Synovus Financial Corp. (NYSE:SNV) Shares Sold by BNP Paribas Financial Markets

BNP Paribas Financial Markets trimmed its position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 68.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,603 shares of the bank's stock after selling 39,955 shares during the period. BNP Paribas Financial Markets' holdings in Synovus Financial were worth $953,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in SNV. FMR LLC grew its holdings in Synovus Financial by 3.6% during the 4th quarter. FMR LLC now owns 12,041,625 shares of the bank's stock worth $616,892,000 after acquiring an additional 415,201 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in 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 worth $261,778,000 after acquiring an additional 117,242 shares in the last quarter. First Trust Advisors LP raised 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 acquiring an additional 77,876 shares in the last quarter. Norges Bank acquired a new stake in shares of Synovus Financial during the 4th quarter valued at approximately $77,209,000. Finally, Northern Trust Corp raised its position in shares of Synovus Financial by 32.4% during the 4th quarter. Northern Trust Corp now owns 1,380,098 shares of the bank's stock valued at $70,702,000 after acquiring an additional 337,784 shares in the last quarter. 83.85% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Truist Financial assumed coverage on Synovus Financial in a research report on Tuesday, May 13th. They set a "buy" rating and a $56.00 price target on the stock. DA Davidson decreased their price target on shares of Synovus Financial from $65.00 to $60.00 and set a "buy" rating for the company in a report on Monday, April 21st. Wells Fargo & Company decreased their price target on shares of Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating for the company in a report on Wednesday, April 9th. Raymond James downgraded Synovus Financial from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 2nd. Finally, JPMorgan Chase & Co. decreased their target price on Synovus Financial from $54.00 to $50.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Nine equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $56.56.

Synovus Financial Price Performance

Shares of NYSE:SNV traded up $1.09 during trading on Tuesday, reaching $48.09. The company had a trading volume of 720,787 shares, compared to its average volume of 1,404,830. The firm's fifty day moving average is $44.56 and its 200 day moving average is $50.21. The firm has a market capitalization of $6.69 billion, a PE ratio of 15.77, a price-to-earnings-growth ratio of 1.11 and a beta of 1.13. Synovus Financial Corp. has a twelve month low of $35.81 and a twelve month 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 issued its quarterly earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share for the quarter, topping analysts' consensus estimates of $1.11 by $0.19. The company had revenue of $573.24 million during the quarter, compared to analyst estimates of $572.35 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. On average, equities analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th were paid a $0.39 dividend. This is a positive change 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 3.24%. The ex-dividend date was Thursday, March 20th. Synovus Financial's dividend payout ratio is currently 43.70%.

About Synovus Financial

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.