Northern Trust Corp Raises Holdings in Synovus Financial Corp. (NYSE:SNV)

Northern Trust Corp grew its stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 32.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,380,098 shares of the bank's stock after buying an additional 337,784 shares during the period. Northern Trust Corp owned 0.97% of Synovus Financial worth $70,702,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Montgomery Investment Management Inc. raised its stake in Synovus Financial by 0.6% during the 4th quarter. Montgomery Investment Management Inc. now owns 42,493 shares of the bank's stock valued at $2,177,000 after purchasing an additional 235 shares during the period. Sound View Wealth Advisors Group LLC increased its position in shares of Synovus Financial by 3.1% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 7,941 shares of the bank's stock valued at $407,000 after purchasing an additional 241 shares during the last quarter. Deroy & Devereaux Private Investment Counsel Inc. increased its position in shares of Synovus Financial by 0.3% during the 4th quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 103,480 shares of the bank's stock valued at $5,301,000 after purchasing an additional 270 shares during the last quarter. Wedmont Private Capital boosted its holdings in Synovus Financial by 3.3% during the 4th quarter. Wedmont Private Capital now owns 9,401 shares of the bank's stock valued at $479,000 after acquiring an additional 299 shares during the period. Finally, Harbor Capital Advisors Inc. boosted its holdings in Synovus Financial by 2.1% during the 4th quarter. Harbor Capital Advisors Inc. now owns 14,800 shares of the bank's stock valued at $758,000 after acquiring an additional 302 shares during the period. 83.85% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Trading Down 0.7%

SNV stock traded down $0.32 during midday trading on Friday, hitting $46.09. 710,707 shares of the company's stock were exchanged, compared to its average volume of 1,405,785. The business has a 50-day simple moving average of $43.97 and a two-hundred day simple moving average of $50.47. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $6.41 billion, a PE ratio of 15.11, a P/E/G ratio of 1.11 and a beta of 1.13. Synovus Financial Corp. has a 1-year low of $35.81 and a 1-year high of $59.92.

Synovus Financial (NYSE:SNV - Get Free Report) last released its quarterly earnings results on Wednesday, April 16th. The bank reported $1.30 EPS for the quarter, topping the consensus estimate of $1.11 by $0.19. The business had revenue of $573.24 million during the quarter, compared to analyst estimates of $572.35 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. On average, sell-side 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. Shareholders of record on Thursday, March 20th were issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 3.38%. This is an increase from Synovus Financial's previous quarterly dividend of $0.38. The ex-dividend date was Thursday, March 20th. Synovus Financial's payout ratio is 43.70%.

Analyst Upgrades and Downgrades

SNV has been the subject of several research reports. Barclays lowered their target price on Synovus Financial from $66.00 to $60.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. DA Davidson reduced 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. Citigroup increased their price objective on Synovus Financial from $59.00 to $62.00 and gave the company a "buy" rating in a report on Friday, January 17th. Raymond James lowered Synovus Financial from an "outperform" rating to a "market perform" rating in a report on Wednesday, April 2nd. Finally, Royal Bank of Canada lowered their price target 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. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $56.17.

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.