Synovus Financial Corp. (NYSE:SNV) Stock Holdings Lessened by Ameriprise Financial Inc.

Ameriprise Financial Inc. reduced its holdings in Synovus Financial Corp. (NYSE:SNV) by 3.1% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 160,037 shares of the bank’s stock after selling 5,049 shares during the quarter. Ameriprise Financial Inc. owned approximately 0.11% of Synovus Financial worth $8,210,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of SNV. FMR LLC increased its stake in Synovus Financial by 3.6% during the 4th quarter. FMR LLC now owns 12,041,625 shares of the bank’s stock valued at $616,892,000 after buying an additional 415,201 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Synovus Financial by 2.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,109,856 shares of the bank’s stock valued at $261,778,000 after purchasing an additional 117,242 shares in the last quarter. First Trust Advisors LP boosted its position in shares of Synovus Financial by 4.5% during the 4th quarter. First Trust Advisors LP now owns 1,827,247 shares of the bank’s stock valued at $93,610,000 after purchasing an additional 77,876 shares in the last quarter. Norges Bank purchased a new position in shares of Synovus Financial in the fourth quarter worth approximately $77,209,000. Finally, Northern Trust Corp increased its position in shares of Synovus Financial by 32.4% in the fourth quarter. Northern Trust Corp now owns 1,380,098 shares of the bank’s stock worth $70,702,000 after acquiring an additional 337,784 shares in the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

Analysts Set New Price Targets

SNV has been the topic of several analyst reports. Morgan Stanley dropped their target price on shares of 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. Truist Financial initiated coverage on shares of Synovus Financial in a research report on Tuesday, May 13th. They issued a “buy” rating and a $56.00 target price on the stock. DA Davidson dropped their target price 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 dropped 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 research report on Wednesday, April 9th. Finally, Raymond James cut shares of Synovus Financial from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 2nd. Nine 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 stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $56.56.

Synovus Financial Trading Down 3.9%

NYSE:SNV opened at $46.98 on Thursday. Synovus Financial Corp. has a 12 month low of $35.81 and a 12 month high of $59.92. The firm has a market cap of $6.53 billion, a price-to-earnings ratio of 15.40, a P/E/G ratio of 1.11 and a beta of 1.13. 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 company’s 50 day moving average is $44.53 and its 200-day moving average is $50.42.

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

Synovus Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Thursday, March 20th were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $1.56 dividend on an annualized basis and a yield of 3.32%. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s payout ratio is 43.70%.

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.