Barclays PLC Decreases Stake in Synovus Financial Corp. (NYSE:SNV)

Barclays PLC reduced its stake in Synovus Financial Corp. (NYSE:SNV - Free Report) by 24.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 893,373 shares of the bank's stock after selling 293,805 shares during the quarter. Barclays PLC owned about 0.63% of Synovus Financial worth $39,730,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. V Square Quantitative Management LLC purchased a new position in Synovus Financial during the third quarter valued at $30,000. UMB Bank n.a. boosted its stake in Synovus Financial by 87.2% in the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank's stock worth $33,000 after purchasing an additional 348 shares in the last quarter. Quarry LP bought a new position in Synovus Financial in the 3rd quarter worth about $41,000. Innealta Capital LLC purchased a new stake in Synovus Financial during the 2nd quarter valued at about $43,000. Finally, Headlands Technologies LLC increased its stake in Synovus Financial by 404.8% during the 2nd quarter. Headlands Technologies LLC now owns 1,378 shares of the bank's stock valued at $55,000 after purchasing an additional 1,105 shares in the last quarter. Hedge funds and other institutional investors own 83.85% of the company's stock.

Synovus Financial Stock Performance

NYSE SNV traded down $0.54 on Friday, hitting $54.15. 1,128,180 shares of the company traded hands, compared to its average volume of 1,392,734. The business's 50 day moving average price is $52.51 and its 200-day moving average price is $45.72. Synovus Financial Corp. has a 52-week low of $33.44 and a 52-week high of $59.92. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $7.67 billion, a price-to-earnings ratio of 24.51, a P/E/G ratio of 1.64 and a beta of 1.38.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, beating analysts' consensus estimates of $1.09 by $0.14. The firm had revenue of $564.72 million for the quarter, compared to analysts' expectations of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The business's quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.84 EPS. Equities analysts expect that Synovus Financial Corp. will post 4.37 earnings per share for the current year.

Synovus Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th will be paid a $0.38 dividend. The ex-dividend date of this dividend is Thursday, December 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.81%. Synovus Financial's dividend payout ratio (DPR) is presently 68.78%.

Analyst Ratings Changes

SNV has been the topic of a number of recent analyst reports. Raymond James upgraded shares of Synovus Financial from a "market perform" rating to an "outperform" rating and set a $49.00 price target on the stock in a report on Tuesday, September 17th. Truist Financial increased their target price on Synovus Financial from $52.00 to $57.00 and gave the company a "buy" rating in a research note on Monday, October 21st. Bank of America lifted their target price on Synovus Financial from $48.00 to $57.00 and gave the stock a "buy" rating in a report on Friday, October 18th. The Goldman Sachs Group upped their price target on Synovus Financial from $52.00 to $62.00 and gave the company a "neutral" rating in a report on Tuesday, November 26th. Finally, Royal Bank of Canada reiterated an "outperform" rating and issued a $64.00 price objective on shares of Synovus Financial in a report on Thursday. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, Synovus Financial currently has an average rating of "Moderate Buy" and a consensus price target of $56.00.

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.