SpiderRock Advisors LLC Has $2.54 Million Position in Synovus Financial Corp. (NYSE:SNV)

SpiderRock Advisors LLC raised its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 3.4% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 57,036 shares of the bank’s stock after buying an additional 1,860 shares during the period. SpiderRock Advisors LLC’s holdings in Synovus Financial were worth $2,536,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. &PARTNERS acquired a new stake in shares of Synovus Financial during the 2nd quarter valued at $284,000. Texas Permanent School Fund Corp boosted its stake in shares of Synovus Financial by 19.6% during the 2nd quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank’s stock valued at $6,150,000 after buying an additional 25,028 shares during the period. Private Capital Management LLC boosted its stake in shares of Synovus Financial by 6.2% during the 1st quarter. Private Capital Management LLC now owns 365,557 shares of the bank’s stock valued at $14,644,000 after buying an additional 21,456 shares during the period. Mitsubishi UFJ Trust & Banking Corp lifted its stake in shares of Synovus Financial by 92.0% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 47,198 shares of the bank’s stock valued at $1,852,000 after purchasing an additional 22,621 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Synovus Financial by 81.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 230,856 shares of the bank’s stock valued at $9,249,000 after purchasing an additional 103,891 shares during the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Royal Bank of Canada lifted their price objective on shares of Synovus Financial from $49.00 to $57.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Piper Sandler lifted their price objective on shares of Synovus Financial from $42.00 to $53.00 and gave the company an “overweight” rating in a research note on Friday, July 19th. Raymond James raised shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price objective for the company in a research note on Tuesday, September 17th. Citigroup set a $59.00 price objective on shares of Synovus Financial in a research note on Friday, October 18th. Finally, Evercore ISI boosted their target price on shares of 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 analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $52.71.

Synovus Financial Stock Performance

NYSE:SNV opened at $56.80 on Friday. The company has a market cap of $8.05 billion, a price-to-earnings ratio of 25.70, a PEG ratio of 2.05 and a beta of 1.37. The firm’s 50-day moving average is $46.56 and its 200-day moving average is $42.77. Synovus Financial Corp. has a 52-week low of $26.76 and a 52-week high of $58.66. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.88 and a current ratio of 0.89.

Synovus Financial (NYSE:SNV) last posted its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. The business had revenue of $564.72 million for the quarter, compared to analysts’ expectations of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.84 earnings per share. Equities research analysts anticipate that Synovus Financial Corp. will post 4.36 earnings per share for the current year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were paid a $0.38 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a yield of 2.68%. Synovus Financial’s payout ratio is currently 68.78%.

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.