Private Capital Management LLC Has $14.57 Million Stake in Synovus Financial Corp. (NYSE:SNV)

Private Capital Management LLC cut its holdings in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 7.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 284,335 shares of the bank's stock after selling 21,509 shares during the period. Synovus Financial makes up about 1.5% of Private Capital Management LLC's investment portfolio, making the stock its 23rd largest holding. Private Capital Management LLC owned about 0.20% of Synovus Financial worth $14,566,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. FMR LLC raised its stake in Synovus Financial by 3.6% during the 4th quarter. FMR LLC now owns 12,041,625 shares of the bank's stock valued at $616,892,000 after purchasing an additional 415,201 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Synovus Financial by 2.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,109,856 shares of the bank's stock valued at $261,778,000 after purchasing an additional 117,242 shares during the period. First Trust Advisors LP raised its stake in Synovus Financial by 4.5% during the 4th quarter. First Trust Advisors LP now owns 1,827,247 shares of the bank's stock valued at $93,610,000 after purchasing an additional 77,876 shares during the period. Norges Bank acquired a new stake in Synovus Financial during the 4th quarter valued at $77,209,000. Finally, Northern Trust Corp raised its stake in Synovus Financial by 32.4% during the 4th quarter. Northern Trust Corp now owns 1,380,098 shares of the bank's stock valued at $70,702,000 after purchasing an additional 337,784 shares during the period. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SNV. Wells Fargo & Company cut their target price on shares of Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 9th. JPMorgan Chase & Co. cut their target price on shares of Synovus Financial from $54.00 to $50.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Truist Financial began coverage on shares of Synovus Financial in a research note on Tuesday, May 13th. They set a "buy" rating and a $56.00 target price on the stock. Barclays cut their target price on shares of Synovus Financial from $66.00 to $60.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Finally, Morgan Stanley lowered their price target on shares of Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating on the stock in a report on Thursday, March 13th. Eight investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $56.11.

Synovus Financial Stock Up 0.3%

NYSE:SNV traded up $0.14 during trading hours on Friday, reaching $49.50. The company's stock had a trading volume of 777,472 shares, compared to its average volume of 1,408,428. The company has a market cap of $6.88 billion, a price-to-earnings ratio of 16.23, a price-to-earnings-growth ratio of 1.11 and a beta of 1.13. Synovus Financial Corp. has a one year low of $35.81 and a one year high of $59.92. The business's 50-day moving average is $44.32 and its 200-day moving average is $50.45. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings data on Wednesday, April 16th. The bank reported $1.30 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.11 by $0.19. The firm had revenue of $573.24 million during 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 research analysts predict that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Thursday, March 20th were issued a $0.39 dividend. The ex-dividend date was Thursday, March 20th. This is a boost from Synovus Financial's previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a yield of 3.15%. Synovus Financial's dividend payout ratio is currently 43.70%.

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.