Trexquant Investment LP Purchases 223,929 Shares of Synovus Financial Corp. (NYSE:SNV)

Trexquant Investment LP lifted its position in shares of Synovus Financial Corp. (NYSE:SNV) by 478.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 270,732 shares of the bank’s stock after purchasing an additional 223,929 shares during the period. Trexquant Investment LP owned 0.19% of Synovus Financial worth $13,870,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SNV. Norges Bank purchased a new position in shares of Synovus Financial in the 4th quarter worth approximately $77,209,000. Wellington Management Group LLP boosted its position in Synovus Financial by 12.8% in the third quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock worth $430,213,000 after purchasing an additional 1,095,557 shares during the last quarter. Prudential Financial Inc. grew its stake in Synovus Financial by 349.4% in the 4th quarter. Prudential Financial Inc. now owns 529,147 shares of the bank’s stock valued at $27,108,000 after purchasing an additional 411,411 shares during the period. TruWealth Advisors LLC bought a new position in Synovus Financial in the 4th quarter valued at $12,350,000. Finally, Blue Trust Inc. increased its position in shares of Synovus Financial by 934.0% during the 4th quarter. Blue Trust Inc. now owns 246,686 shares of the bank’s stock valued at $12,638,000 after purchasing an additional 222,828 shares during the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Synovus Financial Stock Performance

NYSE:SNV opened at $45.75 on Wednesday. Synovus Financial Corp. has a twelve month low of $33.44 and a twelve month high of $59.92. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. The stock has a market cap of $6.45 billion, a P/E ratio of 15.00, a PEG ratio of 1.11 and a beta of 1.36. The business’s 50-day moving average price is $51.21 and its two-hundred day moving average price is $51.20.

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

Synovus Financial Increases Dividend

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

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. JPMorgan Chase & Co. raised their price objective on shares of Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Morgan Stanley dropped their price objective on Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 13th. Piper Sandler raised their target price on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. UBS Group began coverage on Synovus Financial in a research report on Tuesday, December 17th. They set a “buy” rating and a $76.00 price target on the stock. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $64.00 price objective on shares of Synovus Financial in a report on Thursday, December 12th. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.67.

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.