Investors Research Corp Lowers Position in Synovus Financial Corp. (NYSE:SNV)

Investors Research Corp trimmed its position in shares of Synovus Financial Corp. (NYSE:SNV) by 29.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 685 shares of the bank’s stock after selling 285 shares during the quarter. Investors Research Corp’s holdings in Synovus Financial were worth $35,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. FMR LLC boosted its holdings in Synovus Financial by 5.4% during the 3rd quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock valued at $517,027,000 after acquiring an additional 598,644 shares during the period. Wellington Management Group LLP boosted its holdings in Synovus Financial by 12.8% during the 3rd 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 during the period. State Street Corp boosted its holdings in Synovus Financial by 3.2% during the 3rd quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock valued at $294,255,000 after acquiring an additional 201,362 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Synovus Financial by 2.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,109,856 shares of the bank’s stock valued at $261,778,000 after acquiring an additional 117,242 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in Synovus Financial by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 2,419,737 shares of the bank’s stock valued at $107,633,000 after acquiring an additional 22,549 shares during the period. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. The Goldman Sachs Group raised their target price on Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Deutsche Bank Aktiengesellschaft initiated coverage on Synovus Financial in a research report on Monday, December 9th. They issued a “buy” rating and a $64.00 price target on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $64.00 price target on shares of Synovus Financial in a research report on Thursday, December 12th. UBS Group initiated coverage on Synovus Financial in a research report on Tuesday, December 17th. They issued a “buy” rating and a $76.00 price target on the stock. Finally, Wells Fargo & Company increased their price target on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 3rd. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $58.44.

Synovus Financial Trading Down 6.7 %

NYSE:SNV opened at $43.72 on Tuesday. The stock’s 50 day moving average price is $53.23 and its 200 day moving average price is $50.98. The company has a market capitalization of $6.16 billion, a PE ratio of 14.33, a P/E/G ratio of 1.11 and a beta of 1.36. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. Synovus Financial Corp. has a 52-week low of $33.44 and a 52-week high of $59.92.

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

Synovus Financial Increases Dividend

The company also recently declared 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. This represents a $1.56 dividend on an annualized basis and a yield of 3.57%. The ex-dividend date of this dividend is Thursday, March 20th. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s dividend payout ratio (DPR) is currently 51.15%.

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.