Synovus Financial Corp. (NYSE:SNV) Shares Sold by US Bancorp DE

US Bancorp DE lowered its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 2.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,296 shares of the bank’s stock after selling 449 shares during the quarter. US Bancorp DE’s holdings in Synovus Financial were worth $784,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of SNV. Keystone Financial Group Inc. acquired a new position in shares of Synovus Financial during the 4th quarter valued at about $37,000. Quarry LP acquired a new position in shares of Synovus Financial during the 3rd quarter valued at about $41,000. Brooklyn Investment Group acquired a new position in shares of Synovus Financial during the 3rd quarter valued at about $56,000. V Square Quantitative Management LLC increased its position in Synovus Financial by 69.3% during the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock worth $58,000 after purchasing an additional 466 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its position in Synovus Financial by 474.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,466 shares of the bank’s stock worth $65,000 after purchasing an additional 1,211 shares in the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on SNV. Wells Fargo & Company increased their target price on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd. Royal Bank of Canada reissued an “outperform” rating and set a $64.00 target price on shares of Synovus Financial in a research report on Thursday, December 12th. JPMorgan Chase & Co. upped their price target on Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. UBS Group began coverage on Synovus Financial in a report on Tuesday, December 17th. They issued a “buy” rating and a $76.00 price target for the company. Finally, The Goldman Sachs Group upped their price target on Synovus Financial from $52.00 to $62.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $58.44.

Synovus Financial Stock Performance

Synovus Financial stock opened at $43.72 on Tuesday. The stock has a 50 day moving average of $53.23 and a 200-day moving average of $50.98. Synovus Financial Corp. has a 52 week low of $33.44 and a 52 week high of $59.92. The stock has a market cap of $6.16 billion, a P/E ratio of 14.33, a price-to-earnings-growth 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 (NYSE:SNV) last announced its quarterly earnings data 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 return on equity of 14.70% and a net margin of 14.05%. The firm had revenue of $580.58 million for the quarter, compared to analysts’ expectations of $566.83 million. During the same period last year, the business posted $0.80 earnings per share. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. On average, analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Thursday, March 20th will be paid a dividend of $0.39 per share. The ex-dividend date is Thursday, March 20th. This is a boost from Synovus Financial’s previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a yield of 3.57%. Synovus Financial’s dividend payout ratio (DPR) is 51.15%.

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.