Synovus Financial Corp. (NYSE:SNV) Stock Position Reduced by Victory Capital Management Inc.

Victory Capital Management Inc. cut its holdings in Synovus Financial Corp. (NYSE:SNV - Free Report) by 4.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 216,086 shares of the bank's stock after selling 8,952 shares during the quarter. Victory Capital Management Inc. owned 0.15% of Synovus Financial worth $10,100,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of SNV. Colonial Trust Co SC boosted its stake in shares of Synovus Financial by 554.4% in the fourth quarter. Colonial Trust Co SC now owns 589 shares of the bank's stock valued at $30,000 after buying an additional 499 shares in the last quarter. Quent Capital LLC boosted its position in Synovus Financial by 205.6% during the first quarter. Quent Capital LLC now owns 1,797 shares of the bank's stock worth $84,000 after purchasing an additional 1,209 shares in the last quarter. UMB Bank n.a. boosted its position in Synovus Financial by 142.3% during the first quarter. UMB Bank n.a. now owns 1,810 shares of the bank's stock worth $85,000 after purchasing an additional 1,063 shares in the last quarter. Safe Harbor Fiduciary LLC acquired a new position in shares of Synovus Financial in the fourth quarter worth $102,000. Finally, Advisory Services Network LLC acquired a new position in shares of Synovus Financial in the fourth quarter worth $207,000. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Synovus Financial Stock Down 12.5%

Shares of NYSE SNV traded down $7.08 on Friday, hitting $49.64. The company had a trading volume of 12,224,884 shares, compared to its average volume of 2,020,881. Synovus Financial Corp. has a 12-month low of $35.94 and a 12-month high of $61.06. The business has a 50 day moving average of $50.97 and a two-hundred day moving average of $49.37. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $6.90 billion, a P/E ratio of 9.53, a PEG ratio of 0.96 and a beta of 1.19.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The bank reported $1.48 EPS for the quarter, beating analysts' consensus estimates of $1.25 by $0.23. The firm 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 16.20% and a net margin of 21.52%. During the same quarter in the prior year, the business posted $1.16 earnings per share. As a group, equities research 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 declared a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Thursday, June 19th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date of this dividend was Wednesday, June 18th. Synovus Financial's dividend payout ratio is currently 29.94%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Royal Bank Of Canada cut their price target on Synovus Financial from $64.00 to $52.00 and set an "outperform" rating for the company in a report on Monday, April 21st. Truist Financial boosted their price target on Synovus Financial from $56.00 to $60.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Stephens reduced their target price on Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating on the stock in a research report on Monday, April 21st. Keefe, Bruyette & Woods upgraded Synovus Financial from a "market perform" rating to an "outperform" rating and increased their target price for the stock from $58.00 to $65.00 in a research report on Friday, July 18th. Finally, Wells Fargo & Company reiterated an "equal weight" rating and set a $58.00 target price (down from $62.00) on shares of Synovus Financial in a research report on Friday. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $60.44.

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.