Point72 Hong Kong Ltd Makes New Investment in Synovus Financial Corp. (NYSE:SNV)

Point72 Hong Kong Ltd bought a new position in Synovus Financial Corp. (NYSE:SNV) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 77,151 shares of the bank’s stock, valued at approximately $3,952,000. Point72 Hong Kong Ltd owned about 0.05% of Synovus Financial as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently made changes to their positions in SNV. Norges Bank bought a new position in Synovus Financial in the fourth quarter worth $77,209,000. AQR Capital Management LLC boosted its position in shares of Synovus Financial by 226.5% during the fourth quarter. AQR Capital Management LLC now owns 1,065,249 shares of the bank’s stock valued at $54,573,000 after buying an additional 738,983 shares during the last quarter. FMR LLC boosted its position in shares of Synovus Financial by 3.6% during the fourth quarter. FMR LLC now owns 12,041,625 shares of the bank’s stock valued at $616,892,000 after buying an additional 415,201 shares during the last quarter. Prudential Financial Inc. boosted its position in shares of Synovus Financial by 349.4% during the fourth quarter. Prudential Financial Inc. now owns 529,147 shares of the bank’s stock valued at $27,108,000 after buying an additional 411,411 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its position in Synovus Financial by 5,495.2% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 349,866 shares of the bank’s stock worth $17,924,000 after purchasing an additional 343,613 shares during the last quarter. Institutional investors own 83.85% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on SNV. Wells Fargo & Company lowered their price objective on Synovus Financial from $60.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 9th. Truist Financial assumed coverage on Synovus Financial in a research note on Tuesday. They issued a “buy” rating and a $56.00 price objective on the stock. JPMorgan Chase & Co. dropped their target price on Synovus Financial from $54.00 to $50.00 and set an “overweight” rating for the company in a report on Monday, April 21st. Raymond James cut Synovus Financial from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 2nd. Finally, Citigroup lifted their target price on Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Eight investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $56.11.

Synovus Financial Price Performance

Shares of SNV stock opened at $49.71 on Thursday. Synovus Financial Corp. has a twelve month low of $35.81 and a twelve month high of $59.92. The stock has a market capitalization of $6.91 billion, a price-to-earnings ratio of 16.30, a P/E/G ratio of 1.11 and a beta of 1.13. The stock has a fifty day simple moving average of $44.10 and a two-hundred day simple moving average of $50.46. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.19. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The business had revenue of $573.24 million during the quarter, compared to analysts’ expectations of $572.35 million. On average, analysts predict that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 3.14%. This is a boost from Synovus Financial’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Thursday, March 20th. Synovus Financial’s dividend payout ratio is currently 43.70%.

About Synovus Financial

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.