American Century Companies Inc. Sells 239,195 Shares of Synovus Financial Corp. (NYSE:SNV)

American Century Companies Inc. lessened its holdings in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 19.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 972,570 shares of the bank's stock after selling 239,195 shares during the quarter. American Century Companies Inc. owned approximately 0.69% of Synovus Financial worth $49,825,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Millstone Evans Group LLC bought a new position in Synovus Financial in the fourth quarter worth about $59,000. Summit Global Investments purchased a new position in shares of Synovus Financial in the 4th quarter valued at approximately $1,246,000. Berkeley Capital Partners LLC bought a new stake in shares of Synovus Financial during the fourth quarter valued at approximately $241,000. Teacher Retirement System of Texas grew its stake in Synovus Financial by 247.7% in the fourth quarter. Teacher Retirement System of Texas now owns 36,009 shares of the bank's stock worth $1,845,000 after purchasing an additional 25,653 shares during the period. Finally, Algebris UK Ltd raised its holdings in Synovus Financial by 20.3% in the fourth quarter. Algebris UK Ltd now owns 120,424 shares of the bank's stock worth $5,958,000 after purchasing an additional 20,299 shares in the last quarter. Hedge funds and other institutional investors own 83.85% of the company's stock.

Wall Street Analysts Forecast Growth

SNV has been the topic of a number of recent research reports. Morgan Stanley reduced their target price on shares of Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating on the stock in a research report on Thursday, March 13th. Piper Sandler upped their price objective on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an "overweight" rating in a report on Wednesday, December 11th. Deutsche Bank Aktiengesellschaft started coverage on shares of Synovus Financial in a research note on Monday, December 9th. They set a "buy" rating and a $64.00 target price for the company. Royal Bank of Canada reissued an "outperform" rating and issued a $64.00 price target on shares of Synovus Financial in a research report on Thursday, December 12th. Finally, JPMorgan Chase & Co. upped their price target on Synovus Financial from $60.50 to $62.00 and gave the stock an "overweight" rating in a research note on Friday, January 17th. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, Synovus Financial currently has an average rating of "Moderate Buy" and an average target price of $58.67.

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Synovus Financial Stock Performance

Shares of SNV traded down $1.28 during mid-day trading on Friday, hitting $46.12. 1,659,876 shares of the company traded hands, compared to its average volume of 1,398,967. Synovus Financial Corp. has a 1 year low of $33.44 and a 1 year high of $59.92. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a 50-day moving average price of $51.56 and a two-hundred day moving average price of $51.17. The stock has a market cap of $6.50 billion, a price-to-earnings ratio of 15.12, a P/E/G ratio of 1.11 and a beta of 1.36.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, beating analysts' consensus estimates of $1.16 by $0.09. The business had revenue of $580.58 million during the quarter, compared to analyst estimates of $566.83 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The company's quarterly revenue was up 18.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.80 EPS. Equities analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th will be given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 3.38%. This is a boost from Synovus Financial's previous quarterly dividend of $0.38. The ex-dividend date is Thursday, March 20th. Synovus Financial's dividend payout ratio (DPR) is presently 51.15%.

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.