Voya Investment Management LLC Has $2.33 Million Holdings in Synovus Financial Corp. (NYSE:SNV)

Voya Investment Management LLC lifted its holdings in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 143.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 45,435 shares of the bank's stock after acquiring an additional 26,757 shares during the period. Voya Investment Management LLC's holdings in Synovus Financial were worth $2,328,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Montgomery Investment Management Inc. boosted its holdings in Synovus Financial by 0.6% in the 4th quarter. Montgomery Investment Management Inc. now owns 42,493 shares of the bank's stock worth $2,177,000 after buying an additional 235 shares during the last quarter. Sound View Wealth Advisors Group LLC boosted its position in shares of Synovus Financial by 3.1% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 7,941 shares of the bank's stock valued at $407,000 after acquiring an additional 241 shares during the last quarter. Deroy & Devereaux Private Investment Counsel Inc. increased its position in Synovus Financial by 0.3% during the fourth quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 103,480 shares of the bank's stock worth $5,301,000 after purchasing an additional 270 shares during the last quarter. Wedmont Private Capital raised its stake in Synovus Financial by 3.3% during the fourth quarter. Wedmont Private Capital now owns 9,401 shares of the bank's stock worth $479,000 after purchasing an additional 299 shares during the period. Finally, Harbor Capital Advisors Inc. grew its stake in shares of Synovus Financial by 2.1% in the 4th quarter. Harbor Capital Advisors Inc. now owns 14,800 shares of the bank's stock valued at $758,000 after buying an additional 302 shares during the period. Hedge funds and other institutional investors own 83.85% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently commented on SNV shares. Royal Bank of Canada decreased their price objective on Synovus Financial from $64.00 to $52.00 and set an "outperform" rating on the stock in a report on Monday, April 21st. Barclays lowered their price target on Synovus Financial from $66.00 to $60.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Raymond James lowered shares of Synovus Financial from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 2nd. Wells Fargo & Company lowered their price target on Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 9th. Finally, Morgan Stanley decreased their target price 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. 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 an average rating of "Moderate Buy" and an average target price of $56.17.

Synovus Financial Price Performance

SNV stock traded down $0.57 during midday trading on Tuesday, hitting $44.67. 987,920 shares of the stock were exchanged, compared to its average volume of 1,411,014. Synovus Financial Corp. has a fifty-two week low of $35.81 and a fifty-two week high of $59.92. The stock has a market cap of $6.30 billion, a price-to-earnings ratio of 14.65, a PEG ratio of 1.11 and a beta of 1.13. The stock's 50-day moving average price is $44.25 and its 200-day moving average price is $50.52. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88.

Synovus Financial (NYSE:SNV - Get Free Report) last released its quarterly earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share 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 return on equity of 14.70% and a net margin of 14.05%. Research analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th were issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.49%. This is an increase 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 presently 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.