Truist Financial Corp Sells 6,053 Shares of Synovus Financial Corp. (NYSE:SNV)

Truist Financial Corp lessened its holdings in Synovus Financial Corp. (NYSE:SNV) by 32.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,372 shares of the bank’s stock after selling 6,053 shares during the quarter. Truist Financial Corp’s holdings in Synovus Financial were worth $634,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Keystone Financial Group Inc. bought a new position in shares of Synovus Financial in the 4th quarter valued at about $37,000. Quarry LP bought a new position in shares of Synovus Financial during the third quarter worth approximately $41,000. Brooklyn Investment Group acquired a new position in Synovus Financial in the 3rd quarter valued at $56,000. V Square Quantitative Management LLC lifted its position in Synovus Financial by 69.3% during the fourth quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock worth $58,000 after purchasing an additional 466 shares during the period. Finally, Farther Finance Advisors LLC boosted its position in shares of Synovus Financial by 474.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,466 shares of the bank’s stock worth $65,000 after acquiring an additional 1,211 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Synovus Financial Price Performance

SNV opened at $51.86 on Monday. Synovus Financial Corp. has a 1 year low of $33.44 and a 1 year high of $59.92. 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’s fifty day moving average price is $53.68 and its two-hundred day moving average price is $50.81. The company has a market capitalization of $7.31 billion, a price-to-earnings ratio of 17.00, a P/E/G ratio of 1.11 and a beta of 1.39.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. The firm had revenue of $580.58 million during 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 business’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.80 EPS. As a group, analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, December 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.93%. Synovus Financial’s dividend payout ratio is presently 49.84%.

Analysts Set New Price Targets

SNV has been the topic of several research analyst reports. Citigroup raised their price objective on Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Barclays increased their price objective on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Piper Sandler raised their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. Wells Fargo & Company boosted their price objective on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Finally, JPMorgan Chase & Co. increased their target price on shares of Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.44.

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.