Cornercap Investment Counsel Inc. Invests $508,000 in Synovus Financial Corp. (NYSE:SNV)

Cornercap Investment Counsel Inc. bought a new position in Synovus Financial Corp. (NYSE:SNV) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 11,433 shares of the bank’s stock, valued at approximately $508,000.

Several other institutional investors and hedge funds also recently modified their holdings of SNV. State Board of Administration of Florida Retirement System boosted its holdings in Synovus Financial by 7.1% in the first quarter. State Board of Administration of Florida Retirement System now owns 147,987 shares of the bank’s stock valued at $5,928,000 after purchasing an additional 9,846 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its holdings in Synovus Financial by 92.0% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 47,198 shares of the bank’s stock valued at $1,852,000 after purchasing an additional 22,621 shares during the last quarter. Bessemer Group Inc. boosted its holdings in Synovus Financial by 7.3% in the first quarter. Bessemer Group Inc. now owns 244,814 shares of the bank’s stock valued at $9,806,000 after purchasing an additional 16,640 shares during the last quarter. Pitcairn Co. boosted its holdings in Synovus Financial by 2.3% in the first quarter. Pitcairn Co. now owns 11,542 shares of the bank’s stock valued at $462,000 after purchasing an additional 261 shares during the last quarter. Finally, Burns Matteson Capital Management LLC purchased a new position in Synovus Financial in the first quarter valued at about $390,000. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SNV. Stephens upped their price objective on Synovus Financial from $46.00 to $52.00 and gave the company an “equal weight” rating in a research note on Friday, October 18th. Truist Financial upped their price objective on Synovus Financial from $52.00 to $57.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Barclays upped their price objective on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Wells Fargo & Company cut Synovus Financial from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $48.00 to $46.00 in a research note on Tuesday, October 1st. Finally, DA Davidson upped their price objective on Synovus Financial from $53.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Seven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Synovus Financial presently has an average rating of “Moderate Buy” and an average target price of $52.71.

Synovus Financial Stock Performance

SNV opened at $55.72 on Friday. The firm has a market cap of $7.89 billion, a PE ratio of 25.21, a P/E/G ratio of 2.01 and a beta of 1.37. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. The business has a fifty day simple moving average of $47.83 and a 200-day simple moving average of $43.49. Synovus Financial Corp. has a fifty-two week low of $29.34 and a fifty-two week high of $59.79.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, topping the consensus estimate of $1.09 by $0.14. The business had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. Synovus Financial’s revenue was up 2.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.84 earnings per share. As a group, equities analysts predict that Synovus Financial Corp. will post 4.36 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were given a $0.38 dividend. The ex-dividend date was Thursday, September 19th. This represents a $1.52 annualized dividend and a dividend yield of 2.73%. Synovus Financial’s dividend payout ratio (DPR) is presently 68.78%.

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.