Fiduciary Financial Group LLC Takes Position in Synovus Financial Corp. (NYSE:SNV)

Fiduciary Financial Group LLC purchased a new position in Synovus Financial Corp. (NYSE:SNV - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,811 shares of the bank's stock, valued at approximately $272,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of SNV. FMR LLC increased its holdings in Synovus Financial by 3.6% during the fourth quarter. FMR LLC now owns 12,041,625 shares of the bank's stock valued at $616,892,000 after buying an additional 415,201 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of 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 buying an additional 117,242 shares during the last quarter. Silvercrest Asset Management Group LLC grew its stake in shares of Synovus Financial by 2.3% in the fourth quarter. Silvercrest Asset Management Group LLC now owns 2,370,521 shares of the bank's stock valued at $121,442,000 after buying an additional 53,286 shares in the last quarter. First Trust Advisors LP boosted its stake in Synovus Financial by 4.5% in the fourth 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. Finally, Norges Bank purchased a new position in shares of Synovus Financial during the 4th quarter worth approximately $77,209,000. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SNV has been the topic of several research reports. Truist Financial assumed coverage on Synovus Financial in a research report on Tuesday, May 13th. They issued a "buy" rating and a $56.00 target price on the stock. Stephens decreased their price target on shares of Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating for the company in a research report on Monday, April 21st. Morgan Stanley lowered their target price on Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating for the company in a research note on Thursday, March 13th. Jefferies Financial Group initiated coverage on shares of Synovus Financial in a report on Wednesday, May 21st. They issued a "hold" rating and a $55.00 price objective on the stock. Finally, Raymond James downgraded Synovus Financial from an "outperform" rating to a "market perform" rating in a report on Wednesday, April 2nd. Nine investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $56.56.

Synovus Financial Stock Down 1.3%

SNV traded down $0.66 during trading on Thursday, reaching $48.31. 177,334 shares of the stock were exchanged, compared to its average volume of 1,386,257. Synovus Financial Corp. has a twelve month low of $35.94 and a twelve month high of $59.92. The stock's 50 day moving average price is $45.08 and its two-hundred day moving average price is $49.63. 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 stock has a market cap of $6.72 billion, a P/E ratio of 15.84, a price-to-earnings-growth ratio of 1.11 and a beta of 1.18.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its 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 the consensus estimate of $572.35 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. Equities analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Thursday, June 19th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 3.23%. The ex-dividend date of this dividend is Wednesday, June 18th. Synovus Financial's payout ratio is 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.