First Citizens Bank & Trust Co. Grows Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

First Citizens Bank & Trust Co. raised its stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 32.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 23,132 shares of the bank's stock after acquiring an additional 5,717 shares during the quarter. First Citizens Bank & Trust Co.'s holdings in Synovus Financial were worth $1,081,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Colonial Trust Co SC lifted its holdings in Synovus Financial by 554.4% in the 4th quarter. Colonial Trust Co SC now owns 589 shares of the bank's stock valued at $30,000 after purchasing an additional 499 shares in the last quarter. Jones Financial Companies Lllp increased its position in Synovus Financial by 72.7% during the fourth quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank's stock worth $56,000 after buying an additional 461 shares in the last quarter. V Square Quantitative Management LLC grew its position in Synovus Financial by 69.3% in the fourth quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank's stock valued at $58,000 after acquiring an additional 466 shares in the last quarter. Millstone Evans Group LLC acquired a new position in Synovus Financial during the 4th quarter worth $59,000. Finally, EverSource Wealth Advisors LLC grew its position in Synovus Financial by 36.6% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,766 shares of the bank's stock valued at $91,000 after buying an additional 473 shares in the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on SNV. Barclays cut their price target on Synovus Financial from $66.00 to $60.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Raymond James cut shares of Synovus Financial from an "outperform" rating to a "market perform" rating in a report on Wednesday, April 2nd. DA Davidson dropped their target price on Synovus Financial from $65.00 to $60.00 and set a "buy" rating on the stock in a report on Monday, April 21st. Jefferies Financial Group began coverage on shares of Synovus Financial in a research report on Wednesday, May 21st. They set a "hold" rating and a $55.00 price target on the stock. Finally, Truist Financial started coverage on shares of Synovus Financial in a report on Tuesday, May 13th. They set a "buy" rating and a $56.00 price target on the stock. Nine investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Synovus Financial currently has a consensus rating of "Moderate Buy" and a consensus target price of $56.56.

Synovus Financial Price Performance

Shares of NYSE SNV traded down $0.85 during midday trading on Thursday, reaching $48.12. 159,096 shares of the company traded hands, compared to its average volume of 1,386,190. The stock's 50-day simple moving average is $45.08 and its 200-day simple moving average is $49.63. The firm has a market cap of $6.69 billion, a PE ratio of 15.78, a PEG ratio of 1.11 and a beta of 1.18. Synovus Financial Corp. has a 12 month low of $35.94 and a 12 month high of $59.92. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88.

Synovus Financial (NYSE:SNV - Get Free Report) last released its quarterly earnings data on Wednesday, April 16th. The bank reported $1.30 earnings per share (EPS) 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 net margin of 14.05% and a return on equity of 14.70%. As a group, equities analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Thursday, June 19th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.24%. The ex-dividend date 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.