Synovus Financial Corp. (NYSE:SNV) Shares Purchased by Franklin Resources Inc.

Franklin Resources Inc. increased its holdings in Synovus Financial Corp. (NYSE:SNV) by 4.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 22,964 shares of the bank’s stock after buying an additional 885 shares during the quarter. Franklin Resources Inc.’s holdings in Synovus Financial were worth $1,069,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Wellington Management Group LLP increased its stake in shares of 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 acquiring an additional 1,095,557 shares during the period. Millennium Management LLC boosted its holdings in Synovus Financial by 181.0% in the second quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock valued at $52,343,000 after purchasing an additional 838,932 shares during the last quarter. FMR LLC grew its position in Synovus Financial by 5.4% during the 3rd quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock worth $517,027,000 after purchasing an additional 598,644 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Synovus Financial by 9.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock valued at $231,597,000 after buying an additional 491,036 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. acquired a new position in shares of Synovus Financial in the 2nd quarter valued at about $19,434,000. 83.85% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Trading Down 1.4 %

Shares of SNV opened at $51.19 on Friday. Synovus Financial Corp. has a 12-month low of $33.44 and a 12-month high of $59.92. The firm has a market capitalization of $7.25 billion, a P/E ratio of 23.16, a P/E/G ratio of 1.58 and a beta of 1.38. The firm has a 50-day moving average price of $53.76 and a 200 day moving average price of $46.83. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, beating the consensus estimate of $1.09 by $0.14. The firm had revenue of $564.72 million for the quarter, compared to analyst estimates of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. 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. Sell-side analysts forecast that Synovus Financial Corp. will post 4.37 EPS for the current year.

Synovus Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Thursday, December 19th will be issued a $0.38 dividend. The ex-dividend date of this dividend is Thursday, December 19th. This represents a $1.52 annualized dividend and a yield of 2.97%. Synovus Financial’s dividend payout ratio (DPR) is currently 68.78%.

Analyst Ratings Changes

Several brokerages recently weighed in on SNV. Piper Sandler lifted their price target on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research report on Wednesday, December 11th. The Goldman Sachs Group boosted their target price on shares of Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Deutsche Bank Aktiengesellschaft started coverage on shares of Synovus Financial in a research report on Monday, December 9th. They set a “buy” rating and a $64.00 price target on the stock. Morgan Stanley upped their price objective on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Monday, October 21st. Finally, Raymond James upgraded Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price on the stock in a research report on Tuesday, September 17th. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $57.78.

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.