Occudo Quantitative Strategies LP Has $241,000 Stock Position in Synovus Financial Corp. (NYSE:SNV)

Occudo Quantitative Strategies LP trimmed its position in Synovus Financial Corp. (NYSE:SNV) by 47.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,701 shares of the bank’s stock after selling 4,182 shares during the quarter. Occudo Quantitative Strategies LP’s holdings in Synovus Financial were worth $241,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Colonial Trust Co SC increased its position in Synovus Financial by 554.4% in the fourth quarter. Colonial Trust Co SC now owns 589 shares of the bank’s stock worth $30,000 after purchasing an additional 499 shares during the period. Keystone Financial Group Inc. acquired a new stake in Synovus Financial in the fourth quarter worth about $37,000. Jones Financial Companies Lllp grew its position in shares of Synovus Financial by 72.7% during the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock worth $56,000 after buying an additional 461 shares during the period. V Square Quantitative Management LLC grew its position in shares of Synovus Financial by 69.3% during the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock worth $58,000 after buying an additional 466 shares during the period. Finally, Millstone Evans Group LLC acquired a new position in shares of Synovus Financial during the 4th quarter worth about $59,000. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SNV has been the subject of several analyst reports. Royal Bank of Canada decreased their target price on Synovus Financial from $64.00 to $52.00 and set an “outperform” rating for the company in a research report on Monday, April 21st. JPMorgan Chase & Co. decreased their target price on Synovus Financial from $54.00 to $50.00 and set an “overweight” rating for the company in a research report on Monday, April 21st. Truist Financial initiated coverage on Synovus Financial in a research report on Tuesday. They set a “buy” rating and a $56.00 target price for the company. DA Davidson decreased their target price on Synovus Financial from $65.00 to $60.00 and set a “buy” rating for the company in a research report on Monday, April 21st. Finally, Wells Fargo & Company decreased their target price on Synovus Financial from $60.00 to $50.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 9th. Eight research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Synovus Financial currently has an average rating of “Moderate Buy” and an average price target of $56.11.

Synovus Financial Trading Up 0.3%

NYSE SNV opened at $49.50 on Friday. The stock has a market capitalization of $6.88 billion, a price-to-earnings ratio of 16.23, a PEG ratio of 1.11 and a beta of 1.13. The stock’s 50 day moving average price is $44.32 and its two-hundred day moving average price is $50.45. 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 52 week low of $35.81 and a 52 week high of $59.92.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, April 16th. The bank reported $1.30 EPS for the quarter, beating the consensus estimate of $1.11 by $0.19. The firm had revenue of $573.24 million for the quarter, compared to analysts’ expectations of $572.35 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. As a group, analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share 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 paid a $0.39 dividend. This is a boost from Synovus Financial’s previous quarterly dividend of $0.38. The ex-dividend date was Thursday, March 20th. This represents a $1.56 annualized dividend and a yield of 3.15%. Synovus Financial’s payout ratio is presently 43.70%.

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.