Knights of Columbus Asset Advisors LLC Acquires Shares of 287,470 Synovus Financial Corp. (NYSE:SNV)

Knights of Columbus Asset Advisors LLC acquired a new stake in Synovus Financial Corp. (NYSE:SNV) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 287,470 shares of the bank’s stock, valued at approximately $10,823,000. Synovus Financial makes up about 0.7% of Knights of Columbus Asset Advisors LLC’s investment portfolio, making the stock its 18th largest position.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SNV. Allworth Financial LP raised its holdings in shares of Synovus Financial by 333.5% during the 4th quarter. Allworth Financial LP now owns 724 shares of the bank’s stock worth $27,000 after acquiring an additional 557 shares during the period. International Assets Investment Management LLC purchased a new position in shares of Synovus Financial during the 4th quarter worth $28,000. Lazard Asset Management LLC raised its holdings in shares of Synovus Financial by 64.8% during the 4th quarter. Lazard Asset Management LLC now owns 809 shares of the bank’s stock worth $30,000 after acquiring an additional 318 shares during the period. First Command Advisory Services Inc. purchased a new position in shares of Synovus Financial during the 3rd quarter worth $33,000. Finally, Belpointe Asset Management LLC raised its holdings in shares of Synovus Financial by 138.0% during the 1st quarter. Belpointe Asset Management LLC now owns 1,095 shares of the bank’s stock worth $34,000 after acquiring an additional 635 shares during the period. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. UBS Group lifted their price target on Synovus Financial from $42.00 to $44.00 and gave the stock a “buy” rating in a report on Tuesday, January 23rd. Truist Financial lifted their price target on Synovus Financial from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Monday, April 1st. DA Davidson reduced their price target on Synovus Financial from $45.00 to $43.00 and set a “buy” rating on the stock in a report on Friday. Bank of America reduced their price objective on shares of Synovus Financial from $44.00 to $40.00 and set a “buy” rating on the stock in a report on Friday. Finally, Royal Bank of Canada boosted their price objective on shares of Synovus Financial from $42.00 to $44.00 and gave the company an “outperform” rating in a report on Tuesday, April 9th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $41.69.

Insider Buying and Selling at Synovus Financial

In other news, EVP Thomas T. Dierdorff sold 2,045 shares of the stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total value of $78,180.35. Following the completion of the sale, the executive vice president now directly owns 11,086 shares of the company’s stock, valued at $423,817.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Thomas T. Dierdorff sold 2,045 shares of the stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total value of $78,180.35. Following the completion of the sale, the executive vice president now directly owns 11,086 shares of the company’s stock, valued at $423,817.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Tim E. Bentsen sold 4,671 shares of the stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $38.62, for a total value of $180,394.02. Following the completion of the sale, the director now directly owns 33,144 shares of the company’s stock, valued at $1,280,021.28. The disclosure for this sale can be found here. 0.81% of the stock is currently owned by insiders.

Synovus Financial Stock Up 3.8 %

Shares of SNV stock traded up $1.30 during trading hours on Friday, reaching $35.20. 1,389,403 shares of the stock were exchanged, compared to its average volume of 1,494,072. The business’s fifty day moving average is $37.93 and its two-hundred day moving average is $34.46. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.89. Synovus Financial Corp. has a 12-month low of $24.40 and a 12-month high of $40.92. The firm has a market capitalization of $5.15 billion, a P/E ratio of 11.99, a P/E/G ratio of 3.93 and a beta of 1.40.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Wednesday, April 17th. The bank reported $0.79 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.20). The company had revenue of $537.73 million during the quarter, compared to analysts’ expectations of $547.62 million. Synovus Financial had a net margin of 13.29% and a return on equity of 13.08%. The business’s revenue for the quarter was down 12.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.33 earnings per share. As a group, research analysts expect that Synovus Financial Corp. will post 4.05 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were paid a $0.38 dividend. The ex-dividend date was Wednesday, March 20th. This represents a $1.52 annualized dividend and a yield of 4.32%. Synovus Financial’s dividend payout ratio is currently 52.05%.

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.