Mesirow Institutional Investment Management Inc. Sells 43,962 Shares of Synovus Financial Corp. (NYSE:SNV)

Mesirow Institutional Investment Management Inc. lowered its holdings in Synovus Financial Corp. (NYSE:SNV - Free Report) by 11.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 327,599 shares of the bank's stock after selling 43,962 shares during the quarter. Mesirow Institutional Investment Management Inc. owned about 0.22% of Synovus Financial worth $12,334,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. bought a new position in Synovus Financial in the 3rd quarter worth approximately $214,000. Raymond James Financial Services Advisors Inc. lifted its stake in shares of Synovus Financial by 11.2% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 22,867 shares of the bank's stock valued at $636,000 after acquiring an additional 2,305 shares during the period. Brown Advisory Inc. boosted its holdings in Synovus Financial by 6.4% in the third quarter. Brown Advisory Inc. now owns 11,443 shares of the bank's stock valued at $318,000 after acquiring an additional 685 shares during the last quarter. Verdence Capital Advisors LLC increased its position in Synovus Financial by 8.5% in the third quarter. Verdence Capital Advisors LLC now owns 8,986 shares of the bank's stock worth $250,000 after purchasing an additional 703 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Synovus Financial by 17.1% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,974 shares of the bank's stock worth $778,000 after purchasing an additional 4,088 shares during the last quarter. Institutional investors own 83.85% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Raymond James cut Synovus Financial from a "strong-buy" rating to a "market perform" rating in a research note on Thursday, April 18th. Piper Sandler lowered their price target on Synovus Financial from $46.00 to $42.00 and set an "overweight" rating for the company in a research note on Friday, April 19th. The Goldman Sachs Group cut their target price on shares of Synovus Financial from $46.00 to $41.00 and set a "neutral" rating on the stock in a report on Friday, April 19th. Bank of America decreased their price target on shares of Synovus Financial from $44.00 to $40.00 and set a "buy" rating for the company in a report on Friday, April 19th. Finally, Wells Fargo & Company reduced their target price on Synovus Financial from $42.00 to $40.00 and set an "overweight" rating on the stock in a report on Friday, April 19th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $41.50.

Synovus Financial Stock Performance

Shares of NYSE:SNV traded up $0.09 on Friday, hitting $39.70. The company had a trading volume of 847,375 shares, compared to its average volume of 1,625,788. The stock has a market cap of $5.81 billion, a price-to-earnings ratio of 13.60, a P/E/G ratio of 4.55 and a beta of 1.41. The stock has a 50 day moving average price of $38.06 and a 200 day moving average price of $35.71. Synovus Financial Corp. has a 1-year low of $24.40 and a 1-year high of $40.92. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.45.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings data on Thursday, April 18th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.99 by ($0.20). The firm had revenue of $537.73 million for the quarter, compared to the consensus estimate of $547.62 million. Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The company's revenue was down 12.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.33 EPS. Analysts expect that Synovus Financial Corp. will post 3.79 EPS for the current year.

Synovus Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 3.83%. The ex-dividend date of this dividend was Wednesday, March 20th. Synovus Financial's dividend payout ratio is currently 52.05%.

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.