The Manufacturers Life Insurance Company Sells 88,842 Shares of Synovus Financial Corp. (NYSE:SNV)

The Manufacturers Life Insurance Company trimmed its position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 8.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,003,402 shares of the bank's stock after selling 88,842 shares during the period. The Manufacturers Life Insurance Company owned about 0.71% of Synovus Financial worth $51,404,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of SNV. Aquatic Capital Management LLC purchased a new stake in Synovus Financial in the 4th quarter worth approximately $2,472,000. Hancock Whitney Corp lifted its stake in Synovus Financial by 8.2% in the fourth quarter. Hancock Whitney Corp now owns 83,663 shares of the bank's stock worth $4,286,000 after acquiring an additional 6,348 shares during the period. Voya Investment Management LLC boosted its holdings in Synovus Financial by 143.3% in the fourth quarter. Voya Investment Management LLC now owns 45,435 shares of the bank's stock valued at $2,328,000 after acquiring an additional 26,757 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Synovus Financial by 42.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 388,736 shares of the bank's stock worth $19,916,000 after purchasing an additional 115,465 shares in the last quarter. Finally, Pinebridge Investments L.P. raised its holdings in Synovus Financial by 42.7% in the 4th quarter. Pinebridge Investments L.P. now owns 64,164 shares of the bank's stock worth $3,287,000 after purchasing an additional 19,194 shares in the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SNV has been the topic of several research analyst reports. Citigroup boosted their price target on shares of Synovus Financial from $59.00 to $62.00 and gave the company a "buy" rating in a research report on Friday, January 17th. Stephens decreased their target price on 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. Raymond James lowered Synovus Financial from an "outperform" rating to a "market perform" rating in a research report on Wednesday, April 2nd. Morgan Stanley decreased their price objective on Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating for the company in a report on Thursday, March 13th. Finally, Wells Fargo & Company dropped 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 report on Wednesday, April 9th. Eight research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat.com, Synovus Financial has a consensus rating of "Moderate Buy" and a consensus target price of $56.17.

Synovus Financial Stock Performance

Shares of Synovus Financial stock traded down $0.13 during trading on Monday, hitting $45.22. 401,748 shares of the company's stock traded hands, compared to its average volume of 1,410,891. Synovus Financial Corp. has a 1 year low of $35.81 and a 1 year high of $59.92. The business has a 50-day simple moving average of $44.50 and a 200-day simple moving average of $50.60. 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 stock has a market capitalization of $6.37 billion, a P/E ratio of 14.86, a PEG ratio of 1.11 and a beta of 1.13.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly 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. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The firm had revenue of $573.24 million during the quarter, compared to analyst estimates of $572.35 million. As a group, analysts forecast 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 issued a $0.39 dividend. The ex-dividend date was Thursday, March 20th. This represents a $1.56 annualized dividend and a dividend yield of 3.45%. This is a positive change from Synovus Financial's previous quarterly dividend of $0.38. Synovus Financial's payout ratio is presently 43.70%.

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.