Bessemer Group Inc. Cuts Stake in Synovus Financial Corp. (NYSE:SNV)

Bessemer Group Inc. reduced its position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 7.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 380,491 shares of the bank's stock after selling 31,653 shares during the period. Bessemer Group Inc. owned 0.27% of Synovus Financial worth $17,785,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Tidal Investments LLC bought a new position in shares of Synovus Financial during the fourth quarter valued at about $222,000. First Citizens Bank & Trust Co. lifted its position in shares of Synovus Financial by 32.8% during the first quarter. First Citizens Bank & Trust Co. now owns 23,132 shares of the bank's stock valued at $1,081,000 after purchasing an additional 5,717 shares in the last quarter. Proficio Capital Partners LLC bought a new position in shares of Synovus Financial during the fourth quarter valued at about $3,798,000. Northern Trust Corp raised its position in Synovus Financial by 32.4% in the fourth quarter. Northern Trust Corp now owns 1,380,098 shares of the bank's stock worth $70,702,000 after acquiring an additional 337,784 shares during the period. Finally, KLP Kapitalforvaltning AS bought a new stake in Synovus Financial in the fourth quarter worth about $1,504,000. 83.85% of the stock is owned by institutional investors.

Synovus Financial Price Performance

NYSE:SNV traded up $0.18 during mid-day trading on Friday, hitting $51.75. 1,146,553 shares of the stock traded hands, compared to its average volume of 1,381,708. The business's 50-day moving average price is $46.99 and its 200 day moving average price is $49.04. The company has a market cap of $7.19 billion, a PE ratio of 14.49, a price-to-earnings-growth ratio of 0.97 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 quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.43.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings data 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 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%. On average, analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Thursday, June 19th will be paid a $0.39 dividend. The ex-dividend date is Wednesday, June 18th. This represents a $1.56 dividend on an annualized basis and a yield of 3.01%. Synovus Financial's dividend payout ratio is presently 43.70%.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Synovus Financial from $54.00 to $50.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Wells Fargo & Company lowered their price objective on shares of Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 9th. DA Davidson lowered their price objective on shares of Synovus Financial from $65.00 to $60.00 and set a "buy" rating on the stock in a research report on Monday, April 21st. Royal Bank Of Canada lowered their price objective on shares of Synovus Financial from $64.00 to $52.00 and set an "outperform" rating on the stock in a research report on Monday, April 21st. Finally, Morgan Stanley lowered their price objective on shares of Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating on the stock in a research report on Thursday, March 13th. Nine equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $56.56.

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.