Pzena Investment Management LLC Lowers Stake in Synovus Financial Corp. (NYSE:SNV)

Pzena Investment Management LLC cut its position in Synovus Financial Corp. (NYSE:SNV - Free Report) by 1.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 668,847 shares of the bank's stock after selling 13,265 shares during the quarter. Pzena Investment Management LLC owned approximately 0.47% of Synovus Financial worth $31,262,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Norges Bank acquired a new stake in Synovus Financial during the 4th quarter worth approximately $77,209,000. AQR Capital Management LLC lifted its position in Synovus Financial by 226.5% during the 4th quarter. AQR Capital Management LLC now owns 1,065,249 shares of the bank's stock worth $54,573,000 after acquiring an additional 738,983 shares during the period. FMR LLC lifted its position in Synovus Financial by 3.6% during the 4th quarter. FMR LLC now owns 12,041,625 shares of the bank's stock worth $616,892,000 after acquiring an additional 415,201 shares during the period. Prudential Financial Inc. lifted its position in Synovus Financial by 349.4% during the 4th quarter. Prudential Financial Inc. now owns 529,147 shares of the bank's stock worth $27,108,000 after acquiring an additional 411,411 shares during the period. Finally, Jacobs Levy Equity Management Inc. lifted its position in Synovus Financial by 5,495.2% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 349,866 shares of the bank's stock worth $17,924,000 after acquiring an additional 343,613 shares during the period. 83.85% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have weighed in on SNV. Royal Bank Of Canada decreased their price objective on Synovus Financial from $64.00 to $52.00 and set an "outperform" rating for the company in a research report on Monday, April 21st. Raymond James Financial cut Synovus Financial from an "outperform" rating to a "market perform" rating in a report on Wednesday, April 2nd. Jefferies Financial Group began coverage on Synovus Financial in a report on Wednesday, May 21st. They issued a "hold" rating and a $55.00 price target for the company. Stephens reduced their price target on Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating for the company in a report on Monday, April 21st. Finally, DA Davidson reduced their price target on Synovus Financial from $65.00 to $60.00 and set a "buy" rating for the company in a report on Monday, April 21st. Seven analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $59.35.

Synovus Financial Price Performance

Synovus Financial stock traded up $1.04 during mid-day trading on Thursday, hitting $53.91. 2,764,985 shares of the company were exchanged, compared to its average volume of 1,364,105. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.88 and a quick ratio of 0.88. The business's 50 day simple moving average is $50.14 and its two-hundred day simple moving average is $49.20. The company has a market capitalization of $7.49 billion, a P/E ratio of 10.35, a PEG ratio of 1.01 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, July 16th. The bank reported $1.48 EPS for the quarter, beating analysts' consensus estimates of $1.25 by $0.23. The business had revenue of $592.08 million during the quarter, compared to the consensus estimate of $584.89 million. Synovus Financial had a return on equity of 16.44% and a net margin of 21.52%. During the same quarter in the previous year, the business earned $1.16 earnings per share. 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 disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Thursday, June 19th were given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date was Wednesday, June 18th. Synovus Financial's dividend payout ratio is currently 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.