Synovus Financial Corp. (NYSE:SNV) Shares Purchased by First Citizens Bank & Trust Co.

First Citizens Bank & Trust Co. lifted its holdings in Synovus Financial Corp. (NYSE:SNV) by 32.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 23,132 shares of the bank’s stock after acquiring an additional 5,717 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Synovus Financial were worth $1,081,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in SNV. Savant Capital LLC increased its stake in shares of Synovus Financial by 2.7% in the fourth quarter. Savant Capital LLC now owns 11,923 shares of the bank’s stock worth $611,000 after acquiring an additional 314 shares during the period. Vontobel Holding Ltd. acquired a new stake in shares of Synovus Financial in the fourth quarter worth $205,000. V Square Quantitative Management LLC increased its stake in shares of Synovus Financial by 69.3% in the fourth quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock worth $58,000 after acquiring an additional 466 shares during the period. Blue Trust Inc. increased its stake in shares of Synovus Financial by 781.4% in the fourth quarter. Blue Trust Inc. now owns 210,282 shares of the bank’s stock worth $10,773,000 after acquiring an additional 186,424 shares during the period. Finally, Sheaff Brock Investment Advisors LLC acquired a new stake in shares of Synovus Financial in the fourth quarter worth $210,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Stock Performance

NYSE:SNV opened at $49.46 on Wednesday. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. The firm has a market capitalization of $6.88 billion, a price-to-earnings ratio of 16.22, a PEG ratio of 1.11 and a beta of 1.18. The company’s 50-day moving average is $44.87 and its two-hundred day moving average is $49.63. Synovus Financial Corp. has a 1-year low of $35.81 and a 1-year high of $59.92.

Synovus Financial (NYSE:SNV) last posted its earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.19. The company had revenue of $573.24 million for the quarter, compared to analyst estimates of $572.35 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. Analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Thursday, June 19th will be issued a $0.39 dividend. The ex-dividend date is Wednesday, June 18th. This represents a $1.56 annualized dividend and a yield of 3.15%. Synovus Financial’s payout ratio is 43.70%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on SNV. JPMorgan Chase & Co. cut their price objective on shares of Synovus Financial from $54.00 to $50.00 and set an “overweight” rating on the stock in a research note on Monday, April 21st. DA Davidson dropped their price target on shares of Synovus Financial from $65.00 to $60.00 and set a “buy” rating on the stock in a research report on Monday, April 21st. Wells Fargo & Company decreased their price objective 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 downgraded shares of Synovus Financial from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 2nd. Finally, Jefferies Financial Group assumed coverage on shares of Synovus Financial in a report on Wednesday, May 21st. They set a “hold” rating and a $55.00 price objective on the stock. Nine equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $56.56.

Synovus Financial Company 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.