Aigen Investment Management LP Acquires New Shares in Synovus Financial Corp. (NYSE:SNV)

Aigen Investment Management LP bought a new position in Synovus Financial Corp. (NYSE:SNV) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 9,191 shares of the bank’s stock, valued at approximately $409,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SNV. &PARTNERS bought a new position in Synovus Financial during the second quarter valued at approximately $284,000. Texas Permanent School Fund Corp lifted its stake in shares of Synovus Financial by 19.6% in the 2nd quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank’s stock valued at $6,150,000 after purchasing an additional 25,028 shares during the last quarter. Private Capital Management LLC boosted its holdings in Synovus Financial by 6.2% in the first quarter. Private Capital Management LLC now owns 365,557 shares of the bank’s stock worth $14,644,000 after purchasing an additional 21,456 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp increased its position in Synovus Financial by 92.0% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 47,198 shares of the bank’s stock worth $1,852,000 after buying an additional 22,621 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in Synovus Financial by 81.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 230,856 shares of the bank’s stock valued at $9,249,000 after buying an additional 103,891 shares in the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Price Performance

NYSE:SNV opened at $55.66 on Friday. The company has a market capitalization of $7.89 billion, a price-to-earnings ratio of 25.19, a PEG ratio of 2.10 and a beta of 1.37. The company has a 50-day moving average of $47.57 and a 200-day moving average of $43.30. Synovus Financial Corp. has a 52 week low of $29.34 and a 52 week high of $59.79. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.88 and a current ratio of 0.89.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data 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. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The company had revenue of $564.72 million for the quarter, compared to the consensus estimate of $557.64 million. During the same period in the previous year, the business earned $0.84 earnings per share. The company’s quarterly revenue was up 2.6% on a year-over-year basis. As a group, equities research analysts anticipate that Synovus Financial Corp. will post 4.36 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were issued a dividend of $0.38 per share. The ex-dividend date was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.73%. Synovus Financial’s payout ratio is presently 68.78%.

Wall Street Analyst Weigh In

SNV has been the topic of a number of analyst reports. Raymond James raised Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price objective on the stock in a report on Tuesday, September 17th. Bank of America boosted their price objective on shares of Synovus Financial from $48.00 to $57.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Truist Financial raised their target price on shares of Synovus Financial from $52.00 to $57.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Wells Fargo & Company lowered shares of Synovus Financial from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $48.00 to $46.00 in a research report on Tuesday, October 1st. Finally, Morgan Stanley raised their price target on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research report on Monday, October 21st. Seven equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Synovus Financial currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.71.

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.