Rafferty Asset Management LLC Has $13.33 Million Holdings in Synovus Financial Corp. (NYSE:SNV)

Rafferty Asset Management LLC cut its holdings in Synovus Financial Corp. (NYSE:SNV - Free Report) by 14.6% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 260,232 shares of the bank's stock after selling 44,580 shares during the period. Rafferty Asset Management LLC owned 0.18% of Synovus Financial worth $13,332,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Colonial Trust Co SC increased its holdings in shares of Synovus Financial by 554.4% during the 4th quarter. Colonial Trust Co SC now owns 589 shares of the bank's stock worth $30,000 after buying an additional 499 shares during the last quarter. Keystone Financial Group Inc. purchased a new position in Synovus Financial in the 4th quarter valued at about $37,000. Jones Financial Companies Lllp boosted its position in 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 buying an additional 461 shares during the last quarter. V Square Quantitative Management LLC boosted its position 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 valued at $58,000 after buying an additional 466 shares during the last quarter. Finally, Millstone Evans Group LLC bought a new position in shares of Synovus Financial during the fourth quarter worth about $59,000. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Synovus Financial Stock Down 0.7%

Shares of Synovus Financial stock traded down $0.35 on Tuesday, hitting $48.85. 649,964 shares of the company traded hands, compared to its average volume of 1,405,296. The company has a 50-day moving average price of $44.41 and a 200 day moving average price of $50.46. The company has a quick ratio of 0.88, a current 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 company has a market cap of $6.79 billion, a PE ratio of 16.02, a PEG ratio of 1.11 and a beta of 1.13.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings results on Wednesday, April 16th. The bank reported $1.30 EPS for the quarter, beating the consensus estimate of $1.11 by $0.19. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The business had revenue of $573.24 million for the quarter, compared to analysts' expectations of $572.35 million. Sell-side analysts predict that Synovus Financial Corp. will post 4.89 earnings per share 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 paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 3.19%. The ex-dividend date was Thursday, March 20th. This is a positive change from Synovus Financial's previous quarterly dividend of $0.38. Synovus Financial's payout ratio is presently 43.70%.

Analyst Ratings Changes

Several brokerages have recently commented on SNV. DA Davidson reduced their price target on shares of Synovus Financial from $65.00 to $60.00 and set a "buy" rating on the stock in a research report on Monday, April 21st. Stephens dropped their price objective on shares of 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. Truist Financial started coverage on shares of Synovus Financial in a research note on Tuesday, May 13th. They issued a "buy" rating and a $56.00 price target on the stock. Raymond James lowered shares of Synovus Financial from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 2nd. Finally, Royal Bank of Canada decreased their price target on shares of Synovus Financial from $64.00 to $52.00 and set an "outperform" rating on the stock in a research report on Monday, April 21st. Eight investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Synovus Financial currently has a consensus rating of "Moderate Buy" and an average price target of $56.11.

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.