Dimensional Fund Advisors LP Sells 397,206 Shares of Synovus Financial Corp. (NYSE:SNV)

Dimensional Fund Advisors LP decreased its stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 7.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,902,436 shares of the bank's stock after selling 397,206 shares during the period. Dimensional Fund Advisors LP owned 3.46% of Synovus Financial worth $251,153,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in SNV. Norges Bank acquired a new position in Synovus Financial during the 4th quarter worth about $77,209,000. FMR LLC lifted its position 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 purchasing an additional 415,201 shares during the period. Prudential Financial Inc. lifted its position in Synovus Financial by 349.4% during the 4th quarter. Prudential Financial Inc. now owns 529,147 shares of the bank's stock valued at $27,108,000 after purchasing an additional 411,411 shares during the period. TruWealth Advisors LLC acquired a new position in Synovus Financial during the 4th quarter valued at about $12,350,000. Finally, Trexquant Investment LP lifted its position in Synovus Financial by 478.5% during the 4th quarter. Trexquant Investment LP now owns 270,732 shares of the bank's stock valued at $13,870,000 after purchasing an additional 223,929 shares during the period. Institutional investors and hedge funds own 83.85% of the company's stock.

Analysts Set New Price Targets

A number of research firms have issued reports on SNV. Raymond James downgraded shares of Synovus Financial from an "outperform" rating to a "market perform" rating in a research report on Wednesday, April 2nd. JPMorgan Chase & Co. cut their target price on shares of Synovus Financial from $54.00 to $50.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Citigroup upped their target price on shares of Synovus Financial from $59.00 to $62.00 and gave the company a "buy" rating in a research report on Friday, January 17th. Morgan Stanley cut 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. Finally, Royal Bank of Canada cut their target price on shares of 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 analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $56.17.

Synovus Financial Stock Down 0.8 %

NYSE SNV traded down $0.33 during trading hours on Friday, reaching $42.99. 971,381 shares of the company's stock were exchanged, compared to its average volume of 1,420,019. The company's 50-day moving average is $45.38 and its two-hundred day moving average is $50.73. Synovus Financial Corp. has a one year low of $35.74 and a one year 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. The company has a market capitalization of $6.06 billion, a price-to-earnings ratio of 14.10, a price-to-earnings-growth ratio of 1.11 and a beta of 1.16.

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, topping 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 business had revenue of $573.24 million during the quarter, compared to analysts' expectations of $572.35 million. On average, analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current fiscal 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 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 annualized dividend and a dividend yield of 3.63%. The ex-dividend date of this dividend was Thursday, March 20th. Synovus Financial's dividend payout ratio (DPR) is currently 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.