Meeder Asset Management Inc. Invests $1.66 Million in Synovus Financial Corp. (NYSE:SNV)

Meeder Asset Management Inc. acquired a new stake in Synovus Financial Corp. (NYSE:SNV) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 32,430 shares of the bank’s stock, valued at approximately $1,661,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Proficio Capital Partners LLC purchased a new stake in Synovus Financial during the fourth quarter worth about $3,798,000. Nordea Investment Management AB lifted its holdings in Synovus Financial by 3.8% during the 4th 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. Quantinno Capital Management LP lifted its holdings in Synovus Financial by 25.1% during the 3rd 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. SG Americas Securities LLC boosted its position in Synovus Financial by 11.0% in the 4th quarter. SG Americas Securities LLC now owns 12,547 shares of the bank’s stock valued at $643,000 after buying an additional 1,240 shares during the period. Finally, Janney Montgomery Scott LLC grew its stake in shares of Synovus Financial by 4.4% in the fourth quarter. Janney Montgomery Scott LLC now owns 51,357 shares of the bank’s stock worth $2,631,000 after acquiring an additional 2,166 shares in the last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Wall Street Analysts Forecast Growth

SNV has been the topic of several analyst reports. Citigroup increased their price objective on Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Piper Sandler lifted their price objective on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research note on Wednesday, December 11th. UBS Group initiated coverage on shares of Synovus Financial in a research note on Tuesday, December 17th. They set a “buy” rating and a $76.00 target price on the stock. Wells Fargo & Company lifted their price target on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 3rd. Finally, JPMorgan Chase & Co. increased their price objective on shares of Synovus Financial from $60.50 to $62.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $58.67.

Synovus Financial Trading Down 2.7 %

NYSE:SNV opened at $46.12 on Monday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. Synovus Financial Corp. has a 52-week low of $33.44 and a 52-week high of $59.92. The stock’s 50 day moving average price is $51.56 and its 200 day moving average price is $51.17. The company has a market capitalization of $6.50 billion, a PE ratio of 15.12, a P/E/G ratio of 1.11 and a beta of 1.36.

Synovus Financial (NYSE:SNV) last announced its earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. The business had revenue of $580.58 million for the quarter, compared to analysts’ expectations of $566.83 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The company’s quarterly revenue was up 18.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.80 EPS. On average, research analysts anticipate that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th will be paid a dividend of $0.39 per share. This is an increase 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 dividend yield of 3.38%. Synovus Financial’s dividend payout ratio is 51.15%.

Synovus Financial Company 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.