Fmr LLC Acquires 415,201 Shares of Synovus Financial Corp. (NYSE:SNV)

FMR LLC boosted its holdings in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 3.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,041,625 shares of the bank's stock after buying an additional 415,201 shares during the period. FMR LLC owned about 8.50% of Synovus Financial worth $616,892,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Keystone Financial Group Inc. acquired a new stake in shares of Synovus Financial during the 4th quarter valued at about $37,000. Quarry LP acquired a new stake in Synovus Financial during the third quarter valued at approximately $41,000. Jones Financial Companies Lllp grew its stake in shares of Synovus Financial by 72.7% in the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank's stock valued at $56,000 after purchasing an additional 461 shares during the period. V Square Quantitative Management LLC raised its holdings in shares of Synovus Financial by 69.3% in the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank's stock worth $58,000 after buying an additional 466 shares in the last quarter. Finally, Millstone Evans Group LLC bought a new position in shares of Synovus Financial during the 4th quarter worth approximately $59,000. Institutional investors own 83.85% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Wells Fargo & Company dropped their price objective on Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 9th. UBS Group began coverage on shares of Synovus Financial in a report on Tuesday, December 17th. They set a "buy" rating and a $76.00 price target for the company. Raymond James cut shares of Synovus Financial from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 2nd. Stephens reaffirmed an "equal weight" rating and set a $58.00 price target on shares of Synovus Financial in a report on Thursday, January 16th. Finally, Morgan Stanley reduced their price objective on Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating on the stock in a research note on Thursday, March 13th. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $58.17.

Synovus Financial Trading Up 0.4 %

Shares of SNV stock traded up $0.16 during trading hours on Monday, reaching $39.76. The company had a trading volume of 329,554 shares, compared to its average volume of 1,602,195. 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 has a 50 day moving average of $48.20 and a 200 day moving average of $50.87. The firm has a market cap of $5.60 billion, a price-to-earnings ratio of 13.04, a P/E/G ratio of 1.11 and a beta of 1.16.

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 analysts' consensus estimates of $1.16 by $0.09. The firm had revenue of $580.58 million for the quarter, compared to analysts' expectations of $566.83 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The company's revenue was up 18.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.80 earnings per share. On average, equities research analysts anticipate that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th were issued a $0.39 dividend. The ex-dividend date of this dividend was Thursday, March 20th. This is a positive change from Synovus Financial's previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a yield of 3.92%. Synovus Financial's dividend payout ratio (DPR) is 51.15%.

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.