Comerica Bank Decreases Position in Synovus Financial Corp. (NYSE:SNV)

Comerica Bank trimmed its holdings in Synovus Financial Corp. (NYSE:SNV - Free Report) by 11.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 88,196 shares of the bank's stock after selling 11,811 shares during the period. Comerica Bank owned about 0.06% of Synovus Financial worth $4,518,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the business. Keystone Financial Group Inc. bought a new position in Synovus Financial in the fourth quarter valued at approximately $37,000. Jones Financial Companies Lllp raised its stake in shares of Synovus Financial by 72.7% in the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank's stock valued at $56,000 after purchasing an additional 461 shares during the period. V Square Quantitative Management LLC lifted its holdings in shares of Synovus Financial by 69.3% in the fourth quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank's stock valued at $58,000 after purchasing an additional 466 shares in the last quarter. Millstone Evans Group LLC acquired a new position in shares of Synovus Financial during the fourth quarter worth about $59,000. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Synovus Financial by 36.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,766 shares of the bank's stock worth $91,000 after purchasing an additional 473 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on SNV. Royal Bank of Canada dropped their price target on Synovus Financial from $64.00 to $52.00 and set an "outperform" rating on the stock in a research note on Monday, April 21st. Barclays lowered their price target on shares of Synovus Financial from $66.00 to $60.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. DA Davidson cut their price objective on shares of Synovus Financial from $65.00 to $60.00 and set a "buy" rating for the company in a report on Monday, April 21st. Morgan Stanley lowered their price objective on Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating on the stock in a research note on Thursday, March 13th. Finally, Stephens lowered their price objective on shares of Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating for the company in a research report on Monday, April 21st. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat, Synovus Financial currently has a consensus rating of "Moderate Buy" and an average target price of $56.17.

Synovus Financial Trading Down 0.7 %

Shares of NYSE SNV traded down $0.32 during midday trading on Friday, hitting $46.09. The company's stock had a trading volume of 710,707 shares, compared to its average volume of 1,403,551. The business's 50 day moving average is $43.97 and its two-hundred day moving average is $50.45. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. Synovus Financial Corp. has a 12-month low of $35.81 and a 12-month high of $59.92. The firm has a market cap of $6.50 billion, a P/E ratio of 15.11, a price-to-earnings-growth ratio of 1.11 and a beta of 1.13.

Synovus Financial (NYSE:SNV - Get Free Report) last released its earnings results on Wednesday, April 16th. The bank reported $1.30 EPS for the quarter, topping analysts' consensus estimates of $1.11 by $0.19. The company 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%. As a group, equities research analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Thursday, March 20th were paid a $0.39 dividend. This is an increase from Synovus Financial's previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a yield of 3.38%. The ex-dividend date was Thursday, March 20th. Synovus Financial's dividend payout ratio is currently 43.70%.

About Synovus Financial

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.