Jacobs Asset Management LLC Has $7.78 Million Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

Jacobs Asset Management LLC lessened its position in Synovus Financial Corp. (NYSE:SNVGet Rating) by 9.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 162,500 shares of the bank’s stock after selling 17,500 shares during the quarter. Synovus Financial accounts for 3.5% of Jacobs Asset Management LLC’s portfolio, making the stock its 9th largest position. Jacobs Asset Management LLC owned about 0.11% of Synovus Financial worth $7,779,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in SNV. Sageworth Trust Co of South Dakota purchased a new position in Synovus Financial in the 4th quarter worth about $25,000. Smith Group Asset Management LLC purchased a new position in Synovus Financial in the 4th quarter worth about $39,000. Ellevest Inc. increased its stake in Synovus Financial by 15.6% in the 4th quarter. Ellevest Inc. now owns 1,856 shares of the bank’s stock worth $89,000 after buying an additional 250 shares during the period. Toronto Dominion Bank increased its stake in Synovus Financial by 29.6% in the 3rd quarter. Toronto Dominion Bank now owns 2,635 shares of the bank’s stock worth $116,000 after buying an additional 602 shares during the period. Finally, Van ECK Associates Corp increased its stake in Synovus Financial by 7.6% in the 4th quarter. Van ECK Associates Corp now owns 3,059 shares of the bank’s stock worth $146,000 after buying an additional 216 shares during the period. Hedge funds and other institutional investors own 79.53% of the company’s stock.

A number of research analysts have commented on the stock. Wells Fargo & Company cut their target price on shares of Synovus Financial from $70.00 to $65.00 and set an “overweight” rating on the stock in a research report on Friday, April 22nd. Raymond James cut their target price on shares of Synovus Financial from $58.00 to $57.00 and set an “outperform” rating on the stock in a research report on Friday, April 22nd. Piper Sandler cut their target price on shares of Synovus Financial from $61.00 to $60.00 and set an “overweight” rating on the stock in a research report on Friday, April 22nd. Zacks Investment Research raised shares of Synovus Financial from a “hold” rating to a “strong-buy” rating and set a $53.00 price objective on the stock in a research report on Tuesday, April 12th. Finally, StockNews.com started coverage on shares of Synovus Financial in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. One equities research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Synovus Financial currently has an average rating of “Buy” and an average price target of $58.88.

NYSE:SNV traded up $0.87 during mid-day trading on Friday, hitting $39.85. The company’s stock had a trading volume of 742,543 shares, compared to its average volume of 921,332. Synovus Financial Corp. has a 1 year low of $37.98 and a 1 year high of $54.40. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.86 and a quick ratio of 0.84. The stock has a market cap of $5.79 billion, a price-to-earnings ratio of 8.27, a PEG ratio of 2.46 and a beta of 1.42. The business’s fifty day moving average is $46.00 and its two-hundred day moving average is $48.23.

Synovus Financial (NYSE:SNVGet Rating) last posted its quarterly earnings results on Thursday, April 21st. The bank reported $1.08 EPS for the quarter, beating the consensus estimate of $1.03 by $0.05. Synovus Financial had a net margin of 35.38% and a return on equity of 16.00%. The company had revenue of $498.50 million for the quarter, compared to analyst estimates of $497.35 million. During the same period in the prior year, the company earned $1.21 earnings per share. The firm’s revenue was up 2.7% on a year-over-year basis. Analysts anticipate that Synovus Financial Corp. will post 4.54 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, April 1st. Stockholders of record on Thursday, March 17th were paid a dividend of $0.34 per share. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.33. This represents a $1.36 annualized dividend and a dividend yield of 3.41%. The ex-dividend date of this dividend was Wednesday, March 16th. Synovus Financial’s dividend payout ratio is presently 28.22%.

In related news, CFO Andrew J. Jr. Gregory purchased 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 27th. The shares were purchased at an average cost of $42.73 per share, with a total value of $85,460.00. Following the purchase, the chief financial officer now owns 29,196 shares of the company’s stock, valued at approximately $1,247,545.08. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Joseph J. Prochaska, Jr. purchased 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 10th. The stock was bought at an average cost of $41.38 per share, for a total transaction of $41,380.00. Following the completion of the purchase, the director now directly owns 31,109 shares in the company, valued at approximately $1,287,290.42. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 6,100 shares of company stock worth $277,159. Corporate insiders own 1.55% of the company’s stock.

About Synovus Financial (Get Rating)

Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides commercial and retail banking products and services. It operates through three segments: Community Banking, Wholesale Banking, and Financial Management Services. The company's commercial banking services include treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.

Further Reading

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Institutional Ownership by Quarter for Synovus Financial (NYSE:SNV)

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