Synovus Financial Corp Purchases New Shares in Wynn Resorts, Limited (NASDAQ:WYNN)

Synovus Financial Corp acquired a new position in Wynn Resorts, Limited (NASDAQ:WYNN) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 2,112 shares of the casino operator’s stock, valued at approximately $202,000.

Several other hedge funds have also modified their holdings of WYNN. IHT Wealth Management LLC raised its holdings in Wynn Resorts by 1.7% in the 3rd quarter. IHT Wealth Management LLC now owns 6,766 shares of the casino operator’s stock worth $654,000 after purchasing an additional 112 shares during the period. Fifth Third Bancorp increased its position in shares of Wynn Resorts by 8.5% in the second quarter. Fifth Third Bancorp now owns 1,536 shares of the casino operator’s stock valued at $137,000 after buying an additional 120 shares in the last quarter. Allworth Financial LP raised its stake in shares of Wynn Resorts by 17.5% during the 3rd quarter. Allworth Financial LP now owns 895 shares of the casino operator’s stock worth $86,000 after buying an additional 133 shares during the period. Vanguard Personalized Indexing Management LLC lifted its position in shares of Wynn Resorts by 2.8% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,540 shares of the casino operator’s stock valued at $496,000 after buying an additional 149 shares in the last quarter. Finally, Prospera Financial Services Inc grew its stake in Wynn Resorts by 4.1% in the 3rd quarter. Prospera Financial Services Inc now owns 4,616 shares of the casino operator’s stock valued at $443,000 after acquiring an additional 181 shares during the period. 88.64% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

WYNN has been the subject of a number of research analyst reports. UBS Group upgraded shares of Wynn Resorts to a “hold” rating in a research report on Friday, August 23rd. Wells Fargo & Company decreased their price target on shares of Wynn Resorts from $125.00 to $122.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 5th. Susquehanna boosted their price objective on Wynn Resorts from $92.00 to $122.00 and gave the stock a “positive” rating in a research note on Friday, October 11th. StockNews.com cut Wynn Resorts from a “buy” rating to a “hold” rating in a report on Tuesday, September 17th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on Wynn Resorts from $122.00 to $118.00 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. Four analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Wynn Resorts currently has a consensus rating of “Moderate Buy” and an average price target of $115.71.

Wynn Resorts Price Performance

Wynn Resorts stock opened at $88.31 on Friday. The stock has a market cap of $9.70 billion, a price-to-earnings ratio of 10.89, a price-to-earnings-growth ratio of 3.46 and a beta of 1.78. The firm has a 50 day simple moving average of $93.82 and a 200-day simple moving average of $87.78. Wynn Resorts, Limited has a 1-year low of $71.63 and a 1-year high of $110.38.

Wynn Resorts (NASDAQ:WYNN) last posted its earnings results on Monday, November 4th. The casino operator reported $0.90 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.01 by ($0.11). Wynn Resorts had a negative return on equity of 61.16% and a net margin of 13.37%. The business had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same period last year, the business earned $0.99 EPS. Wynn Resorts’s revenue was up 1.3% compared to the same quarter last year. Equities analysts expect that Wynn Resorts, Limited will post 4.79 earnings per share for the current fiscal year.

Wynn Resorts Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Friday, November 15th were given a $0.25 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.00 dividend on an annualized basis and a yield of 1.13%. Wynn Resorts’s payout ratio is currently 12.33%.

Wynn Resorts Company Profile

Wynn Resorts, Limited designs, develops, and operates integrated resorts. The company operates through four segments: Wynn Palace, Wynn Macau, Las Vegas Operations, and Encore Boston Harbor. The Wynn Palace segment operates private gaming salons and sky casinos; a luxury hotel tower with suites, and villas, including a health club, spa, salon, and pool; food and beverage outlets; retail space; meeting and convention space; and performance lake and floral art displays.