Wedge Capital Management L L P NC Sells 16,468 Shares of Synovus Financial Corp. (NYSE:SNV)

Wedge Capital Management L L P NC decreased its holdings in Synovus Financial Corp. (NYSE:SNV - Free Report) by 2.3% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 700,964 shares of the bank's stock after selling 16,468 shares during the period. Wedge Capital Management L L P NC owned approximately 0.50% of Synovus Financial worth $32,763,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Sound View Wealth Advisors Group LLC lifted its stake in Synovus Financial by 3.1% in the fourth quarter. Sound View Wealth Advisors Group LLC now owns 7,941 shares of the bank's stock worth $407,000 after purchasing an additional 241 shares during the last quarter. Savant Capital LLC increased its holdings in shares of Synovus Financial by 2.7% in the fourth quarter. Savant Capital LLC now owns 11,923 shares of the bank's stock worth $611,000 after buying an additional 314 shares during the period. M&T Bank Corp lifted its stake in shares of Synovus Financial by 4.8% in the 4th quarter. M&T Bank Corp now owns 7,265 shares of the bank's stock valued at $372,000 after acquiring an additional 331 shares during the last quarter. ProShare Advisors LLC lifted its stake in shares of Synovus Financial by 5.6% in the 4th quarter. ProShare Advisors LLC now owns 6,628 shares of the bank's stock valued at $340,000 after acquiring an additional 352 shares during the last quarter. Finally, Blair William & Co. IL boosted its holdings in Synovus Financial by 6.4% during the 4th quarter. Blair William & Co. IL now owns 6,241 shares of the bank's stock valued at $320,000 after acquiring an additional 374 shares during the period. Institutional investors own 83.85% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on SNV shares. Royal Bank of Canada decreased their price target on Synovus Financial from $64.00 to $52.00 and set an "outperform" rating on the stock in a research note on Monday, April 21st. Stephens cut their target price on shares of Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating on the stock in a report on Monday, April 21st. DA Davidson decreased their target price on shares of Synovus Financial from $65.00 to $60.00 and set a "buy" rating on the stock in a research note on Monday, April 21st. Barclays dropped their price target on shares of Synovus Financial from $66.00 to $60.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Finally, Jefferies Financial Group started coverage on shares of Synovus Financial in a report on Wednesday, May 21st. They issued a "hold" rating and a $55.00 price target on the stock. Nine investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $56.56.

Synovus Financial Stock Up 3.1%

Shares of NYSE:SNV opened at $49.07 on Friday. 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 Corp. has a 52-week low of $35.81 and a 52-week high of $59.92. The firm has a market capitalization of $6.82 billion, a P/E ratio of 16.09, a P/E/G ratio of 1.11 and a beta of 1.18. The stock has a 50 day moving average price of $44.63 and a 200-day moving average price of $49.74.

Synovus Financial (NYSE:SNV - Get Free Report) last posted 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. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The business had revenue of $573.24 million during the quarter, compared to the consensus estimate of $572.35 million. As a group, equities research analysts anticipate that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Thursday, June 19th will be given a dividend of $0.39 per share. The ex-dividend date is Wednesday, June 18th. This represents a $1.56 dividend on an annualized basis and a yield of 3.18%. Synovus Financial's dividend payout ratio (DPR) is currently 43.70%.

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.

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