Synovus Financial Corp. (NYSE:SNV) Shares Sold by Invesco Ltd.

Invesco Ltd. decreased its holdings in Synovus Financial Corp. (NYSE:SNV) by 5.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 272,690 shares of the bank’s stock after selling 15,445 shares during the quarter. Invesco Ltd. owned about 0.19% of Synovus Financial worth $13,970,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Keystone Financial Group Inc. purchased a new position in Synovus Financial in the 4th quarter worth $37,000. Jones Financial Companies Lllp boosted its position in Synovus Financial by 72.7% in the fourth quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock valued at $56,000 after buying an additional 461 shares during the last quarter. V Square Quantitative Management LLC raised its position in Synovus Financial by 69.3% during the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock worth $58,000 after buying an additional 466 shares during the last quarter. Millstone Evans Group LLC purchased a new stake in shares of Synovus Financial in the 4th quarter valued at $59,000. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Synovus Financial by 36.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,766 shares of the bank’s stock worth $91,000 after acquiring an additional 473 shares during the period. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Synovus Financial Stock Down 2.7 %

Shares of NYSE:SNV opened at $40.19 on Tuesday. Synovus Financial Corp. has a 52-week low of $34.66 and a 52-week high of $59.92. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. The business has a fifty day moving average of $46.39 and a two-hundred day moving average of $50.76. The stock has a market cap of $5.67 billion, a P/E ratio of 13.18, a PEG ratio of 1.11 and a beta of 1.16.

Synovus Financial (NYSE:SNV) last issued its 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 company had revenue of $573.24 million for the quarter, compared to the consensus estimate of $572.35 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. On average, research analysts expect that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 3.88%. The ex-dividend date was Thursday, March 20th. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s dividend payout ratio is 43.70%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Stephens cut their price target on Synovus Financial from $52.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Monday. Morgan Stanley lowered their price objective on Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 13th. Royal Bank of Canada lowered their price target on shares of Synovus Financial from $64.00 to $52.00 and set an “outperform” rating on the stock in a report on Monday. JPMorgan Chase & Co. decreased their price objective on shares of Synovus Financial from $54.00 to $50.00 and set an “overweight” rating for the company in a research report on Monday. Finally, Barclays dropped their target price on Synovus Financial from $66.00 to $60.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Synovus Financial currently has an average rating of “Moderate Buy” and an average target price of $56.17.

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.