Fmr LLC Grows Stock Position in Synovus Financial Corp. (NYSE:SNV)

FMR LLC boosted its holdings in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 5.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,626,424 shares of the bank's stock after acquiring an additional 598,644 shares during the quarter. FMR LLC owned about 8.21% of Synovus Financial worth $517,027,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its holdings in Synovus Financial by 6.5% in the 3rd quarter. GAMMA Investing LLC now owns 3,754 shares of the bank's stock valued at $167,000 after purchasing an additional 229 shares during the last quarter. Fifth Third Bancorp raised its holdings in shares of Synovus Financial by 7.0% in the 2nd quarter. Fifth Third Bancorp now owns 3,760 shares of the bank's stock valued at $151,000 after buying an additional 245 shares during the period. Dana Investment Advisors Inc. lifted its stake in Synovus Financial by 0.7% during the 2nd quarter. Dana Investment Advisors Inc. now owns 35,759 shares of the bank's stock worth $1,437,000 after acquiring an additional 254 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Synovus Financial by 18.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank's stock valued at $76,000 after acquiring an additional 298 shares during the period. Finally, Hanseatic Management Services Inc. increased its stake in Synovus Financial by 2.6% during the second quarter. Hanseatic Management Services Inc. now owns 11,885 shares of the bank's stock worth $478,000 after purchasing an additional 303 shares during the period. Hedge funds and other institutional investors own 83.85% of the company's stock.

Synovus Financial Stock Performance

Shares of SNV traded down $0.38 during midday trading on Friday, reaching $57.07. 349,498 shares of the stock were exchanged, compared to its average volume of 1,247,131. Synovus Financial Corp. has a twelve month low of $30.52 and a twelve month high of $59.92. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88. The company has a market capitalization of $8.08 billion, a price-to-earnings ratio of 25.82, a PEG ratio of 2.07 and a beta of 1.37. The business's 50-day moving average price is $50.33 and its 200 day moving average price is $44.73.

Synovus Financial (NYSE:SNV - Get Free Report) last released its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, topping the consensus estimate of $1.09 by $0.14. The company had revenue of $564.72 million for the quarter, compared to analyst estimates of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The firm's revenue was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.84 earnings per share. On average, sell-side analysts expect that Synovus Financial Corp. will post 4.37 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date was Thursday, September 19th. Synovus Financial's dividend payout ratio is currently 68.78%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. The Goldman Sachs Group raised their price objective on shares of Synovus Financial from $52.00 to $62.00 and gave the company a "neutral" rating in a research note on Tuesday. Evercore ISI upped their price objective on Synovus Financial from $48.00 to $54.00 and gave the stock an "in-line" rating in a research report on Wednesday, October 30th. Royal Bank of Canada lifted their target price on Synovus Financial from $49.00 to $57.00 and gave the company an "outperform" rating in a report on Friday, October 18th. Wells Fargo & Company lowered Synovus Financial from an "overweight" rating to an "equal weight" rating and reduced their price target for the company from $48.00 to $46.00 in a research report on Tuesday, October 1st. Finally, DA Davidson boosted their price objective on Synovus Financial from $53.00 to $60.00 and gave the stock a "buy" rating in a research report on Friday, October 18th. Seven research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $53.94.

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.