Alliancebernstein L.P. Trims Position in Synovus Financial Corp. (NYSE:SNV)

Alliancebernstein L.P. trimmed its holdings in Synovus Financial Corp. (NYSE:SNV - Free Report) by 4.6% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 186,541 shares of the bank's stock after selling 9,079 shares during the quarter. Alliancebernstein L.P. owned about 0.13% of Synovus Financial worth $9,556,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Verition Fund Management LLC bought a new stake in shares of Synovus Financial during the third quarter worth $294,000. Quarry LP bought a new position in shares of Synovus Financial in the 3rd quarter valued at about $41,000. EP Wealth Advisors LLC acquired a new stake in shares of Synovus Financial during the 3rd quarter worth approximately $242,000. Public Employees Retirement System of Ohio raised its stake in shares of Synovus Financial by 1.2% during the third quarter. Public Employees Retirement System of Ohio now owns 56,284 shares of the bank's stock worth $2,503,000 after buying an additional 643 shares during the last quarter. Finally, Vestcor Inc lifted its holdings in Synovus Financial by 150.3% in the third quarter. Vestcor Inc now owns 26,644 shares of the bank's stock valued at $1,185,000 after buying an additional 16,000 shares during the period. Institutional investors and hedge funds own 83.85% of the company's stock.

Synovus Financial Trading Down 0.8 %

Synovus Financial stock traded down $0.34 during mid-day trading on Wednesday, reaching $40.62. 340,471 shares of the company traded hands, compared to its average volume of 1,437,761. Synovus Financial Corp. has a 52-week low of $33.44 and a 52-week high of $59.92. 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 firm's 50 day moving average price is $47.55 and its 200 day moving average price is $50.78. The firm has a market capitalization of $5.73 billion, a price-to-earnings ratio of 13.26, a P/E/G ratio of 1.11 and a beta of 1.16.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.09. The company had revenue of $580.58 million for the quarter, compared to the consensus estimate of $566.83 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The firm's quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.80 EPS. On average, analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal 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. This represents a $1.56 annualized dividend and a yield of 3.84%. 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 (DPR) is currently 51.15%.

Analyst Upgrades and Downgrades

Several brokerages have commented on SNV. Stephens reiterated an "equal weight" rating and set a $58.00 target price on shares of Synovus Financial in a research report on Thursday, January 16th. Wells Fargo & Company lowered their target price on Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 9th. Morgan Stanley reduced their price objective on Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating for the company in a research report on Thursday, March 13th. Raymond James downgraded Synovus Financial from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 2nd. Finally, Citigroup upped their price objective on Synovus Financial from $59.00 to $62.00 and gave the company a "buy" rating in a research note on Friday, January 17th. Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $58.17.

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.