Blue Trust Inc. Acquires 222,828 Shares of Synovus Financial Corp. (NYSE:SNV)

Blue Trust Inc. boosted its holdings in Synovus Financial Corp. (NYSE:SNV - Free Report) by 934.0% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 246,686 shares of the bank's stock after acquiring an additional 222,828 shares during the quarter. Blue Trust Inc. owned 0.17% of Synovus Financial worth $12,638,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. FMR LLC lifted its stake in Synovus Financial by 5.4% during the third quarter. FMR LLC now owns 11,626,424 shares of the bank's stock worth $517,027,000 after purchasing an additional 598,644 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Synovus Financial by 12.8% during the 3rd quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank's stock valued at $430,213,000 after buying an additional 1,095,557 shares in the last quarter. State Street Corp lifted its position in Synovus Financial by 3.2% in the 3rd quarter. State Street Corp now owns 6,561,056 shares of the bank's stock worth $294,255,000 after buying an additional 201,362 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Synovus Financial by 3.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank's stock worth $222,022,000 after buying an additional 147,599 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Synovus Financial by 0.9% during the third quarter. Geode Capital Management LLC now owns 2,419,737 shares of the bank's stock valued at $107,633,000 after acquiring an additional 22,549 shares during the last quarter. Hedge funds and other institutional investors own 83.85% of the company's stock.

Synovus Financial Trading Down 0.3 %

SNV stock traded down $0.15 during trading on Monday, reaching $55.17. The company had a trading volume of 1,176,353 shares, compared to its average volume of 1,482,135. Synovus Financial Corp. has a 52 week low of $33.44 and a 52 week high of $59.92. The company has a market cap of $7.82 billion, a P/E ratio of 18.09, a PEG ratio of 1.14 and a beta of 1.39. The business has a 50 day moving average of $54.03 and a 200 day moving average of $49.03. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88.

Synovus Financial (NYSE:SNV - Get Free Report) last released its earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, topping analysts' consensus estimates of $1.16 by $0.09. The firm had revenue of $580.58 million for the quarter, compared to the consensus estimate of $566.83 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The company's revenue was up 18.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.80 EPS. As a group, sell-side analysts forecast that Synovus Financial Corp. will post 4.86 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Thursday, December 19th were issued a $0.38 dividend. The ex-dividend date was Thursday, December 19th. This represents a $1.52 dividend on an annualized basis and a yield of 2.75%. Synovus Financial's payout ratio is currently 49.84%.

Analysts Set New Price Targets

SNV has been the subject of a number of recent research reports. StockNews.com upgraded shares of Synovus Financial from a "sell" rating to a "hold" rating in a report on Friday, October 18th. Royal Bank of Canada restated an "outperform" rating and set a $64.00 price target on shares of Synovus Financial in a research report on Thursday, December 12th. Bank of America raised their price objective on Synovus Financial from $48.00 to $57.00 and gave the company a "buy" rating in a research note on Friday, October 18th. Evercore ISI boosted their target price on Synovus Financial from $48.00 to $54.00 and gave the company an "in-line" rating in a research note on Wednesday, October 30th. Finally, Piper Sandler raised their price target on Synovus Financial from $56.00 to $64.00 and gave the stock an "overweight" rating in a research report on Wednesday, December 11th. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $58.44.

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.