Synovus Financial Corp Acquires Shares of 2,407 Sylvamo Co. (NYSE:SLVM)

Synovus Financial Corp acquired a new stake in Sylvamo Co. (NYSE:SLVM) during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 2,407 shares of the company’s stock, valued at approximately $207,000.

Other institutional investors have also added to or reduced their stakes in the company. CWM LLC grew its holdings in shares of Sylvamo by 62.5% during the 2nd quarter. CWM LLC now owns 408 shares of the company’s stock valued at $28,000 after purchasing an additional 157 shares during the last quarter. Blue Trust Inc. boosted its position in Sylvamo by 534.1% in the second quarter. Blue Trust Inc. now owns 818 shares of the company’s stock valued at $56,000 after buying an additional 689 shares in the last quarter. Fifth Third Bancorp grew its stake in shares of Sylvamo by 149.3% during the second quarter. Fifth Third Bancorp now owns 506 shares of the company’s stock worth $35,000 after buying an additional 303 shares during the last quarter. Independence Bank of Kentucky increased its holdings in shares of Sylvamo by 6,733.3% during the second quarter. Independence Bank of Kentucky now owns 410 shares of the company’s stock worth $28,000 after buying an additional 404 shares in the last quarter. Finally, Highland Capital Management LLC bought a new position in shares of Sylvamo in the 2nd quarter valued at $247,000. 91.16% of the stock is currently owned by institutional investors and hedge funds.

Sylvamo Stock Performance

NYSE SLVM opened at $79.08 on Friday. The company has a market capitalization of $3.24 billion, a price-to-earnings ratio of 12.30, a PEG ratio of 2.92 and a beta of 1.08. The company has a quick ratio of 1.13, a current ratio of 1.72 and a debt-to-equity ratio of 0.94. Sylvamo Co. has a twelve month low of $44.94 and a twelve month high of $98.02. The stock has a fifty day simple moving average of $87.87 and a 200 day simple moving average of $78.93.

Sylvamo (NYSE:SLVM) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $2.44 earnings per share for the quarter, beating the consensus estimate of $2.18 by $0.26. The company had revenue of $965.00 million during the quarter, compared to analysts’ expectations of $960.47 million. Sylvamo had a return on equity of 30.60% and a net margin of 7.13%. The business’s quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.70 earnings per share. Sell-side analysts expect that Sylvamo Co. will post 7.15 EPS for the current year.

Sylvamo Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 24th. Shareholders of record on Monday, January 6th will be issued a dividend of $0.45 per share. The ex-dividend date of this dividend is Monday, January 6th. This represents a $1.80 annualized dividend and a yield of 2.28%. Sylvamo’s payout ratio is 27.99%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Sidoti initiated coverage on Sylvamo in a research report on Tuesday, October 15th. They set a “buy” rating and a $100.00 price objective on the stock. Bank of America reaffirmed an “underperform” rating and issued a $96.00 price objective on shares of Sylvamo in a research note on Wednesday, December 11th.

Sylvamo Company Profile

Sylvamo Corporation produces and markets uncoated freesheet for cutsize, offset paper, and pulp in Latin America, Europe, and North America. The company operates through Europe, Latin America, and North America segments. The Europe segment offers copy, tinted, and colored laser printing paper under REY Adagio and Pro-Design brands; and graphic and high-speed inkjet printing papers under the brand Jetstar; as well as produces uncoated freesheet papers.