Jacobs Levy Equity Management Inc. Buys New Shares in Synovus Financial Corp. (NYSE:SNV)

Jacobs Levy Equity Management Inc. bought a new stake in Synovus Financial Corp. (NYSE:SNV) in the 3rd quarter, HoldingsChannel reports. The institutional investor bought 6,253 shares of the bank’s stock, valued at approximately $278,000.

Several other hedge funds have also made changes to their positions in the stock. FMR LLC lifted its stake in shares of Synovus Financial by 5.4% in the third quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock valued at $517,027,000 after buying an additional 598,644 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Synovus Financial by 9.3% in the second quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock valued at $231,597,000 after buying an additional 491,036 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Synovus Financial by 3.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank’s stock valued at $222,022,000 after buying an additional 147,599 shares during the period. Millennium Management LLC lifted its stake in shares of Synovus Financial by 181.0% in the second quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock valued at $52,343,000 after buying an additional 838,932 shares during the period. Finally, Wedge Capital Management L L P NC lifted its stake in shares of Synovus Financial by 14.9% in the second quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock valued at $46,025,000 after buying an additional 148,842 shares during the period. Institutional investors own 83.85% of the company’s stock.

Synovus Financial Stock Performance

Shares of Synovus Financial stock opened at $55.18 on Wednesday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88. The firm has a market cap of $7.82 billion, a P/E ratio of 24.97, a P/E/G ratio of 2.01 and a beta of 1.38. The firm has a 50 day simple moving average of $52.00 and a 200 day simple moving average of $45.59. Synovus Financial Corp. has a fifty-two week low of $33.44 and a fifty-two week high of $59.92.

Synovus Financial (NYSE:SNV) last issued its quarterly 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 during the quarter, compared to analyst estimates of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. Synovus Financial’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.84 earnings per share. Sell-side analysts predict that Synovus Financial Corp. will post 4.37 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Thursday, December 19th will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date is Thursday, December 19th. Synovus Financial’s dividend payout ratio is currently 68.78%.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. JPMorgan Chase & Co. raised their price target on shares of Synovus Financial from $52.00 to $59.00 and gave the stock an “overweight” rating in a research note on Friday, October 18th. Evercore ISI raised their price target on shares of Synovus Financial from $48.00 to $54.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 30th. Barclays raised their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Truist Financial raised their price target on shares of Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Finally, Stephens raised their price target on shares of Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a research note on Friday, October 18th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $55.00.

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.