Synovus Financial Corp. (NYSE:SNV) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. trimmed its position in Synovus Financial Corp. (NYSE:SNV - Free Report) by 5.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 160,313 shares of the bank's stock after selling 9,938 shares during the quarter. Corebridge Financial Inc. owned 0.11% of Synovus Financial worth $8,213,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. FMR LLC lifted its stake in Synovus Financial by 5.4% in the third quarter. FMR LLC now owns 11,626,424 shares of the bank's stock worth $517,027,000 after acquiring an additional 598,644 shares during the period. Wellington Management Group LLP raised its holdings in shares of Synovus Financial by 12.8% in the 3rd quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank's stock valued at $430,213,000 after purchasing an additional 1,095,557 shares in the last quarter. State Street Corp lifted its position in shares of 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 purchasing an additional 201,362 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Synovus Financial by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,109,856 shares of the bank's stock valued at $261,778,000 after purchasing an additional 117,242 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings 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 buying an additional 22,549 shares during the period. Institutional investors own 83.85% of the company's stock.

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Synovus Financial Stock Performance

SNV traded down $0.99 during trading on Tuesday, reaching $45.75. 1,424,618 shares of the company's stock were exchanged, compared to its average volume of 1,400,257. 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 Corp. has a 1 year low of $33.44 and a 1 year high of $59.92. The company's fifty day simple moving average is $51.21 and its 200-day simple moving average is $51.20. The stock has a market capitalization of $6.45 billion, a P/E ratio of 15.00, a price-to-earnings-growth ratio of 1.11 and a beta of 1.36.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.09. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The firm had revenue of $580.58 million during the quarter, compared to analysts' expectations of $566.83 million. During the same quarter last year, the company posted $0.80 earnings per share. The firm's revenue was up 18.8% compared to the same quarter last year. As a group, research analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th will be paid a $0.39 dividend. This is an increase from Synovus Financial's previous quarterly dividend of $0.38. The ex-dividend date is Thursday, March 20th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.41%. Synovus Financial's dividend payout ratio is presently 51.15%.

Analyst Upgrades and Downgrades

SNV has been the subject of a number of analyst reports. Morgan Stanley lowered their target price on Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating for the company in a report on Thursday, March 13th. JPMorgan Chase & Co. upped their price objective on Synovus Financial from $60.50 to $62.00 and gave the stock an "overweight" rating in a research note on Friday, January 17th. Stephens reiterated an "equal weight" rating and issued a $58.00 target price on shares of Synovus Financial in a research note on Thursday, January 16th. Citigroup increased their price target on shares of Synovus Financial from $59.00 to $62.00 and gave the company a "buy" rating in a research report on Friday, January 17th. Finally, Piper Sandler raised their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the company an "overweight" rating in a report on Wednesday, December 11th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $58.67.

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.