Allspring Global Investments Holdings LLC lowered its holdings in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 10.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 210,689 shares of the bank's stock after selling 24,888 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.15% of Synovus Financial worth $9,641,000 at the end of the most recent reporting period.
Several other hedge funds have also bought and sold shares of SNV. Jones Financial Companies Lllp boosted its stake 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 acquiring an additional 461 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in 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 acquiring an additional 117,242 shares in the last quarter. M&T Bank Corp boosted its stake in Synovus Financial by 4.8% during the fourth quarter. M&T Bank Corp now owns 7,265 shares of the bank's stock worth $372,000 after acquiring an additional 331 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in Synovus Financial during the fourth quarter worth about $3,798,000. Finally, Raymond James Financial Inc. bought a new position in shares of Synovus Financial in the fourth quarter worth approximately $6,687,000. Institutional investors own 83.85% of the company's stock.
Synovus Financial Price Performance
Shares of NYSE SNV traded up $0.16 during midday trading on Friday, reaching $55.10. The stock had a trading volume of 746,673 shares, compared to its average volume of 1,370,960. The stock has a 50-day moving average of $48.40 and a 200-day moving average of $48.99. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.88 and a current ratio of 0.88. The company has a market capitalization of $7.66 billion, a price-to-earnings ratio of 15.43, a price-to-earnings-growth ratio of 1.06 and a beta of 1.19. Synovus Financial Corp. has a 12-month low of $35.94 and a 12-month high of $59.92.
Synovus Financial (NYSE:SNV - Get Free Report) last announced 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 firm had revenue of $573.24 million during 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, research analysts anticipate that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.
Synovus Financial Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Thursday, June 19th were paid 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 2.83%. Synovus Financial's dividend payout ratio (DPR) is presently 43.70%.
Analysts Set New Price Targets
SNV has been the topic of several analyst reports. Royal Bank Of Canada dropped their target price on shares of Synovus Financial from $64.00 to $52.00 and set an "outperform" rating on the stock in a research note on Monday, April 21st. Raymond James Financial downgraded shares of Synovus Financial from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 2nd. JPMorgan Chase & Co. upped their target price on shares of Synovus Financial from $50.00 to $60.00 and gave the stock an "overweight" rating in a research note on Tuesday. Truist Financial initiated coverage on shares of Synovus Financial in a research note on Tuesday, May 13th. They issued a "buy" rating and a $56.00 target price on the stock. Finally, Wells Fargo & Company dropped their target price on shares of Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 9th. 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 company's stock. Based on data from MarketBeat, Synovus Financial has a consensus rating of "Moderate Buy" and an average target price of $57.11.
Read Our Latest Research Report on SNV
About Synovus Financial
(
Free Report)
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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