Envestnet Asset Management Inc. Has $2.60 Million Holdings in Synovus Financial Corp. (NYSE:SNV)

Envestnet Asset Management Inc. lifted its stake in Synovus Financial Corp. (NYSE:SNV - Free Report) by 14.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 50,705 shares of the bank's stock after buying an additional 6,309 shares during the period. Envestnet Asset Management Inc.'s holdings in Synovus Financial were worth $2,598,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Charles Schwab Investment Management Inc. grew its position in Synovus Financial by 2.3% in 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 acquiring an additional 117,242 shares in the last quarter. Norges Bank purchased a new position in Synovus Financial in the 4th quarter valued at about $77,209,000. Prudential Financial Inc. grew its stake in shares of Synovus Financial by 349.4% during the fourth quarter. Prudential Financial Inc. now owns 529,147 shares of the bank's stock valued at $27,108,000 after acquiring an additional 411,411 shares in the last quarter. New York State Common Retirement Fund grew its stake in Synovus Financial by 1.5% during the 4th quarter. New York State Common Retirement Fund now owns 467,825 shares of the bank's stock valued at $23,967,000 after purchasing an additional 6,784 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Synovus Financial by 20.1% in the fourth quarter. JPMorgan Chase & Co. now owns 435,543 shares of the bank's stock worth $22,313,000 after buying an additional 72,745 shares during the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. Raymond James lowered shares of Synovus Financial from an "outperform" rating to a "market perform" rating in a report on Wednesday, April 2nd. Barclays lowered their target price on Synovus Financial from $66.00 to $60.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Royal Bank of Canada cut their price target on Synovus Financial from $64.00 to $52.00 and set an "outperform" rating on the stock in a report on Monday, April 21st. Wells Fargo & Company dropped their target price on Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 9th. Finally, Stephens reduced their price target on shares of Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating for the company in a report on Monday, April 21st. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Synovus Financial has a consensus rating of "Moderate Buy" and an average price target of $56.17.

Synovus Financial Stock Up 0.7 %

Synovus Financial stock traded up $0.29 during trading hours on Tuesday, hitting $43.80. The company had a trading volume of 965,648 shares, compared to its average volume of 1,415,630. The firm's fifty day moving average is $45.15 and its 200-day moving average is $50.72. The firm has a market capitalization of $6.17 billion, a P/E ratio of 14.36, a price-to-earnings-growth ratio of 1.11 and a beta of 1.16. Synovus Financial Corp. has a fifty-two week low of $35.74 and a fifty-two 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.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings data on Wednesday, April 16th. The bank reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.19. The business had revenue of $573.24 million during the quarter, compared to analyst estimates of $572.35 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. On average, research analysts forecast that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 3.56%. This is a boost from Synovus Financial's previous quarterly dividend of $0.38. The ex-dividend date was Thursday, March 20th. Synovus Financial's dividend payout ratio is currently 43.70%.

Synovus Financial Company 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.