Victory Capital Management Inc. Has $10.61 Million Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

Victory Capital Management Inc. lowered its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 8.9% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 238,505 shares of the bank’s stock after selling 23,216 shares during the period. Victory Capital Management Inc. owned about 0.17% of Synovus Financial worth $10,606,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the business. Dimensional Fund Advisors LP grew its position in Synovus Financial by 9.3% in the second quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock valued at $231,597,000 after acquiring an additional 491,036 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Synovus Financial by 181.0% during the 2nd 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. Wedge Capital Management L L P NC increased its position in Synovus Financial by 14.9% during the 2nd quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock worth $46,025,000 after purchasing an additional 148,842 shares in the last quarter. Diamond Hill Capital Management Inc. bought a new position in Synovus Financial in the 2nd quarter valued at approximately $19,434,000. Finally, Interval Partners LP grew its position in Synovus Financial by 14.5% during the 2nd quarter. Interval Partners LP now owns 445,160 shares of the bank’s stock worth $17,891,000 after acquiring an additional 56,486 shares during the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Trading Down 0.3 %

Shares of SNV stock opened at $55.02 on Thursday. Synovus Financial Corp. has a fifty-two week low of $29.34 and a fifty-two week high of $59.79. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.88 and a current ratio of 0.89. The stock has a 50 day simple moving average of $48.55 and a two-hundred day simple moving average of $43.87. The company has a market cap of $7.79 billion, a P/E ratio of 24.89, a PEG ratio of 2.02 and a beta of 1.37.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.14. The company had revenue of $564.72 million during 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%. Synovus Financial’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 business posted $0.84 EPS. Research analysts forecast that Synovus Financial Corp. will post 4.37 earnings per share for the current year.

Synovus Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were given a dividend of $0.38 per share. The ex-dividend date was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.76%. Synovus Financial’s dividend payout ratio (DPR) is presently 68.78%.

Analyst Upgrades and Downgrades

Several research firms have commented on SNV. Royal Bank of Canada increased their target price on Synovus Financial from $49.00 to $57.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. DA Davidson upped their price target on shares of Synovus Financial from $53.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Morgan Stanley lifted their price target 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. StockNews.com raised shares of Synovus Financial from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Finally, Bank of America raised their target price on Synovus Financial from $48.00 to $57.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $52.71.

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.