Ensign Peak Advisors Inc Sells 14,027 Shares of Synovus Financial Corp. (NYSE:SNV)

Ensign Peak Advisors Inc trimmed its stake in Synovus Financial Corp. (NYSE:SNV - Free Report) by 16.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 71,580 shares of the bank's stock after selling 14,027 shares during the quarter. Ensign Peak Advisors Inc owned about 0.05% of Synovus Financial worth $3,667,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in SNV. Colonial Trust Co SC grew its position in Synovus Financial by 554.4% in the 4th quarter. Colonial Trust Co SC now owns 589 shares of the bank's stock valued at $30,000 after purchasing an additional 499 shares during the period. Keystone Financial Group Inc. purchased a new stake in Synovus Financial in the 4th quarter valued at $37,000. Jones Financial Companies Lllp grew its stake in shares of Synovus Financial by 72.7% in the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank's stock worth $56,000 after acquiring an additional 461 shares in the last quarter. V Square Quantitative Management LLC raised its holdings in shares of Synovus Financial by 69.3% in the fourth quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank's stock valued at $58,000 after purchasing an additional 466 shares during the last quarter. Finally, Millstone Evans Group LLC purchased a new position in Synovus Financial during the fourth quarter worth about $59,000. Institutional investors own 83.85% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on SNV. Morgan Stanley reduced their target price on Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating for the company in a report on Thursday, March 13th. JPMorgan Chase & Co. lowered their price objective 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. Wells Fargo & Company lowered their price target on shares of Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 9th. Stephens lowered their target price on Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating on the stock in a research note on Monday, April 21st. Finally, DA Davidson decreased their price objective on Synovus Financial from $65.00 to $60.00 and set a "buy" rating for the company in a report on Monday, April 21st. Eight investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $56.11.

Synovus Financial Price Performance

Shares of NYSE:SNV traded down $0.31 on Tuesday, hitting $48.90. The company's stock had a trading volume of 47,041 shares, compared to its average volume of 1,400,741. The company has a market capitalization of $6.80 billion, a PE ratio of 16.03, a PEG ratio of 1.11 and a beta of 1.13. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. The company has a 50-day simple moving average of $44.41 and a 200 day simple moving average of $50.46. Synovus Financial Corp. has a 1 year low of $35.81 and a 1 year high of $59.92.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its earnings results 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 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 the consensus estimate of $572.35 million. Sell-side analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current fiscal 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 issued a dividend of $0.39 per share. This is an increase 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 3.19%. The ex-dividend date was Thursday, March 20th. Synovus Financial's payout ratio 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.