Synovus Financial Corp. (NYSE:SNV) Shares Sold by Cresset Asset Management LLC

Cresset Asset Management LLC lessened its holdings in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 71.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,760 shares of the bank's stock after selling 16,976 shares during the quarter. Cresset Asset Management LLC's holdings in Synovus Financial were worth $348,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of SNV. Keystone Financial Group Inc. acquired a new position in shares of Synovus Financial in the 4th quarter worth approximately $37,000. Jones Financial Companies Lllp increased its holdings 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 acquiring an additional 461 shares during the last quarter. V Square Quantitative Management LLC increased its holdings in shares of Synovus Financial by 69.3% in the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank's stock valued at $58,000 after acquiring an additional 466 shares during the last quarter. Millstone Evans Group LLC bought a new stake in shares of Synovus Financial in the 4th quarter valued at approximately $59,000. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Synovus Financial by 36.6% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,766 shares of the bank's stock valued at $91,000 after acquiring an additional 473 shares during the last quarter. Institutional investors and hedge funds own 83.85% of the company's stock.

Synovus Financial Stock Up 0.3%

Shares of Synovus Financial stock opened at $49.50 on Friday. The business's fifty day moving average price is $44.32 and its two-hundred day moving average price 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. The company has a market capitalization of $6.88 billion, a P/E ratio of 16.23, a PEG ratio of 1.11 and a beta of 1.13. 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 for the quarter, beating the consensus estimate of $1.11 by $0.19. The firm had revenue of $573.24 million for the quarter, compared to the consensus estimate of $572.35 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. As a group, research analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

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

Wall Street Analyst Weigh In

SNV has been the subject of a number of research analyst reports. DA Davidson lowered their price target on Synovus Financial from $65.00 to $60.00 and set a "buy" rating for the company in a report on Monday, April 21st. Stephens lowered their price target on Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating for the company in a report on Monday, April 21st. JPMorgan Chase & Co. lowered their price target on Synovus Financial from $54.00 to $50.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Raymond James downgraded Synovus Financial from an "outperform" rating to a "market perform" rating in a report on Wednesday, April 2nd. Finally, Royal Bank of Canada reduced their price objective on Synovus Financial from $64.00 to $52.00 and set an "outperform" rating for the company in a research report on Monday, April 21st. Eight research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $56.11.

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.

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