Meeder Asset Management Inc. Makes New $1.66 Million Investment in Synovus Financial Corp. (NYSE:SNV)

Meeder Asset Management Inc. acquired a new stake in Synovus Financial Corp. (NYSE:SNV) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 32,430 shares of the bank’s stock, valued at approximately $1,661,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Wellington Management Group LLP boosted its holdings 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 valued at $430,213,000 after purchasing an additional 1,095,557 shares during the last quarter. State Street Corp boosted its stake in shares of Synovus Financial by 3.2% in the third quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock worth $294,255,000 after buying an additional 201,362 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Synovus Financial by 2.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,109,856 shares of the bank’s stock worth $261,778,000 after buying an additional 117,242 shares during the last quarter. Geode Capital Management LLC raised its position in Synovus Financial by 0.9% during the third quarter. Geode Capital Management LLC now owns 2,419,737 shares of the bank’s stock valued at $107,633,000 after acquiring an additional 22,549 shares in the last quarter. Finally, Norges Bank purchased a new stake in Synovus Financial in the 4th quarter worth approximately $77,209,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

Analysts Set New Price Targets

SNV has been the subject of several recent research reports. Citigroup lifted their target price on shares of Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a report on Friday, January 17th. JPMorgan Chase & Co. upped their price objective on shares of Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Deutsche Bank Aktiengesellschaft started coverage on Synovus Financial in a research report on Monday, December 9th. They set a “buy” rating and a $64.00 target price on the stock. Piper Sandler upped their price target on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. Finally, Morgan Stanley lowered their price target on Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 13th. 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 data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.67.

Synovus Financial Trading Down 2.7 %

SNV opened at $46.12 on Monday. The firm has a market capitalization of $6.50 billion, a price-to-earnings ratio of 15.12, a price-to-earnings-growth ratio of 1.11 and a beta of 1.36. The company’s 50 day simple moving average is $51.56 and its two-hundred day simple moving average is $51.17. Synovus Financial Corp. has a 1-year low of $33.44 and a 1-year high of $59.92. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, beating the consensus estimate of $1.16 by $0.09. The firm had revenue of $580.58 million during the quarter, compared to analysts’ expectations of $566.83 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The business’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.80 earnings per share. Analysts expect 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 will be paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th will be given a dividend of $0.39 per share. This is a boost from Synovus Financial’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $1.56 annualized dividend and a dividend yield of 3.38%. Synovus Financial’s payout ratio is presently 51.15%.

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.