Stifel Financial Corp Cuts Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

Stifel Financial Corp trimmed its holdings in Synovus Financial Corp. (NYSE:SNV - Free Report) by 13.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 137,940 shares of the bank's stock after selling 21,707 shares during the quarter. Stifel Financial Corp owned 0.10% of Synovus Financial worth $7,067,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Keystone Financial Group Inc. purchased a new stake in Synovus Financial during the fourth quarter valued at about $37,000. Jones Financial Companies Lllp grew its position in Synovus Financial by 72.7% during the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank's stock worth $56,000 after acquiring an additional 461 shares during the last quarter. V Square Quantitative Management LLC increased its stake in Synovus Financial by 69.3% in the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank's stock worth $58,000 after purchasing an additional 466 shares during the period. Millstone Evans Group LLC bought a new stake in Synovus Financial in the fourth quarter valued at approximately $59,000. Finally, EverSource Wealth Advisors LLC raised its position in Synovus Financial by 36.6% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,766 shares of the bank's stock valued at $91,000 after purchasing an additional 473 shares during the last quarter. Hedge funds and other institutional investors own 83.85% of the company's stock.

Wall Street Analyst Weigh In

SNV has been the topic of several research analyst reports. Stephens reduced their target price on Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating on the stock in a research note on Monday, April 21st. 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. Morgan Stanley decreased their price target on shares of Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating for the company in a research note on Thursday, March 13th. JPMorgan Chase & Co. cut their price objective on Synovus Financial from $54.00 to $50.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Finally, Raymond James lowered Synovus Financial from an "outperform" rating to a "market perform" rating in a research report on Wednesday, April 2nd. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Synovus Financial currently has an average rating of "Moderate Buy" and a consensus target price of $56.17.

Synovus Financial Price Performance

Shares of SNV stock traded up $1.24 on Friday, reaching $45.34. The company's stock had a trading volume of 876,467 shares, compared to its average volume of 1,414,640. The company has a market capitalization of $6.39 billion, a price-to-earnings ratio of 14.87, a price-to-earnings-growth ratio of 1.11 and a beta of 1.13. 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's fifty day simple moving average is $44.50 and its 200-day simple moving average is $50.60. 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 announced its earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.19. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The business had revenue of $573.24 million during the quarter, compared to analyst estimates of $572.35 million. Analysts forecast that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th were paid a dividend of $0.39 per share. This is a positive change from Synovus Financial's previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.44%. The ex-dividend date of this dividend was Thursday, March 20th. Synovus Financial's payout ratio is currently 43.70%.

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.