Pzena Investment Management LLC Sells 29,357 Shares of Synovus Financial Corp. (NYSE:SNV)

Pzena Investment Management LLC decreased its stake in Synovus Financial Corp. (NYSE:SNV - Free Report) by 4.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 682,112 shares of the bank's stock after selling 29,357 shares during the quarter. Pzena Investment Management LLC owned approximately 0.48% of Synovus Financial worth $34,945,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SNV. Thrivent Financial for Lutherans increased its stake 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 last quarter. Nordea Investment Management AB boosted its holdings in Synovus Financial by 3.8% in the 4th quarter. Nordea Investment Management AB now owns 276,863 shares of the bank's stock valued at $14,261,000 after purchasing an additional 10,109 shares during the period. Quest Partners LLC bought a new position in shares of Synovus Financial during the 3rd quarter worth about $1,264,000. Quantinno Capital Management LP lifted its holdings in Synovus Financial by 25.1% during 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. Finally, Charles Schwab Investment Management Inc. lifted its holdings 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 last quarter. Hedge funds and other institutional investors own 83.85% of the company's stock.

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Synovus Financial Stock Performance

Shares of NYSE:SNV traded up $1.49 on Friday, hitting $45.67. The company had a trading volume of 1,248,017 shares, compared to its average volume of 1,319,306. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. The stock has a 50 day moving average price of $52.69 and a 200 day moving average price of $50.87. Synovus Financial Corp. has a 1-year low of $33.44 and a 1-year high of $59.92. The stock has a market cap of $6.44 billion, a price-to-earnings ratio of 14.97, a P/E/G ratio of 1.11 and a beta of 1.36.

Synovus Financial (NYSE:SNV - Get Free Report) last released its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $566.83 million. During the same period in the prior year, the company posted $0.80 earnings per share. Synovus Financial's revenue was up 18.8% compared to the same quarter last year. Analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Thursday, March 20th will be paid a $0.39 dividend. The ex-dividend date is Thursday, March 20th. This is an increase from Synovus Financial's previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a dividend yield of 3.42%. Synovus Financial's dividend payout ratio is 51.15%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on SNV shares. Stephens restated an "equal weight" rating and set a $58.00 price objective on shares of Synovus Financial in a report on Thursday, January 16th. The Goldman Sachs Group lifted their price target on shares of Synovus Financial from $52.00 to $62.00 and gave the company a "neutral" rating in a research note on Tuesday, November 26th. Wells Fargo & Company boosted their price objective on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an "equal weight" rating in a research report on Tuesday, December 3rd. Morgan Stanley cut their price objective 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. Finally, Royal Bank of Canada reissued an "outperform" rating and issued a $64.00 price objective on shares of Synovus Financial in a research report on Thursday, December 12th. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $58.67.

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.