Hanseatic Management Services Inc. Decreases Stake in Synovus Financial Corp. (NYSE:SNV)

Hanseatic Management Services Inc. cut its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 2.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,941 shares of the bank’s stock after selling 271 shares during the quarter. Hanseatic Management Services Inc.’s holdings in Synovus Financial were worth $612,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. V Square Quantitative Management LLC bought a new stake in shares of Synovus Financial in the third quarter valued at approximately $30,000. UMB Bank n.a. raised its holdings in Synovus Financial by 87.2% during the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock valued at $33,000 after acquiring an additional 348 shares during the period. Quarry LP bought a new stake in Synovus Financial during the 3rd quarter valued at $41,000. Brooklyn Investment Group bought a new position in shares of Synovus Financial in the third quarter worth $56,000. Finally, Farther Finance Advisors LLC grew its position in shares of Synovus Financial by 474.9% in the third quarter. Farther Finance Advisors LLC now owns 1,466 shares of the bank’s stock valued at $65,000 after purchasing an additional 1,211 shares in the last quarter. Institutional investors own 83.85% of the company’s stock.

Synovus Financial Stock Up 0.7 %

Shares of NYSE SNV opened at $54.60 on Friday. The stock has a market capitalization of $7.73 billion, a P/E ratio of 24.70, a PEG ratio of 1.31 and a beta of 1.39. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88. Synovus Financial Corp. has a one year low of $33.44 and a one year high of $59.92. The firm’s 50 day simple moving average is $54.23 and its two-hundred day simple moving average is $48.35.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.09. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The company had revenue of $580.58 million for the quarter, compared to analysts’ expectations of $566.83 million. During the same quarter last year, the company earned $0.80 EPS. The firm’s revenue was up 18.8% compared to the same quarter last year. As a group, analysts expect that Synovus Financial Corp. will post 4.39 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Thursday, December 19th were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.78%. The ex-dividend date was Thursday, December 19th. Synovus Financial’s dividend payout ratio is presently 68.78%.

Analyst Upgrades and Downgrades

SNV has been the topic of a number of recent research reports. Stephens reissued an “equal weight” rating and set a $58.00 price objective on shares of Synovus Financial in a report on Thursday. Piper Sandler increased their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. Wells Fargo & Company boosted their price objective on shares of Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. JPMorgan Chase & Co. increased their target price on shares of Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, StockNews.com raised shares of Synovus Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, Synovus Financial has an average rating of “Moderate Buy” and a consensus price target of $58.44.

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.