Amalgamated Bank Has $3.46 Million Stock Position in Synovus Financial Corp. (NYSE:SNV)

Amalgamated Bank lessened its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 1.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 91,881 shares of the bank’s stock after selling 957 shares during the quarter. Amalgamated Bank owned approximately 0.06% of Synovus Financial worth $3,459,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of SNV. North Reef Capital Management LP increased its holdings in shares of Synovus Financial by 52.7% during the 3rd quarter. North Reef Capital Management LP now owns 4,485,000 shares of the bank’s stock worth $124,683,000 after acquiring an additional 1,548,370 shares during the last quarter. FMR LLC lifted its stake in shares of Synovus Financial by 10.0% during the 3rd quarter. FMR LLC now owns 10,702,534 shares of the bank’s stock worth $297,530,000 after buying an additional 977,155 shares during the last quarter. New York State Common Retirement Fund boosted its holdings in shares of Synovus Financial by 346.6% during the 4th quarter. New York State Common Retirement Fund now owns 570,880 shares of the bank’s stock worth $21,494,000 after buying an additional 443,056 shares during the period. Strs Ohio acquired a new position in Synovus Financial in the 4th quarter valued at about $16,415,000. Finally, Qube Research & Technologies Ltd raised its holdings in Synovus Financial by 1,020.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 448,010 shares of the bank’s stock valued at $12,455,000 after acquiring an additional 408,014 shares during the period. Institutional investors own 83.85% of the company’s stock.

Analyst Upgrades and Downgrades

SNV has been the topic of several research reports. Evercore ISI upped their target price on Synovus Financial from $40.00 to $42.00 and gave the company an “in-line” rating in a research report on Thursday, March 28th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $38.00 price objective (down from $46.00) on shares of Synovus Financial in a report on Friday, April 19th. Royal Bank of Canada reduced their target price on shares of Synovus Financial from $44.00 to $41.00 and set an “outperform” rating for the company in a research report on Friday, April 19th. Wells Fargo & Company lowered their price target on shares of Synovus Financial from $42.00 to $40.00 and set an “overweight” rating on the stock in a research report on Friday, April 19th. Finally, StockNews.com downgraded shares of Synovus Financial from a “hold” rating to a “sell” rating in a report on Thursday, February 15th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $41.50.

Synovus Financial Trading Up 1.3 %

Shares of SNV stock opened at $39.61 on Friday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.89 and a current ratio of 0.89. Synovus Financial Corp. has a fifty-two week low of $24.40 and a fifty-two week high of $40.92. The company has a market cap of $5.80 billion, a PE ratio of 13.57, a P/E/G ratio of 4.48 and a beta of 1.41. The stock’s fifty day moving average price is $38.02 and its two-hundred day moving average price is $35.54.

Synovus Financial (NYSE:SNV) last released its earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The business had revenue of $537.73 million during the quarter, compared to the consensus estimate of $547.62 million. During the same quarter in the prior year, the firm earned $1.33 EPS. The business’s revenue was down 12.4% on a year-over-year basis. Equities analysts predict that Synovus Financial Corp. will post 3.76 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Thursday, March 21st were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 3.84%. The ex-dividend date of this dividend was Wednesday, March 20th. Synovus Financial’s payout ratio is 52.05%.

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.