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Synovus Financial Corp. (NYSE:SNV) Shares Sold by Diamond Hill Capital Management Inc.

Synovus Financial logo with Finance background

Diamond Hill Capital Management Inc. cut its holdings in Synovus Financial Corp. (NYSE:SNV - Free Report) by 16.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 318,842 shares of the bank's stock after selling 62,518 shares during the quarter. Diamond Hill Capital Management Inc. owned about 0.23% of Synovus Financial worth $14,903,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in SNV. Norges Bank acquired a new stake in Synovus Financial in the 4th quarter worth approximately $77,209,000. AQR Capital Management LLC increased its position in shares of Synovus Financial by 226.5% in the 4th quarter. AQR Capital Management LLC now owns 1,065,249 shares of the bank's stock valued at $54,573,000 after acquiring an additional 738,983 shares during the period. FMR LLC raised its stake in Synovus Financial by 3.6% in 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 during the last quarter. Prudential Financial Inc. raised its stake in Synovus Financial by 349.4% in the 4th quarter. Prudential Financial Inc. now owns 529,147 shares of the bank's stock worth $27,108,000 after acquiring an additional 411,411 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its position in Synovus Financial by 5,495.2% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 349,866 shares of the bank's stock worth $17,924,000 after acquiring an additional 343,613 shares during the period. Institutional investors and hedge funds own 83.85% of the company's stock.

Analysts Set New Price Targets

SNV has been the subject of several research analyst reports. Stephens reduced their price objective on Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating for the company in a research note on Monday, April 21st. Wells Fargo & Company reissued an "equal weight" rating and set a $58.00 price target (down from $62.00) on shares of Synovus Financial in a research report on Friday. Morgan Stanley upped their price objective on shares of Synovus Financial from $58.00 to $61.00 and gave the company an "equal weight" rating in a report on Friday, July 18th. DA Davidson increased their price objective on shares of Synovus Financial from $60.00 to $63.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Synovus Financial from $50.00 to $60.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $60.44.

Check Out Our Latest Analysis on Synovus Financial

Synovus Financial Price Performance

NYSE SNV traded down $7.08 during trading hours on Friday, reaching $49.64. The company's stock had a trading volume of 12,224,884 shares, compared to its average volume of 2,020,881. The firm has a market capitalization of $6.90 billion, a price-to-earnings ratio of 9.53, a P/E/G ratio of 0.96 and a beta of 1.19. The company's 50-day moving average is $50.97 and its two-hundred day moving average is $49.37. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.92 and a quick ratio of 0.92. Synovus Financial Corp. has a 1-year low of $35.94 and a 1-year high of $61.06.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its earnings results on Wednesday, July 16th. The bank reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.23. Synovus Financial had a return on equity of 16.20% and a net margin of 21.52%. The business had revenue of $592.08 million during the quarter, compared to the consensus estimate of $584.89 million. During the same period in the prior year, the company posted $1.16 EPS. On average, equities analysts predict that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Thursday, June 19th were paid a dividend of $0.39 per share. The ex-dividend date was Wednesday, June 18th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.14%. Synovus Financial's dividend payout ratio is currently 29.94%.

Synovus Financial Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Synovus Financial (NYSE:SNV)

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