets

A number of research firms recently commented on SNV. DA Davidson lifted their price target on Synovus Financial from $42.50 to $45.50 in a research note on Friday, December 9th. JPMorgan Chase & Co. decreased their price target on Synovus Financial from $45.00 to $43.00 and set an “overweight” rating for the company in a research note on Tuesday, December 13th. Raymond James lifted their price target on Synovus Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Friday, January 20th. Finally, Morgan Stanley began coverage on Synovus Financial in a research note on Monday, December 5th. They issued an “equal weight” rating and a $44.00 price target for the company. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $47.40.

Insider Activity

In other news, EVP Thomas T. Dierdorff sold 1,947 shares of Synovus Financial stock in a transaction that occurred on Friday, February 10th. The stock was sold at an average price of $43.36, for a total transaction of $84,421.92. Following the sale, the executive vice president now owns 9,314 shares of the company’s stock, valued at $403,855.04. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 1.55% of the company’s stock.

Synovus Financial Company Profile

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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.