Victory Capital Management Inc. Trims Holdings in Synovus Financial Corp. (NYSE:SNV)

Victory Capital Management Inc. reduced its position in Synovus Financial Corp. (NYSE:SNV) by 1.7% in the fourth quarter, HoldingsChannel.com reports. The firm owned 1,081,420 shares of the bank’s stock after selling 18,293 shares during the period. Victory Capital Management Inc.’s holdings in Synovus Financial were worth $40,715,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SNV. Allworth Financial LP boosted its holdings in Synovus Financial by 333.5% in the 4th quarter. Allworth Financial LP now owns 724 shares of the bank’s stock worth $27,000 after buying an additional 557 shares during the period. International Assets Investment Management LLC purchased a new stake in shares of Synovus Financial during the fourth quarter worth about $28,000. First Command Advisory Services Inc. purchased a new stake in shares of Synovus Financial during the third quarter worth about $33,000. Tennessee Valley Asset Management Partners bought a new stake in Synovus Financial during the 4th quarter valued at approximately $42,000. Finally, Arlington Trust Co LLC purchased a new position in Synovus Financial in the 4th quarter worth approximately $47,000. 83.85% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Stock Up 1.5 %

Shares of SNV opened at $38.08 on Monday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.45. The business has a fifty day moving average of $37.90 and a 200 day moving average of $35.25. The company has a market cap of $5.58 billion, a PE ratio of 13.04, a P/E/G ratio of 4.41 and a beta of 1.41. Synovus Financial Corp. has a 52-week low of $24.40 and a 52-week high of $40.92.

Synovus Financial (NYSE:SNV) last released its earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by ($0.20). The firm had revenue of $537.73 million during the quarter, compared to the consensus estimate of $547.62 million. Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. Synovus Financial’s revenue was down 12.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.33 EPS. On average, sell-side analysts expect that Synovus Financial Corp. will post 3.76 EPS for the current year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $1.52 annualized dividend and a dividend yield of 3.99%. Synovus Financial’s dividend payout ratio (DPR) is presently 52.05%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. UBS Group increased their price objective on shares of Synovus Financial from $42.00 to $44.00 and gave the company a “buy” rating in a report on Tuesday, January 23rd. Truist Financial decreased their price target on shares of Synovus Financial from $45.00 to $39.00 and set a “buy” rating on the stock in a research note on Monday, April 22nd. Morgan Stanley restated an “equal weight” rating and set a $37.00 price objective on shares of Synovus Financial in a research report on Monday, April 22nd. Barclays decreased their target price on Synovus Financial from $42.00 to $39.00 and set an “equal weight” rating on the stock in a research report on Friday, April 19th. Finally, StockNews.com cut Synovus Financial from a “hold” rating to a “sell” rating in a report on Thursday, February 15th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $41.38.

About Synovus Financial

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.