Synovus Financial Corp. (NYSE:SNV) Shares Purchased by Van ECK Associates Corp

Posted by Defense World Staff on May 18th, 2023

Van ECK Associates Corp boosted its holdings in Synovus Financial Corp. (NYSE:SNV – Get Rating) by 16.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,786 shares of the bank’s stock after purchasing an additional 673 shares during the quarter. Van ECK Associates Corp’s holdings in Synovus Financial were worth $180,000 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 the business. CWM LLC raised 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 worth $40,000 after purchasing an additional 518 shares during the last quarter. Neo Ivy Capital Management acquired a new position in Synovus Financial during the second quarter worth $48,000. Covestor Ltd grew its holdings in Synovus Financial by 76.7% during the first quarter. Covestor Ltd now owns 1,087 shares of the bank’s stock worth $53,000 after acquiring an additional 472 shares during the period. Canada Pension Plan Investment Board acquired a new position in Synovus Financial during the first quarter worth $74,000. Finally, New England Capital Financial Advisors LLC acquired a new position in Synovus Financial during the fourth quarter worth $100,000. 79.89% of the stock is owned by institutional investors and hedge funds.

Synovus Financial Stock Performance

Shares of SNV stock opened at $27.70 on Thursday. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.94 and a quick ratio of 0.93. Synovus Financial Corp. has a fifty-two week low of $25.19 and a fifty-two week high of $44.91. The stock’s 50-day moving average is $29.47 and its two-hundred day moving average is $36.52. The firm has a market cap of $4.05 billion, a P/E ratio of 5.37, a PEG ratio of 1.82 and a beta of 1.33.

Synovus Financial (NYSE:SNV – Get Rating) last released its quarterly earnings results on Wednesday, April 19th. The bank reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.11. Synovus Financial had a return on equity of 19.92% and a net margin of 28.04%. The company had revenue of $613.90 million during the quarter, compared to the consensus estimate of $589.40 million. During the same quarter in the prior year, the company posted $1.08 EPS. The firm’s revenue was up 23.1% on a year-over-year basis. Analysts predict that Synovus Financial Corp. will post 4.66 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 3rd. Stockholders of record on Thursday, March 16th were issued a $0.38 dividend. The ex-dividend date was Wednesday, March 15th. This is a boost from Synovus Financial’s previous quarterly dividend of $0.34. This represents a $1.52 dividend on an annualized basis and a dividend yield of 5.49%. Synovus Financial’s dividend payout ratio is presently 29.46%.

Analyst Ratings Changes

SNV has been the topic of several research reports. Morgan Stanley lowered their target price on Synovus Financial from $44.00 to $30.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 5th. Wells Fargo & Company lowered their target price on Synovus Financial from $55.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday, April 21st. Truist Financial decreased their price objective on Synovus Financial from $48.00 to $35.00 in a research note on Thursday, March 23rd. Raymond James decreased their price objective on Synovus Financial from $46.00 to $36.00 and set an “outperform” rating on the stock in a research note on Thursday, April 6th. Finally, The Goldman Sachs Group decreased their price objective on Synovus Financial from $46.00 to $39.00 and set a “neutral” rating on the stock in a research note on Thursday, March 30th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, Synovus Financial currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.88.

Insider Activity at Synovus Financial

In other Synovus Financial news, CEO Kevin S. Blair purchased 4,600 shares of the company’s stock in a transaction that occurred on Thursday, May 4th. The stock was purchased at an average cost of $26.30 per share, with a total value of $120,980.00. Following the acquisition, the chief executive officer now directly owns 86,939 shares of the company’s stock, valued at approximately $2,286,495.70. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. In other Synovus Financial news, CEO Kevin S. Blair bought 4,600 shares of Synovus Financial stock in a transaction on Thursday, May 4th. The shares were purchased at an average cost of $26.30 per share, for a total transaction of $120,980.00. Following the completion of the acquisition, the chief executive officer now owns 86,939 shares in the company, valued at approximately $2,286,495.70. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Daniel Zachary Bishop purchased 1,000 shares of the company’s stock in a transaction on Friday, May 5th. The stock was purchased at an average cost of $27.96 per share, for a total transaction of $27,960.00. Following the purchase, the executive vice president now directly owns 32,541 shares in the company, valued at $909,846.36. The disclosure for this purchase can be found here. Insiders acquired 11,375 shares of company stock valued at $309,411 in the last three months. Corporate insiders own 1.60% of the company’s stock.

About Synovus Financial

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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.