Allspring Global Investments Holdings LLC Has $11.98 Million Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

Allspring Global Investments Holdings LLC cut its stake in Synovus Financial Corp. (NYSE:SNV) by 1.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 235,577 shares of the bank’s stock after selling 3,588 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.17% of Synovus Financial worth $11,977,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently bought and sold shares of SNV. Wellington Management Group LLP boosted 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 in the last quarter. FMR LLC boosted its holdings in Synovus Financial by 5.4% in the third 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 in the last quarter. TruWealth Advisors LLC bought a new stake in Synovus Financial in the fourth quarter worth $12,350,000. Blue Trust Inc. boosted its holdings in Synovus Financial by 934.0% in the fourth quarter. Blue Trust Inc. now owns 246,686 shares of the bank’s stock worth $12,638,000 after purchasing an additional 222,828 shares in the last quarter. Finally, State Street Corp boosted its holdings in Synovus Financial by 3.2% in the third quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock worth $294,255,000 after purchasing an additional 201,362 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SNV. 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 report on Monday, October 21st. Evercore ISI upped their price target on shares of Synovus Financial from $48.00 to $54.00 and gave the company an “in-line” rating in a report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Synovus Financial in a report on Monday, December 9th. They set a “buy” rating and a $64.00 price target for the company. UBS Group assumed coverage on shares of Synovus Financial in a report on Tuesday, December 17th. They set a “buy” rating and a $76.00 price target for the company. Finally, Stephens restated an “equal weight” rating and set a $58.00 price target on shares of Synovus Financial in a report on Thursday, January 16th. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, Synovus Financial presently has an average rating of “Moderate Buy” and an average price target of $58.44.

Synovus Financial Stock Performance

NYSE:SNV opened at $55.21 on Tuesday. Synovus Financial Corp. has a 12-month low of $33.44 and a 12-month high of $59.92. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $7.82 billion, a PE ratio of 18.10, a price-to-earnings-growth ratio of 1.17 and a beta of 1.39. The firm has a 50-day moving average price of $53.77 and a 200 day moving average price of $50.08.

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

Synovus Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Thursday, December 19th were given a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.75%. The ex-dividend date was Thursday, December 19th. Synovus Financial’s dividend payout ratio (DPR) is presently 49.84%.

About Synovus Financial

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.