JPMorgan Chase & Co. Has $16.13 Million Holdings in Synovus Financial Corp. (NYSE:SNV)

JPMorgan Chase & Co. reduced its position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 7.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 362,798 shares of the bank's stock after selling 28,234 shares during the period. JPMorgan Chase & Co. owned about 0.26% of Synovus Financial worth $16,134,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Thrivent Financial for Lutherans raised its position in shares of Synovus Financial by 7.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 146,734 shares of the bank's stock worth $6,525,000 after purchasing an additional 10,346 shares during the period. Quest Partners LLC bought a new position in shares of Synovus Financial during the third quarter worth about $1,264,000. Quantinno Capital Management LP lifted its position in Synovus Financial by 25.1% in the 3rd quarter. Quantinno Capital Management LP now owns 49,099 shares of the bank's stock valued at $2,183,000 after purchasing an additional 9,852 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Synovus Financial by 3.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank's stock valued at $222,022,000 after purchasing an additional 147,599 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its position in Synovus Financial by 4.2% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 239,165 shares of the bank's stock worth $10,636,000 after purchasing an additional 9,721 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SNV has been the subject of a number of recent analyst reports. StockNews.com raised Synovus Financial from a "sell" rating to a "hold" rating in a report on Friday, October 18th. Raymond James upgraded shares of Synovus Financial from a "market perform" rating to an "outperform" rating and set a $49.00 price objective on the stock in a research note on Tuesday, September 17th. Morgan Stanley increased their target price on shares of Synovus Financial from $51.00 to $55.00 and gave the company an "equal weight" rating in a research report on Monday, October 21st. Barclays upped their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an "overweight" rating in a research note on Friday, November 8th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Synovus Financial from $63.00 to $60.50 and set an "overweight" rating on the stock in a research note on Tuesday. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, Synovus Financial has a consensus rating of "Moderate Buy" and a consensus target price of $57.86.

Synovus Financial Stock Down 2.7 %

SNV stock traded down $1.40 during midday trading on Friday, reaching $51.05. The company had a trading volume of 1,234,695 shares, compared to its average volume of 1,094,349. Synovus Financial Corp. has a 1 year low of $33.44 and a 1 year high of $59.92. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $7.23 billion, a P/E ratio of 23.10, a PEG ratio of 1.58 and a beta of 1.39. The company has a 50 day moving average of $54.22 and a two-hundred day moving average of $47.84.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share 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 business's revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.84 EPS. On average, equities research analysts expect that Synovus Financial Corp. will post 4.37 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 2.98%. The ex-dividend date of this dividend was Thursday, December 19th. Synovus Financial's dividend payout ratio (DPR) is presently 68.78%.

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.