Deutsche Bank AG Sells 37,670 Shares of Synovus Financial Corp. (NYSE:SNV)

Deutsche Bank AG trimmed its position in shares of Synovus Financial Corp. (NYSE:SNV) by 21.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 137,297 shares of the bank’s stock after selling 37,670 shares during the period. Deutsche Bank AG’s holdings in Synovus Financial were worth $7,034,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Montgomery Investment Management Inc. raised its holdings in Synovus Financial by 0.6% during the fourth quarter. Montgomery Investment Management Inc. now owns 42,493 shares of the bank’s stock valued at $2,177,000 after acquiring an additional 235 shares during the period. Sound View Wealth Advisors Group LLC raised its stake in Synovus Financial by 3.1% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 7,941 shares of the bank’s stock valued at $407,000 after purchasing an additional 241 shares during the period. Deroy & Devereaux Private Investment Counsel Inc. lifted its holdings in Synovus Financial by 0.3% in the 4th quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 103,480 shares of the bank’s stock worth $5,301,000 after purchasing an additional 270 shares in the last quarter. Savant Capital LLC lifted its holdings in Synovus Financial by 2.7% in the 4th quarter. Savant Capital LLC now owns 11,923 shares of the bank’s stock worth $611,000 after purchasing an additional 314 shares in the last quarter. Finally, M&T Bank Corp grew its holdings in Synovus Financial by 4.8% during the 4th quarter. M&T Bank Corp now owns 7,265 shares of the bank’s stock valued at $372,000 after buying an additional 331 shares in the last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Synovus Financial Stock Up 0.3%

NYSE SNV opened at $49.50 on Friday. 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 $35.81 and a 52 week high of $59.92. The firm has a market capitalization of $6.88 billion, a price-to-earnings ratio of 16.23, a PEG ratio of 1.11 and a beta of 1.13. The company has a fifty day moving average of $44.32 and a two-hundred day moving average of $50.45.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, April 16th. The bank reported $1.30 EPS for the quarter, topping analysts’ consensus estimates of $1.11 by $0.19. The firm had revenue of $573.24 million during the quarter, compared to analysts’ expectations of $572.35 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. On average, analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th were paid a dividend of $0.39 per share. This is a boost from Synovus Financial’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.15%. Synovus Financial’s dividend payout ratio is currently 43.70%.

Wall Street Analysts Forecast Growth

SNV has been the topic of several research analyst reports. Wells Fargo & Company lowered their target price on shares of Synovus Financial from $60.00 to $50.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 9th. Raymond James cut shares of Synovus Financial from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 2nd. Stephens cut their price objective on Synovus Financial from $52.00 to $46.00 and set an “equal weight” rating for the company in a research report on Monday, April 21st. Truist Financial began coverage on Synovus Financial in a research report on Tuesday, May 13th. They issued a “buy” rating and a $56.00 target price on the stock. Finally, Morgan Stanley cut their price target on Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating for the company in a report on Thursday, March 13th. Eight equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Synovus Financial currently has an average rating of “Moderate Buy” and an average target price of $56.11.

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.