M&T Bank Corp reduces its equity holdings in Synovus Financial Corp. (NYSE:SNV)
M&T Bank Corp reduced its holdings of shares in Synovus Financial Corp. (NYSE: SNV – Get Rating) by 10.0% in the first quarter, according to its latest filing with the Securities and Exchange Commission (SEC). The institutional investor held 5,107 shares of the bank after selling 569 shares during the period. M&T Bank Corp’s holdings in Synovus Financial were worth $250,000 when it last filed with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently changed their positions in the company. Sageworth Trust Co of South Dakota bought a new stock position in Synovus Financial during Q4, valued at around $25,000. Covestor Ltd bought a new stock position in Synovus Financial during Q4, valued at around $29,000. Exchange Traded Concepts LLC bought a new stock position in Synovus Financial during Q1 worth approximately $44,000. Northwestern Mutual Wealth Management Co. increased its holdings in Synovus Financial by 91.8% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,418 shares of the bank valued at $164,000 after buying 1,636 additional shares last quarter. Finally, Prestige Wealth Management Group LLC bought a new position in Synovus Financial in Q1 worth $207,000. Hedge funds and other institutional investors own 79.53% of the company’s shares.
Changes to analyst ratings
A number of research analysts have weighed in on the company. Truist Financial lowered its price target on Synovus Financial from $56.00 to $50.00 and set a “buy” rating on the stock in a Wednesday, June 15 report. Wells Fargo & Company raised its price target on Synovus Financial to $60.00 in a Friday, July 22 report. Raymond James lowered his price target on Synovus Financial from $57.00 to $50.00 and set an “outperform” rating on the stock in a Thursday, July 7 report. Jefferies Financial Group reduced its price target on Synovus Financial from $57.00 to $45.00 in a Monday, July 11 report. Finally, Goldman Sachs Group cut its price target on Synovus Financial from $57.00 to $47.50 and set a “neutral” rating on the stock in a Tuesday, May 31 report. Two research analysts gave the stock a hold rating and eight gave the company a buy rating. Based on data from MarketBeat.com, Synovus Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.15.
Synovus Financial shares fall 1.2%
NYSE:SNV shares opened at $43.60 on Thursday. The company has a 50-day moving average price of $38.30 and a 200-day moving average price of $43.69. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt ratio of 0.45. The company has a market capitalization of $6.34 billion, a price/earnings ratio of 9.10, a PEG ratio of 2.01 and a beta of 1.44. Synovus Financial Corp. has a 12-month low of $34.15 and a 12-month high of $54.40.
Synovus Financial (NYSE:SNV – Get Rating) last released quarterly earnings data on Thursday, July 21. The bank reported earnings per share (EPS) of $1.17 for the quarter, beating analysts’ consensus estimate of $1.10 by $0.07. The company posted revenue of $522.60 million in the quarter, compared to a consensus estimate of $518.64 million. Synovus Financial had a return on equity of 16.40% and a net margin of 34.48%. The company’s quarterly revenue increased 5.0% year over year. During the same period last year, the company achieved EPS of $1.20. Sell-side analysts expect Synovus Financial Corp. posts an EPS of 4.86 for the current year.
Synovus financial dividend announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 1. Investors of record on Thursday, June 16 received a dividend of $0.34 per share. This represents a dividend of $1.36 on an annualized basis and a dividend yield of 3.12%. The ex-dividend date was Wednesday, June 15. Synovus Financial’s payout ratio is 28.39%.
Synovus financial profile
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Synovus Financial Corp. operates as a bank holding company for Synovus Bank which provides commercial and retail banking products and services. It operates through three segments: Community Banking, Wholesale Banking and Financial Management Services. The Company’s commercial banking services include cash management, asset management, capital market and institutional trust services, as well as commercial, financial and real estate lending.
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