Prudential Financial Inc. Has $27.11 Million Position in Synovus Financial Corp. (NYSE:SNV)

Prudential Financial Inc. lifted its holdings in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 349.4% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 529,147 shares of the bank's stock after buying an additional 411,411 shares during the period. Prudential Financial Inc. owned about 0.37% of Synovus Financial worth $27,108,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the business. FMR LLC increased its position in Synovus Financial by 5.4% during the 3rd quarter. FMR LLC now owns 11,626,424 shares of the bank's stock worth $517,027,000 after purchasing an additional 598,644 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Synovus Financial by 12.8% during the third quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank's stock worth $430,213,000 after buying an additional 1,095,557 shares during the last quarter. State Street Corp increased its holdings in shares of Synovus Financial by 3.2% during the third quarter. State Street Corp now owns 6,561,056 shares of the bank's stock worth $294,255,000 after buying an additional 201,362 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Synovus Financial by 2.3% in the 4th 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 during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Synovus Financial by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 2,419,737 shares of the bank's stock valued at $107,633,000 after acquiring an additional 22,549 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors.

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Analyst Upgrades and Downgrades

SNV has been the subject of several research reports. Citigroup increased their target price on Synovus Financial from $59.00 to $62.00 and gave the company a "buy" rating in a research report on Friday, January 17th. Stephens reiterated an "equal weight" rating and issued a $58.00 price objective on shares of Synovus Financial in a report on Thursday, January 16th. Morgan Stanley cut their target price on shares of Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating on the stock in a research report on Thursday, March 13th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Synovus Financial in a research report on Monday, December 9th. They issued a "buy" rating and a $64.00 price target for the company. Finally, Piper Sandler lifted their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an "overweight" rating in a report on Wednesday, December 11th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $58.67.

Synovus Financial Trading Up 1.4 %

Shares of SNV stock traded up $0.65 during trading hours on Monday, hitting $46.78. 1,390,251 shares of the company were exchanged, compared to its average volume of 1,398,932. The company has a 50 day simple moving average of $51.41 and a two-hundred day simple moving average of $51.19. The firm has a market cap of $6.59 billion, a P/E ratio of 15.34, a P/E/G ratio of 1.11 and a beta of 1.36. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88. Synovus Financial Corp. has a fifty-two week low of $33.44 and a fifty-two week high of $59.92.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, topping analysts' consensus estimates of $1.16 by $0.09. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The business had revenue of $580.58 million during the quarter, compared to analysts' expectations of $566.83 million. During the same period last year, the company posted $0.80 earnings per share. The business's quarterly revenue was up 18.8% on a year-over-year basis. Equities 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 will be paid on Tuesday, April 1st. Investors of record on Thursday, March 20th will be given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 3.33%. This is a positive change from Synovus Financial's previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Thursday, March 20th. Synovus Financial's payout ratio is presently 51.15%.

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.