Synovus Financial Corp. (NYSE:SNV) Shares Purchased by Quantinno Capital Management LP

Quantinno Capital Management LP raised its holdings in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 12.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 55,229 shares of the bank's stock after purchasing an additional 6,130 shares during the quarter. Quantinno Capital Management LP's holdings in Synovus Financial were worth $2,829,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the business. FMR LLC lifted its position in shares of Synovus Financial by 3.6% during the fourth quarter. FMR LLC now owns 12,041,625 shares of the bank's stock worth $616,892,000 after purchasing an additional 415,201 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Synovus Financial by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,109,856 shares of the bank's stock worth $261,778,000 after purchasing an additional 117,242 shares during the last quarter. First Trust Advisors LP lifted its position in shares of Synovus Financial by 4.5% during the fourth quarter. First Trust Advisors LP now owns 1,827,247 shares of the bank's stock worth $93,610,000 after purchasing an additional 77,876 shares during the last quarter. Norges Bank bought a new stake in shares of Synovus Financial in the fourth quarter valued at about $77,209,000. Finally, Northern Trust Corp raised its holdings in shares of Synovus Financial by 32.4% in the fourth 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 currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Wells Fargo & Company decreased their price objective on 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 report on Wednesday, April 2nd. Barclays reduced their target price on shares of Synovus Financial from $66.00 to $60.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. JPMorgan Chase & Co. reduced their target price on shares of Synovus Financial from $54.00 to $50.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Finally, Truist Financial initiated coverage on Synovus Financial in a research note on Tuesday, May 13th. They set a "buy" rating and a $56.00 price target on the stock. Nine research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $56.56.

Synovus Financial Trading Down 0.5%

NYSE:SNV traded down $0.24 during trading hours on Friday, hitting $47.02. The company had a trading volume of 1,122,058 shares, compared to its average volume of 1,407,577. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. The company has a 50-day moving average of $44.56 and a 200 day moving average of $50.30. The company has a market cap of $6.54 billion, a P/E ratio of 15.42, 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.

Synovus Financial (NYSE:SNV - Get Free Report) last released 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 business had revenue of $573.24 million during the quarter, compared to analysts' expectations of $572.35 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. Sell-side analysts expect that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th were given a $0.39 dividend. The ex-dividend date was Thursday, March 20th. This represents a $1.56 dividend on an annualized basis and a 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%.

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.