Voya Investment Management LLC Sells 98,741 Shares of Synovus Financial Corp. $SNV

Voya Investment Management LLC cut its stake in Synovus Financial Corp. (NYSE:SNV) by 68.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 45,548 shares of the bank’s stock after selling 98,741 shares during the quarter. Voya Investment Management LLC’s holdings in Synovus Financial were worth $2,235,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Pzena Investment Management LLC lifted its holdings in shares of Synovus Financial by 1.7% during the 2nd quarter. Pzena Investment Management LLC now owns 680,368 shares of the bank’s stock valued at $35,209,000 after buying an additional 11,521 shares during the period. Bank of Montreal Can increased its position in Synovus Financial by 17.4% during the second quarter. Bank of Montreal Can now owns 57,373 shares of the bank’s stock valued at $2,969,000 after acquiring an additional 8,509 shares during the last quarter. Raymond James Financial Inc. lifted its holdings in Synovus Financial by 12.0% in the first quarter. Raymond James Financial Inc. now owns 146,153 shares of the bank’s stock valued at $6,831,000 after acquiring an additional 15,629 shares during the period. Dynamic Technology Lab Private Ltd bought a new position in Synovus Financial in the first quarter valued at about $668,000. Finally, Wolverine Asset Management LLC purchased a new position in Synovus Financial in the second quarter worth about $592,000. Institutional investors own 83.85% of the company’s stock.

Insider Transactions at Synovus Financial

In other Synovus Financial news, Director Gregory G. Montana purchased 1,000 shares of the stock in a transaction that occurred on Monday, October 20th. The shares were bought at an average cost of $45.37 per share, with a total value of $45,370.00. Following the acquisition, the director owned 5,464 shares in the company, valued at approximately $247,901.68. This trade represents a 22.40% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.00% of the company’s stock.

Synovus Financial Stock Down 0.5%

Shares of SNV stock opened at $52.72 on Monday. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.91 and a quick ratio of 0.91. Synovus Financial Corp. has a one year low of $35.94 and a one year high of $61.06. The company’s fifty day moving average price is $48.27 and its 200-day moving average price is $49.67. The company has a market capitalization of $7.32 billion, a price-to-earnings ratio of 9.83, a PEG ratio of 0.92 and a beta of 1.21.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, October 15th. The bank reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.36 by $0.10. The business had revenue of $612.79 million during the quarter, compared to analyst estimates of $604.59 million. Synovus Financial had a return on equity of 16.13% and a net margin of 21.97%.Synovus Financial’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.23 EPS. Sell-side analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 24th. Investors of record on Thursday, December 18th were given a dividend of $0.39 per share. The ex-dividend date was Thursday, December 18th. This represents a $1.56 annualized dividend and a dividend yield of 3.0%. Synovus Financial’s dividend payout ratio (DPR) is currently 29.10%.

Analyst Upgrades and Downgrades

SNV has been the subject of several research reports. Barclays upped their price target on shares of Synovus Financial from $65.00 to $70.00 and gave the company an “overweight” rating in a research report on Friday, December 19th. Royal Bank Of Canada reduced their target price on shares of Synovus Financial from $65.00 to $58.00 and set an “outperform” rating for the company in a report on Friday, October 17th. Truist Financial dropped their price target on shares of Synovus Financial from $56.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, October 17th. JPMorgan Chase & Co. upped their price objective on Synovus Financial from $58.00 to $65.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 16th. Finally, Weiss Ratings downgraded Synovus Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, October 8th. Six research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $58.38.

About Synovus Financial

Synovus Financial Corp (NYSE: SNV) is a regional financial services company headquartered in Columbus, Georgia. The company offers a comprehensive range of banking and financial products to individual consumers, small businesses, and large corporations. Synovus operates through various business segments, including commercial and retail banking, mortgage lending, treasury and payment solutions, and wealth management services.

In its commercial banking division, Synovus provides loans, lines of credit, and treasury management services tailored to the needs of businesses across multiple industries.