Synovus Financial Corp. (NYSE:SNV) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. decreased its position in shares of Synovus Financial Corp. (NYSE:SNV) by 7.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 362,798 shares of the bank’s stock after selling 28,234 shares during the quarter. JPMorgan Chase & Co.’s holdings in Synovus Financial were worth $16,134,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of SNV. Savant Capital LLC acquired a new position in shares of Synovus Financial during the second quarter valued at $435,000. Headlands Technologies LLC boosted its holdings in shares of Synovus Financial by 404.8% during the second quarter. Headlands Technologies LLC now owns 1,378 shares of the bank’s stock valued at $55,000 after acquiring an additional 1,105 shares during the period. Vest Financial LLC boosted its holdings in shares of Synovus Financial by 34.6% during the second quarter. Vest Financial LLC now owns 29,527 shares of the bank’s stock valued at $1,187,000 after acquiring an additional 7,586 shares during the period. Diamond Hill Capital Management Inc. bought a new stake in shares of Synovus Financial during the second quarter valued at about $19,434,000. Finally, Dimensional Fund Advisors LP raised its stake in shares of Synovus Financial by 9.3% during the second quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock valued at $231,597,000 after purchasing an additional 491,036 shares in the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Price Performance

NYSE SNV opened at $51.05 on Friday. The stock’s 50-day moving average price is $54.19 and its two-hundred day moving average price is $47.68. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42. The company has a market cap of $7.23 billion, a PE ratio of 23.10, a PEG ratio of 1.58 and a beta of 1.39. Synovus Financial Corp. has a 1 year low of $33.44 and a 1 year high of $59.92.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate 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 return on equity of 13.43% and a net margin of 10.82%. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.84 EPS. On average, analysts predict that Synovus Financial Corp. will post 4.37 EPS for the current year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th were paid a dividend of $0.38 per share. The ex-dividend date was Thursday, December 19th. This represents a $1.52 annualized dividend and a yield of 2.98%. Synovus Financial’s dividend payout ratio (DPR) is presently 68.78%.

Wall Street Analysts Forecast Growth

SNV has been the topic of a number of recent analyst reports. Raymond James upgraded shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price objective on the stock in a research note on Tuesday, September 17th. JPMorgan Chase & Co. cut their price objective on shares of Synovus Financial from $63.00 to $60.50 and set an “overweight” rating on the stock in a research note on Tuesday. Evercore ISI lifted their price objective on shares of Synovus Financial from $48.00 to $54.00 and gave the company an “in-line” rating in a research note on Wednesday, October 30th. Wells Fargo & Company lifted their price objective on shares of Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Finally, UBS Group initiated coverage on shares of Synovus Financial in a research note on Tuesday, December 17th. They set a “buy” rating and a $76.00 price objective on the stock. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, Synovus Financial has an average rating of “Moderate Buy” and an average target price of $57.86.

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.