Synovus Financial Corp. (NYSE:SNV) Shares Sold by Vanguard Group Inc.

Vanguard Group Inc. trimmed its holdings in Synovus Financial Corp. (NYSE:SNV) by 0.4% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 13,992,285 shares of the bank’s stock after selling 58,931 shares during the quarter. Vanguard Group Inc. owned about 0.10% of Synovus Financial worth $716,825,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in the business. Wellington Management Group LLP lifted 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 worth $430,213,000 after purchasing an additional 1,095,557 shares during the period. State Street Corp lifted its stake in shares of Synovus Financial by 3.2% in the 3rd quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock worth $294,255,000 after acquiring an additional 201,362 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings 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 valued at $261,778,000 after acquiring an additional 117,242 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of 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 during the period. Finally, New York State Common Retirement Fund raised its holdings in Synovus Financial by 1.5% during the fourth quarter. New York State Common Retirement Fund now owns 467,825 shares of the bank’s stock worth $23,967,000 after purchasing an additional 6,784 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Synovus Financial Stock Down 2.7 %

NYSE:SNV opened at $46.12 on Monday. The business’s fifty day moving average price is $51.56 and its 200 day moving average price is $51.17. The firm has a market capitalization of $6.50 billion, a price-to-earnings ratio of 15.12, a PEG ratio of 1.11 and a beta of 1.36. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. Synovus Financial Corp. has a 1-year low of $33.44 and a 1-year high of $59.92.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. The company had revenue of $580.58 million for the quarter, compared to the consensus estimate of $566.83 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The firm’s quarterly revenue was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.80 EPS. On average, sell-side analysts forecast that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th will be issued a dividend of $0.39 per share. This is a boost from Synovus Financial’s previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a dividend yield of 3.38%. The ex-dividend date is Thursday, March 20th. Synovus Financial’s payout ratio is currently 51.15%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on SNV shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $64.00 price target on shares of Synovus Financial in a research note on Thursday, December 12th. Deutsche Bank Aktiengesellschaft initiated coverage on Synovus Financial in a report on Monday, December 9th. They set a “buy” rating and a $64.00 target price on the stock. Morgan Stanley cut their price target on shares of Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating for the company in a report on Thursday, March 13th. Piper Sandler boosted their target price on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. Finally, Stephens reissued an “equal weight” rating and set a $58.00 target price on shares of Synovus Financial in a research note on Thursday, January 16th. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, Synovus Financial has a consensus rating of “Moderate Buy” and an average price target of $58.67.

Synovus Financial 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.