BNP Paribas Financial Markets Sells 39,955 Shares of Synovus Financial Corp. (NYSE:SNV)

BNP Paribas Financial Markets lowered its holdings in Synovus Financial Corp. (NYSE:SNV - Free Report) by 68.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm 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 quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Montgomery Investment Management Inc. lifted its holdings in Synovus Financial by 0.6% during the 4th quarter. Montgomery Investment Management Inc. now owns 42,493 shares of the bank's stock worth $2,177,000 after purchasing an additional 235 shares in the last quarter. Sound View Wealth Advisors Group LLC increased its position in shares of Synovus Financial by 3.1% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 7,941 shares of the bank's stock valued at $407,000 after buying an additional 241 shares during the period. Deroy & Devereaux Private Investment Counsel Inc. increased its position in shares of Synovus Financial by 0.3% during the fourth quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 103,480 shares of the bank's stock valued at $5,301,000 after buying an additional 270 shares during the period. Savant Capital LLC lifted its holdings in shares of Synovus Financial by 2.7% in the fourth quarter. Savant Capital LLC now owns 11,923 shares of the bank's stock worth $611,000 after buying an additional 314 shares in the last quarter. Finally, M&T Bank Corp boosted its position in shares of Synovus Financial by 4.8% in the fourth quarter. M&T Bank Corp now owns 7,265 shares of the bank's stock valued at $372,000 after acquiring an additional 331 shares during the period. Institutional investors own 83.85% of the company's stock.

Analysts Set New Price Targets

SNV has been the topic of a number of analyst reports. Barclays decreased their target price on shares of Synovus Financial from $66.00 to $60.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Wells Fargo & Company lowered 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. JPMorgan Chase & Co. reduced their target price on Synovus Financial from $54.00 to $50.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Truist Financial initiated coverage on Synovus Financial in a research note on Tuesday, May 13th. They issued a "buy" rating and a $56.00 target price on the stock. Finally, DA Davidson dropped their price target on Synovus Financial from $65.00 to $60.00 and set a "buy" rating for the company in a research report on Monday, April 21st. Nine investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $56.56.

Synovus Financial Stock Performance

Shares of NYSE SNV opened at $46.98 on Thursday. The stock's 50-day moving average is $44.53 and its 200 day moving average is $50.42. The stock has a market cap of $6.53 billion, a price-to-earnings ratio of 15.40, a P/E/G ratio of 1.11 and a beta of 1.13. Synovus Financial Corp. has a 1-year low of $35.81 and a 1-year high of $59.92. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings results on Wednesday, April 16th. The bank reported $1.30 EPS for the quarter, beating analysts' consensus estimates of $1.11 by $0.19. The business had revenue of $573.24 million for the quarter, compared to analysts' expectations of $572.35 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. On average, sell-side analysts anticipate that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Thursday, March 20th were issued a dividend of $0.39 per share. The ex-dividend date was Thursday, March 20th. This represents a $1.56 annualized dividend and a dividend yield of 3.32%. This is a positive change from Synovus Financial's previous quarterly dividend of $0.38. Synovus Financial's dividend payout ratio (DPR) is currently 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.

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