Synovus Financial Corp. (NYSE:SNV) Shares Acquired by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Synovus Financial Corp. (NYSE:SNV - Free Report) by 17.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 497,160 shares of the bank's stock after acquiring an additional 72,853 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.35% of Synovus Financial worth $25,470,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. Proficio Capital Partners LLC bought a new position in shares of Synovus Financial during the fourth quarter valued at $3,798,000. Northern Trust Corp increased its holdings in Synovus Financial by 32.4% during the fourth quarter. Northern Trust Corp now owns 1,380,098 shares of the bank's stock valued at $70,702,000 after buying an additional 337,784 shares during the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of Synovus Financial in the fourth quarter worth about $1,504,000. SG Americas Securities LLC raised its stake in shares of Synovus Financial by 11.0% in the fourth quarter. SG Americas Securities LLC now owns 12,547 shares of the bank's stock worth $643,000 after buying an additional 1,240 shares during the period. Finally, Janney Montgomery Scott LLC raised its stake in shares of Synovus Financial by 4.4% in the fourth quarter. Janney Montgomery Scott LLC now owns 51,357 shares of the bank's stock worth $2,631,000 after buying an additional 2,166 shares during the period. 83.85% of the stock is owned by institutional investors.

Synovus Financial Stock Down 0.4%

SNV stock traded down $0.19 during trading on Friday, reaching $47.88. 1,114,704 shares of the company traded hands, compared to its average volume of 1,400,774. Synovus Financial Corp. has a 12 month low of $35.81 and a 12 month high of $59.92. The business has a 50 day simple moving average of $44.54 and a 200 day simple moving average of $50.12. The company has a market capitalization of $6.66 billion, a price-to-earnings ratio of 15.70, a price-to-earnings-growth ratio of 1.11 and a beta of 1.13. 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 announced its earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.19. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The firm had revenue of $573.24 million for the quarter, compared to the consensus estimate of $572.35 million. On average, equities research analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th were issued a dividend of $0.39 per share. The ex-dividend date was Thursday, March 20th. This is a positive change from Synovus Financial's previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.26%. Synovus Financial's payout ratio is 43.70%.

Analysts Set New Price Targets

Several research analysts have recently commented on SNV shares. Wells Fargo & Company decreased their price objective on 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. Truist Financial initiated coverage on Synovus Financial in a report on Tuesday, May 13th. They set a "buy" rating and a $56.00 price target for the company. DA Davidson cut 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. Raymond James lowered Synovus Financial from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 2nd. Finally, Morgan Stanley decreased their price target on Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating for the company in a research note on Thursday, March 13th. Nine analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $56.56.

Synovus Financial 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.