Nuveen Asset Management LLC Cuts Stake in Synovus Financial Corp. (NYSE:SNV)

Nuveen Asset Management LLC reduced its stake in Synovus Financial Corp. (NYSE:SNV) by 11.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 314,342 shares of the bank’s stock after selling 39,010 shares during the period. Nuveen Asset Management LLC owned approximately 0.22% of Synovus Financial worth $16,104,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of SNV. Norges Bank purchased a new stake in shares of Synovus Financial in the fourth quarter worth $77,209,000. AQR Capital Management LLC grew its stake in shares of Synovus Financial by 226.5% in the fourth quarter. AQR Capital Management LLC now owns 1,065,249 shares of the bank’s stock worth $54,573,000 after acquiring an additional 738,983 shares during the last quarter. FMR LLC boosted its position in shares of Synovus Financial by 3.6% during the fourth 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 last quarter. Prudential Financial Inc. boosted its position in shares of Synovus Financial by 349.4% during the fourth quarter. Prudential Financial Inc. now owns 529,147 shares of the bank’s stock valued at $27,108,000 after buying an additional 411,411 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its position in shares of Synovus Financial by 5,495.2% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 349,866 shares of the bank’s stock valued at $17,924,000 after buying an additional 343,613 shares during the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Stock Down 0.5%

SNV stock opened at $47.02 on Monday. Synovus Financial Corp. has a twelve month low of $35.81 and a twelve month 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 stock has a market cap of $6.54 billion, a P/E ratio of 15.42, a PEG ratio of 1.11 and a beta of 1.13. The business’s 50-day moving average price is $44.56 and its 200-day moving average price is $50.30.

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

Synovus Financial Increases Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts recently commented on SNV shares. Wells Fargo & Company dropped their price objective on 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. Stephens dropped their price objective on Synovus Financial from $52.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Monday, April 21st. DA Davidson dropped their price objective on Synovus Financial from $65.00 to $60.00 and set a “buy” rating on the stock in a research report on Monday, April 21st. Raymond James cut Synovus Financial from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 2nd. Finally, Royal Bank of Canada dropped their price objective on Synovus Financial from $64.00 to $52.00 and set an “outperform” rating on the stock in a research report on Monday, April 21st. Nine 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’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target 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.