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

Comerica Bank cut its holdings in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 11.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). 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 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Proficio Capital Partners LLC acquired a new stake in Synovus Financial during the 4th quarter worth approximately $3,798,000. Nordea Investment Management AB lifted its position in shares of Synovus Financial by 3.8% during the 4th quarter. Nordea Investment Management AB now owns 276,863 shares of the bank's stock valued at $14,261,000 after acquiring an additional 10,109 shares during the period. KLP Kapitalforvaltning AS acquired a new position in shares of Synovus Financial during the 4th quarter valued at $1,504,000. Northern Trust Corp increased 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 in the last quarter. Finally, SG Americas Securities LLC increased its stake in Synovus Financial by 11.0% during the 4th quarter. SG Americas Securities LLC now owns 12,547 shares of the bank's stock valued at $643,000 after purchasing an additional 1,240 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Synovus Financial Price Performance

Shares of Synovus Financial stock traded down $0.32 on Friday, reaching $46.09. The stock had a trading volume of 710,707 shares, compared to its average volume of 1,405,785. Synovus Financial Corp. has a 1 year low of $35.81 and a 1 year high of $59.92. The company has a market cap of $6.41 billion, a P/E ratio of 15.11, 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 business's 50 day moving average is $43.97 and its two-hundred day moving average is $50.47.

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

Synovus Financial Increases Dividend

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

Analysts Set New Price Targets

Several analysts have recently issued reports on SNV shares. Stephens reduced their target price on shares of Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating for the company in a research note on Monday, April 21st. JPMorgan Chase & Co. cut their price target on shares of Synovus Financial from $54.00 to $50.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. DA Davidson cut their price target on shares of Synovus Financial from $65.00 to $60.00 and set a "buy" rating on the stock in a report on Monday, April 21st. Wells Fargo & Company cut their price target on shares of Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 9th. Finally, Raymond James downgraded shares of Synovus Financial from an "outperform" rating to a "market perform" rating in a report on Wednesday, April 2nd. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $56.17.

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.