Synovus Financial Corp. (NYSE:SNV) Shares Bought by KBC Group NV

KBC Group NV raised its position in Synovus Financial Corp. (NYSE:SNV - Free Report) by 265.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,966 shares of the bank's stock after purchasing an additional 15,952 shares during the quarter. KBC Group NV's holdings in Synovus Financial were worth $1,027,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Envestnet Portfolio Solutions Inc. acquired a new position in Synovus Financial in the 1st quarter valued at about $251,000. State of Alaska Department of Revenue lifted its holdings in shares of Synovus Financial by 2.4% in the 1st quarter. State of Alaska Department of Revenue now owns 16,535 shares of the bank's stock worth $772,000 after acquiring an additional 382 shares during the last quarter. Inscription Capital LLC acquired a new position in shares of Synovus Financial in the 1st quarter worth approximately $888,000. Janney Montgomery Scott LLC lifted its holdings in shares of Synovus Financial by 0.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 51,606 shares of the bank's stock worth $2,412,000 after acquiring an additional 249 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Synovus Financial by 122.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 60,405 shares of the bank's stock worth $2,823,000 after acquiring an additional 33,294 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SNV has been the topic of a number of research reports. Raymond James Financial lowered shares of Synovus Financial from an "outperform" rating to a "market perform" rating in a report on Wednesday, April 2nd. Morgan Stanley cut their price target on Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating on the stock in a report on Thursday, March 13th. Jefferies Financial Group started coverage on shares of Synovus Financial in a research report on Wednesday, May 21st. They issued a "hold" rating and a $55.00 price objective on the stock. Barclays dropped their price objective on shares of Synovus Financial from $66.00 to $60.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Finally, Truist Financial initiated coverage on shares of Synovus Financial in a research report on Tuesday, May 13th. They issued a "buy" rating and a $56.00 price objective on the stock. Nine research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $57.11.

Synovus Financial Price Performance

SNV stock opened at $55.10 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.43. Synovus Financial Corp. has a one year low of $35.94 and a one year high of $59.92. The firm has a market capitalization of $7.66 billion, a PE ratio of 15.43, a P/E/G ratio of 1.06 and a beta of 1.19. The firm has a 50-day moving average of $48.40 and a two-hundred day moving average of $49.00.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly 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 company had revenue of $573.24 million for the quarter, compared to the consensus estimate of $572.35 million. Synovus Financial had a return on equity of 15.87% and a net margin of 16.19%. On average, analysts forecast that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Announces Dividend

The firm also recently declared 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 of this dividend was Wednesday, June 18th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.83%. Synovus Financial's dividend payout ratio is 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.

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