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Wellington Management Group LLP Has $295.13 Million Stake in Synovus Financial Corp. (NYSE:SNV)

Synovus Financial logo with Finance background

Wellington Management Group LLP lifted its position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 56.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,838,693 shares of the bank's stock after acquiring an additional 2,843,488 shares during the quarter. Wellington Management Group LLP owned 5.35% of Synovus Financial worth $295,127,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in SNV. Phocas Financial Corp. purchased a new stake in shares of Synovus Financial during the 4th quarter worth $7,115,000. New York State Common Retirement Fund grew its position in Synovus Financial by 346.6% during the fourth quarter. New York State Common Retirement Fund now owns 570,880 shares of the bank's stock worth $21,494,000 after buying an additional 443,056 shares during the period. BIP Wealth LLC increased its holdings in Synovus Financial by 104.6% in the fourth quarter. BIP Wealth LLC now owns 46,901 shares of the bank's stock valued at $1,766,000 after buying an additional 23,978 shares in the last quarter. Eventide Asset Management LLC acquired a new stake in shares of Synovus Financial during the 4th quarter valued at approximately $968,000. Finally, American Century Companies Inc. boosted its stake in shares of Synovus Financial by 46.0% during the 3rd quarter. American Century Companies Inc. now owns 957,939 shares of the bank's stock worth $26,631,000 after acquiring an additional 301,604 shares in the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Trading Down 0.2 %

NYSE:SNV traded down $0.08 during mid-day trading on Tuesday, reaching $37.18. The company's stock had a trading volume of 1,071,893 shares, compared to its average volume of 1,377,846. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a market cap of $5.44 billion, a P/E ratio of 12.75, a P/E/G ratio of 4.94 and a beta of 1.41. The company's fifty day simple moving average is $37.86 and its two-hundred day simple moving average is $37.61. Synovus Financial Corp. has a twelve month low of $24.40 and a twelve month high of $40.92.


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 during the quarter, compared to analyst estimates of $547.62 million. During the same period in the prior year, the business posted $1.33 earnings per share. Synovus Financial's revenue was down 12.4% on a year-over-year basis. On average, equities analysts predict that Synovus Financial Corp. will post 3.82 EPS for the current year.

Synovus Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Thursday, June 20th will be issued a dividend of $0.38 per share. The ex-dividend date is Thursday, June 20th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.09%. Synovus Financial's payout ratio is 52.05%.

Analyst Upgrades and Downgrades

SNV has been the topic of a number of research analyst reports. Stephens reiterated an "equal weight" rating and set a $38.00 target price on shares of Synovus Financial in a research report on Tuesday, May 7th. The Goldman Sachs Group decreased their price objective on shares of Synovus Financial from $46.00 to $41.00 and set a "neutral" rating on the stock in a research report on Friday, April 19th. Truist Financial dropped their target price on shares of Synovus Financial from $45.00 to $39.00 and set a "buy" rating for the company in a report on Monday, April 22nd. Royal Bank of Canada reduced their price target on shares of Synovus Financial from $44.00 to $41.00 and set an "outperform" rating on the stock in a report on Friday, April 19th. Finally, Morgan Stanley reissued an "equal weight" rating and set a $37.00 price objective on shares of Synovus Financial in a research note on Monday, April 22nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Synovus Financial has a consensus rating of "Hold" and a consensus target price of $41.50.

Check Out Our Latest Analysis on Synovus Financial

Insider Transactions at Synovus Financial

In related news, major shareholder Eli Samaha sold 172,889 shares of Synovus Financial stock in a transaction on Monday, June 10th. The shares were sold at an average price of $25.20, for a total transaction of $4,356,802.80. Following the transaction, the insider now owns 1,293,259 shares in the company, valued at approximately $32,590,126.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, major shareholder Eli Samaha sold 172,889 shares of the firm's stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $25.20, for a total transaction of $4,356,802.80. Following the sale, the insider now directly owns 1,293,259 shares in the company, valued at approximately $32,590,126.80. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP D Wayne Akins, Jr. purchased 24,500 shares of the firm's stock in a transaction on Friday, June 7th. The stock was bought at an average price of $37.40 per share, with a total value of $916,300.00. Following the acquisition, the executive vice president now owns 41,884 shares in the company, valued at $1,566,461.60. The disclosure for this purchase can be found here. Insiders sold 179,712 shares of company stock valued at $4,528,878 over the last 90 days. Corporate insiders own 0.81% of the company's stock.

About Synovus Financial

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Synovus Financial (NYSE:SNV)

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