EMC Capital Management Has $493,000 Holdings in Synovus Financial Corp. (NYSE:SNV)

EMC Capital Management reduced its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 18.4% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 9,632 shares of the bank’s stock after selling 2,171 shares during the period. EMC Capital Management’s holdings in Synovus Financial were worth $493,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of SNV. 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 purchasing an additional 1,095,557 shares during the last quarter. FMR LLC lifted its position in shares of 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 buying an additional 598,644 shares in the last quarter. TruWealth Advisors LLC purchased a new position in shares of Synovus Financial in the 4th quarter worth approximately $12,350,000. Blue Trust Inc. grew its holdings in shares of Synovus Financial by 934.0% in the fourth quarter. Blue Trust Inc. now owns 246,686 shares of the bank’s stock valued at $12,638,000 after acquiring an additional 222,828 shares in the last quarter. Finally, State Street Corp increased its position in shares of Synovus Financial by 3.2% during the third quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock valued at $294,255,000 after acquiring an additional 201,362 shares during the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on SNV shares. Truist Financial upped their price objective on Synovus Financial from $52.00 to $57.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Wells Fargo & Company raised their price objective on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. JPMorgan Chase & Co. increased their target price on shares of Synovus Financial from $60.50 to $62.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. UBS Group initiated coverage on shares of Synovus Financial in a report on Tuesday, December 17th. They issued a “buy” rating and a $76.00 price target on the stock. Finally, Evercore ISI raised their target price on Synovus Financial from $48.00 to $54.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 30th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.44.

Synovus Financial Stock Up 2.8 %

Shares of NYSE SNV opened at $56.53 on Thursday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. The business has a 50-day moving average of $54.03 and a 200-day moving average of $49.17. The firm has a market capitalization of $8.01 billion, a price-to-earnings ratio of 18.57, a PEG ratio of 1.14 and a beta of 1.39. Synovus Financial Corp. has a 12 month low of $33.44 and a 12 month high of $59.92.

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

Synovus Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th were given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date was Thursday, December 19th. Synovus Financial’s payout ratio is currently 49.84%.

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.