Geode Capital Management LLC Purchases 22,549 Shares of Synovus Financial Corp. (NYSE:SNV)

Geode Capital Management LLC raised its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 0.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,419,737 shares of the bank’s stock after purchasing an additional 22,549 shares during the quarter. Geode Capital Management LLC owned 1.71% of Synovus Financial worth $107,633,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of SNV. SG Americas Securities LLC bought a new stake in shares of Synovus Financial during the second quarter worth about $374,000. Fifth Third Bancorp boosted its stake in Synovus Financial by 7.0% during the 2nd quarter. Fifth Third Bancorp now owns 3,760 shares of the bank’s stock valued at $151,000 after purchasing an additional 245 shares during the last quarter. Fifth Third Wealth Advisors LLC bought a new stake in Synovus Financial during the 2nd quarter worth approximately $198,000. &PARTNERS purchased a new stake in shares of Synovus Financial in the second quarter worth approximately $284,000. Finally, Family Firm Inc. bought a new position in shares of Synovus Financial in the second quarter valued at approximately $173,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Price Performance

Shares of NYSE SNV opened at $50.41 on Thursday. The stock has a fifty day moving average of $53.29 and a 200-day moving average of $46.16. The stock has a market cap of $7.14 billion, a PE ratio of 22.81, a price-to-earnings-growth ratio of 1.58 and a beta of 1.38. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.88 and a current ratio of 0.89. Synovus Financial Corp. has a fifty-two week low of $33.44 and a fifty-two week high of $59.92.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.14. The firm had revenue of $564.72 million for the quarter, compared to the consensus estimate of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.84 earnings per share. Equities research analysts anticipate that Synovus Financial Corp. will post 4.37 earnings per share for the current year.

Synovus Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 3.02%. The ex-dividend date is Thursday, December 19th. Synovus Financial’s payout ratio is 68.78%.

Analyst Upgrades and Downgrades

SNV has been the subject of several recent research reports. Bank of America upped their price target on Synovus Financial from $48.00 to $57.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Raymond James upgraded shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price for the company in a research note on Tuesday, September 17th. The Goldman Sachs Group increased their target price on shares of Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. DA Davidson boosted their price target on shares of Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Finally, Truist Financial upped their price objective on shares of Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, Synovus Financial currently has an average rating of “Moderate Buy” and a consensus target price of $57.78.

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.