Quantinno Capital Management LP Raises Stock Position in Synovus Financial Corp. (NYSE:SNV)

Quantinno Capital Management LP raised its position in Synovus Financial Corp. (NYSE:SNV - Free Report) by 25.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 49,099 shares of the bank's stock after acquiring an additional 9,852 shares during the period. Quantinno Capital Management LP's holdings in Synovus Financial were worth $2,183,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. FMR LLC raised its holdings in shares of Synovus Financial by 5.4% in the third quarter. FMR LLC now owns 11,626,424 shares of the bank's stock worth $517,027,000 after buying an additional 598,644 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Synovus Financial by 9.3% in the second quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank's stock worth $231,597,000 after buying an additional 491,036 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Synovus Financial by 3.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank's stock worth $222,022,000 after buying an additional 147,599 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Synovus Financial by 181.0% during the second quarter. Millennium Management LLC now owns 1,302,379 shares of the bank's stock worth $52,343,000 after purchasing an additional 838,932 shares during the last quarter. Finally, Wedge Capital Management L L P NC raised its holdings in shares of Synovus Financial by 14.9% during the second quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank's stock worth $46,025,000 after purchasing an additional 148,842 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SNV has been the subject of several recent research reports. Truist Financial raised their target price on shares of Synovus Financial from $52.00 to $57.00 and gave the stock a "buy" rating in a report on Monday, October 21st. JPMorgan Chase & Co. raised their target price on shares of Synovus Financial from $52.00 to $59.00 and gave the stock an "overweight" rating in a report on Friday, October 18th. Wells Fargo & Company raised their target price on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an "equal weight" rating in a report on Tuesday, December 3rd. Bank of America raised their target price on shares of Synovus Financial from $48.00 to $57.00 and gave the stock a "buy" rating in a report on Friday, October 18th. Finally, DA Davidson raised their price target on shares of Synovus Financial from $53.00 to $60.00 and gave the company a "buy" rating in a research report on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $55.61.

Synovus Financial Price Performance

Shares of NYSE SNV traded up $1.43 during trading on Wednesday, hitting $56.57. The company had a trading volume of 1,618,018 shares, compared to its average volume of 1,390,789. The stock has a fifty day simple moving average of $52.00 and a two-hundred day simple moving average of $45.59. Synovus Financial Corp. has a fifty-two week low of $33.44 and a fifty-two week high of $59.92. The firm has a market capitalization of $8.01 billion, a price-to-earnings ratio of 24.97, a price-to-earnings-growth ratio of 2.01 and a beta of 1.38. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42.

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

Synovus Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Thursday, December 19th will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, December 19th. This represents a $1.52 dividend on an annualized basis and a yield of 2.69%. Synovus Financial's payout ratio is presently 68.78%.

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.