Synovus Financial Corp. (NYSE:SNV) Shares Purchased by Sei Investments Co.

Sei Investments Co. raised its position in Synovus Financial Corp. (NYSE:SNV) by 38.0% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 82,887 shares of the bank’s stock after buying an additional 22,828 shares during the quarter. Sei Investments Co. owned about 0.06% of Synovus Financial worth $4,246,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. Wellington Management Group LLP lifted its position 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 valued at $430,213,000 after acquiring an additional 1,095,557 shares in the last quarter. TruWealth Advisors LLC acquired a new stake in shares of Synovus Financial during the 4th quarter valued at $12,350,000. Blue Trust Inc. grew its stake in Synovus Financial by 934.0% during the 4th quarter. Blue Trust Inc. now owns 246,686 shares of the bank’s stock valued at $12,638,000 after acquiring an additional 222,828 shares in the last quarter. 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. Finally, Raymond James Financial Inc. acquired a new stake in shares of Synovus Financial in the fourth quarter valued at about $6,687,000. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Synovus Financial Stock Up 2.2 %

NYSE SNV opened at $46.78 on Thursday. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. Synovus Financial Corp. has a 12 month low of $33.44 and a 12 month high of $59.92. The company has a market capitalization of $6.59 billion, a P/E ratio of 15.34, a PEG ratio of 1.11 and a beta of 1.36. The company’s 50 day simple moving average is $51.05 and its 200 day simple moving average is $51.17.

Synovus Financial (NYSE:SNV) last announced its earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $566.83 million. During the same quarter in the prior year, the company earned $0.80 EPS. The firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. Equities research analysts expect that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th were given a dividend of $0.39 per share. The ex-dividend date was Thursday, March 20th. This represents a $1.56 dividend on an annualized basis and a yield of 3.33%. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s dividend payout ratio is 51.15%.

Analysts Set New Price Targets

Several analysts have recently weighed in on SNV shares. Raymond James lowered shares of Synovus Financial from an “outperform” rating to a “market perform” rating in a report on Wednesday. Piper Sandler boosted their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 11th. Stephens reaffirmed an “equal weight” rating and issued a $58.00 price target on shares of Synovus Financial in a research note on Thursday, January 16th. Royal Bank of Canada restated an “outperform” rating and issued a $64.00 price target on shares of Synovus Financial in a report on Thursday, December 12th. Finally, JPMorgan Chase & Co. upped their target price on shares of Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock 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.