Trexquant Investment LP Increases Stake in Synovus Financial Corp. (NYSE:SNV)

Trexquant Investment LP increased its holdings in Synovus Financial Corp. (NYSE:SNV) by 478.5% during the fourth quarter, Holdings Channel.com reports. The firm owned 270,732 shares of the bank’s stock after acquiring an additional 223,929 shares during the quarter. Trexquant Investment LP’s holdings in Synovus Financial were worth $13,870,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Keystone Financial Group Inc. purchased a new stake in Synovus Financial during the 4th quarter valued at about $37,000. Quarry LP bought a new stake in Synovus Financial in the third quarter valued at approximately $41,000. Jones Financial Companies Lllp boosted its stake in shares of Synovus Financial by 72.7% during the fourth quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock valued at $56,000 after purchasing an additional 461 shares during the period. V Square Quantitative Management LLC grew its holdings in shares of Synovus Financial by 69.3% in the fourth quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock worth $58,000 after purchasing an additional 466 shares during the last quarter. Finally, Millstone Evans Group LLC purchased a new position in shares of Synovus Financial in the fourth quarter worth $59,000. 83.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on SNV. Morgan Stanley dropped their price target on shares of Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating for the company in a research report on Thursday, March 13th. Piper Sandler increased their target price on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. Stephens reaffirmed an “equal weight” rating and set a $58.00 price target on shares of Synovus Financial in a research report on Thursday, January 16th. Royal Bank of Canada reiterated an “outperform” rating and issued a $64.00 price objective on shares of Synovus Financial in a report on Thursday, December 12th. Finally, Citigroup boosted their target price on Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.67.

Synovus Financial Trading Down 2.1 %

NYSE:SNV opened at $45.75 on Wednesday. The firm has a market capitalization of $6.45 billion, a P/E ratio of 15.00, a PEG ratio of 1.11 and a beta of 1.36. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. Synovus Financial Corp. has a one year low of $33.44 and a one year high of $59.92. The company’s 50-day simple moving average is $51.21 and its 200 day simple moving average is $51.20.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.09. The company had revenue of $580.58 million for the quarter, compared to the consensus estimate of $566.83 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The firm’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.80 EPS. As a group, analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 3.41%. The ex-dividend date of this dividend was Thursday, March 20th. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s payout ratio is currently 51.15%.

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.