Synovus Financial Corp. (NYSE:SNV) Shares Sold by Bank of America Corp DE

Bank of America Corp DE lessened its position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 8.3% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,250,115 shares of the bank's stock after selling 113,026 shares during the quarter. Bank of America Corp DE owned about 0.88% of Synovus Financial worth $64,043,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Truist Financial started coverage on Synovus Financial in a research note on Tuesday. They issued a "buy" rating and a $56.00 target price on the stock. Raymond James cut shares of Synovus Financial from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 2nd. Citigroup increased their price target on shares of Synovus Financial from $59.00 to $62.00 and gave the stock a "buy" rating in a report on Friday, January 17th. Wells Fargo & Company reduced their price objective on shares of Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 9th. Finally, Royal Bank of Canada dropped their target price 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. Eight research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $56.11.

Synovus Financial Price Performance

NYSE SNV traded up $0.14 during trading hours on Friday, reaching $49.50. The company's stock had a trading volume of 777,472 shares, compared to its average volume of 1,404,063. The company's 50-day moving average is $44.21 and its two-hundred day moving average is $50.46. The stock has a market cap of $6.88 billion, a PE ratio of 16.23, a PEG ratio of 1.11 and a beta of 1.13. Synovus Financial Corp. has a fifty-two week low of $35.81 and a fifty-two week high of $59.92. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.11 by $0.19. The firm had revenue of $573.24 million for the quarter, compared to analyst estimates of $572.35 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. Analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Thursday, March 20th were paid a dividend of $0.39 per share. This is an increase from Synovus Financial's previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $1.56 annualized dividend and a dividend yield of 3.15%. Synovus Financial's dividend payout ratio is presently 43.70%.

Synovus Financial 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.