Swiss National Bank Sells 33,200 Shares of Synovus Financial Corp. (NYSE:SNV)

Swiss National Bank lessened its position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 10.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 288,019 shares of the bank's stock after selling 33,200 shares during the quarter. Swiss National Bank owned about 0.20% of Synovus Financial worth $10,844,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. FMR LLC grew its holdings in Synovus Financial by 10.0% during the 3rd quarter. FMR LLC now owns 10,702,534 shares of the bank's stock worth $297,530,000 after acquiring an additional 977,155 shares during the period. North Reef Capital Management LP grew its stake in shares of Synovus Financial by 52.7% during the third quarter. North Reef Capital Management LP now owns 4,485,000 shares of the bank's stock worth $124,683,000 after purchasing an additional 1,548,370 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Synovus Financial by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,709,107 shares of the bank's stock valued at $103,113,000 after purchasing an additional 132,904 shares during the last quarter. American Century Companies Inc. lifted its stake in Synovus Financial by 46.0% in the third quarter. American Century Companies Inc. now owns 957,939 shares of the bank's stock valued at $26,631,000 after buying an additional 301,604 shares during the period. Finally, Pzena Investment Management LLC boosted its holdings in Synovus Financial by 55.0% during the third quarter. Pzena Investment Management LLC now owns 842,439 shares of the bank's stock worth $23,420,000 after buying an additional 298,941 shares during the last quarter. Institutional investors own 83.85% of the company's stock.

Synovus Financial Stock Up 0.2 %

Shares of NYSE SNV traded up $0.09 during midday trading on Friday, reaching $39.70. The company's stock had a trading volume of 847,375 shares, compared to its average volume of 1,625,788. Synovus Financial Corp. has a fifty-two week low of $24.40 and a fifty-two week high of $40.92. The stock has a 50 day simple moving average of $38.06 and a 200-day simple moving average of $35.78. The stock has a market capitalization of $5.81 billion, a price-to-earnings ratio of 13.60, a PEG ratio of 4.56 and a beta of 1.41. 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 released its earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by ($0.20). Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The company had revenue of $537.73 million for the quarter, compared to the consensus estimate of $547.62 million. During the same quarter in the previous year, the company posted $1.33 EPS. The business's revenue was down 12.4% on a year-over-year basis. Equities research analysts predict that Synovus Financial Corp. will post 3.81 earnings per share for the current year.

Synovus Financial Dividend Announcement

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

Analysts Set New Price Targets

A number of brokerages have recently commented on SNV. Evercore ISI upped their price target on Synovus Financial from $40.00 to $42.00 and gave the company an "in-line" rating in a research note on Thursday, March 28th. UBS Group increased their target price on shares of Synovus Financial from $42.00 to $44.00 and gave the stock a "buy" rating in a report on Tuesday, January 23rd. Stephens reissued an "equal weight" rating and issued a $38.00 price target on shares of Synovus Financial in a report on Tuesday, May 7th. JPMorgan Chase & Co. lowered their price objective on shares of Synovus Financial from $50.00 to $48.00 and set an "overweight" rating for the company in a research report on Friday, April 19th. Finally, Raymond James lowered Synovus Financial from a "strong-buy" rating to a "market perform" rating in a report on Thursday, April 18th. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, Synovus Financial presently has a consensus rating of "Hold" and an average price target of $41.50.

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.