Synovus Financial Corp. (NYSE:SNV) Stock Holdings Lifted by Bank of New York Mellon Corp

Bank of New York Mellon Corp grew its holdings in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 5.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,577,840 shares of the bank's stock after buying an additional 86,694 shares during the quarter. Bank of New York Mellon Corp owned 1.12% of Synovus Financial worth $73,748,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Deroy & Devereaux Private Investment Counsel Inc. grew its stake in Synovus Financial by 3.2% during the first quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 106,755 shares of the bank's stock worth $4,990,000 after buying an additional 3,275 shares during the period. Teacher Retirement System of Texas grew its stake in Synovus Financial by 13.3% during the first quarter. Teacher Retirement System of Texas now owns 40,792 shares of the bank's stock worth $1,907,000 after buying an additional 4,783 shares during the period. KBC Group NV grew its stake in Synovus Financial by 265.2% during the first quarter. KBC Group NV now owns 21,966 shares of the bank's stock worth $1,027,000 after buying an additional 15,952 shares during the period. Envestnet Portfolio Solutions Inc. purchased a new stake in Synovus Financial during the first quarter worth approximately $251,000. Finally, State of Alaska Department of Revenue grew its stake in Synovus Financial by 2.4% during the first quarter. State of Alaska Department of Revenue now owns 16,535 shares of the bank's stock worth $772,000 after buying an additional 382 shares during the period. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Synovus Financial Price Performance

Synovus Financial stock traded up $0.16 during trading hours on Monday, hitting $54.70. 1,755,643 shares of the company traded hands, compared to its average volume of 1,358,401. The firm has a market cap of $7.60 billion, a P/E ratio of 15.32, a P/E/G ratio of 1.05 and a beta of 1.19. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.43. The firm's 50-day simple moving average is $49.48 and its two-hundred day simple moving average is $49.11. Synovus Financial Corp. has a 1-year low of $35.94 and a 1-year high of $59.92.

Synovus Financial (NYSE:SNV - Get Free Report) last released its earnings results on Wednesday, April 16th. The bank reported $1.30 EPS for the quarter, beating the consensus estimate of $1.11 by $0.19. The firm had revenue of $573.24 million for the quarter, compared to analysts' expectations of $572.35 million. Synovus Financial had a net margin of 16.19% and a return on equity of 15.87%. As a group, analysts forecast that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Thursday, June 19th were issued a $0.39 dividend. The ex-dividend date was Wednesday, June 18th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.85%. Synovus Financial's payout ratio is currently 43.70%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on SNV shares. Wells Fargo & Company upgraded shares of Synovus Financial from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $50.00 to $62.00 in a research note on Thursday. DA Davidson decreased their target price on shares of Synovus Financial from $65.00 to $60.00 and set a "buy" rating for the company in a research note on Monday, April 21st. Truist Financial upped their target price on shares of Synovus Financial from $56.00 to $60.00 and gave the company a "buy" rating in a research note on Friday. Jefferies Financial Group started coverage on shares of Synovus Financial in a research note on Wednesday, May 21st. They issued a "hold" rating and a $55.00 target price for the company. Finally, JPMorgan Chase & Co. upped their target price on shares of Synovus Financial from $50.00 to $60.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $59.35.

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.