Harvest Fund Management Co. Ltd Takes $102,000 Position in Synovus Financial Corp. (NYSE:SNV)

Harvest Fund Management Co. Ltd bought a new stake in Synovus Financial Corp. (NYSE:SNV) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 1,990 shares of the bank’s stock, valued at approximately $102,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Thrivent Financial for Lutherans boosted its holdings in shares of Synovus Financial by 7.6% in the third quarter. Thrivent Financial for Lutherans now owns 146,734 shares of the bank’s stock valued at $6,525,000 after acquiring an additional 10,346 shares in the last quarter. Nordea Investment Management AB boosted its holdings in Synovus Financial by 3.8% during the fourth quarter. Nordea Investment Management AB now owns 276,863 shares of the bank’s stock worth $14,261,000 after buying an additional 10,109 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in Synovus Financial during the fourth quarter worth about $3,798,000. Quantinno Capital Management LP boosted its holdings in Synovus Financial by 25.1% during the third quarter. Quantinno Capital Management LP now owns 49,099 shares of the bank’s stock worth $2,183,000 after buying an additional 9,852 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Synovus Financial by 3.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank’s stock worth $222,022,000 after buying an additional 147,599 shares in the last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Synovus Financial Stock Performance

NYSE:SNV opened at $47.35 on Friday. The firm has a 50 day simple moving average of $52.18 and a 200-day simple moving average of $50.96. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. The firm has a market cap of $6.68 billion, a PE ratio of 15.53, a P/E/G ratio of 1.11 and a beta of 1.36. Synovus Financial Corp. has a 1-year low of $33.44 and a 1-year 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 analysts’ consensus estimates of $1.16 by $0.09. The business had revenue of $580.58 million during the quarter, compared to analyst estimates of $566.83 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. During the same quarter in the previous year, the business posted $0.80 earnings per share. The company’s revenue was up 18.8% on a year-over-year basis. On average, equities analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Thursday, March 20th will be given a dividend of $0.39 per share. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38. The ex-dividend date is Thursday, March 20th. This represents a $1.56 annualized dividend and a yield of 3.29%. Synovus Financial’s dividend payout ratio is 51.15%.

Analysts Set New Price Targets

SNV has been the topic of a number of research analyst reports. Stephens reissued an “equal weight” rating and set a $58.00 price objective on shares of Synovus Financial in a report on Thursday, January 16th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Synovus Financial in a report on Monday, December 9th. They set a “buy” rating and a $64.00 price objective on the stock. Wells Fargo & Company boosted 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. Citigroup upped their price target on shares of Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a report on Friday, January 17th. Finally, Piper Sandler upped their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a report on Wednesday, December 11th. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $58.67.

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.