North Reef Capital Management LP Sells 2,046,500 Shares of Synovus Financial Corp. (NYSE:SNV)

North Reef Capital Management LP cut its position in Synovus Financial Corp. (NYSE:SNV - Free Report) by 46.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,321,000 shares of the bank's stock after selling 2,046,500 shares during the quarter. Synovus Financial makes up approximately 5.3% of North Reef Capital Management LP's investment portfolio, making the stock its 6th largest holding. North Reef Capital Management LP owned about 1.64% of Synovus Financial worth $118,905,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. FMR LLC grew its stake in shares of Synovus Financial by 3.6% during the fourth 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 last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Synovus Financial by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,109,856 shares of the bank's stock worth $261,778,000 after acquiring an additional 117,242 shares during the last quarter. First Trust Advisors LP grew its stake in shares of Synovus Financial by 4.5% during the fourth quarter. First Trust Advisors LP now owns 1,827,247 shares of the bank's stock worth $93,610,000 after acquiring an additional 77,876 shares during the last quarter. Norges Bank purchased a new stake in Synovus Financial in the fourth quarter valued at approximately $77,209,000. Finally, Prudential Financial Inc. boosted its position in Synovus Financial by 349.4% in the fourth quarter. Prudential Financial Inc. now owns 529,147 shares of the bank's stock valued at $27,108,000 after buying an additional 411,411 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SNV. Wells Fargo & Company dropped their target price on 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. Raymond James lowered Synovus Financial from an "outperform" rating to a "market perform" rating in a research report on Wednesday, April 2nd. Barclays dropped their target price on Synovus Financial from $66.00 to $60.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Royal Bank of Canada dropped their target price on 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, DA Davidson dropped their target price on Synovus Financial from $65.00 to $60.00 and set a "buy" rating on the stock in a research report on Monday, April 21st. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $56.17.

Synovus Financial Price Performance

Shares of NYSE:SNV traded down $0.90 during midday trading on Wednesday, reaching $42.91. 177,630 shares of the company's stock traded hands, compared to its average volume of 1,412,345. Synovus Financial Corp. has a 1 year low of $35.74 and a 1 year high of $59.92. The company has a market cap of $6.05 billion, a P/E ratio of 14.07, a PEG ratio of 1.11 and a beta of 1.16. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88. The company has a fifty day simple moving average of $44.94 and a two-hundred day simple moving average of $50.67.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.19. The company had revenue of $573.24 million for the quarter, compared to analysts' expectations of $572.35 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. Equities analysts predict that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Thursday, March 20th were given 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 yield of 3.64%. Synovus Financial's payout ratio is presently 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.