Russell Investments Group Ltd. Increases Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

Russell Investments Group Ltd. increased its holdings in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 163.3% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 112,044 shares of the bank's stock after buying an additional 69,487 shares during the quarter. Russell Investments Group Ltd. owned 0.08% of Synovus Financial worth $5,740,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of SNV. Keystone Financial Group Inc. bought a new position in shares of Synovus Financial in the 4th quarter valued at $37,000. Jones Financial Companies Lllp raised its position in Synovus Financial by 72.7% in the fourth 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 last quarter. V Square Quantitative Management LLC boosted its stake in shares of Synovus Financial by 69.3% during the fourth quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank's stock valued at $58,000 after purchasing an additional 466 shares in the last quarter. Millstone Evans Group LLC bought a new stake in shares of Synovus Financial during the fourth quarter worth about $59,000. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Synovus Financial by 36.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,766 shares of the bank's stock valued at $91,000 after buying an additional 473 shares during the period. 83.85% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on SNV. Stephens restated an "equal weight" rating and issued a $58.00 price target on shares of Synovus Financial in a research report on Thursday, January 16th. Raymond James downgraded Synovus Financial from an "outperform" rating to a "market perform" rating in a report on Wednesday, April 2nd. Wells Fargo & Company decreased their price target 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. Citigroup lifted their price objective on Synovus Financial from $59.00 to $62.00 and gave the stock a "buy" rating in a research note on Friday, January 17th. Finally, JPMorgan Chase & Co. increased their target price on shares of Synovus Financial from $60.50 to $62.00 and gave the company an "overweight" rating in a research report on Friday, January 17th. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $58.17.

Synovus Financial Stock Up 1.8 %

Shares of NYSE SNV traded up $0.72 during midday trading on Friday, hitting $41.24. 2,718,620 shares of the stock traded hands, compared to its average volume of 1,429,829. Synovus Financial Corp. has a one year low of $33.44 and a one year high of $59.92. The business has a 50 day moving average price of $46.67 and a two-hundred day moving average price of $50.67. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88. The company has a market cap of $5.81 billion, a PE ratio of 13.52, a P/E/G ratio of 1.11 and a beta of 1.16.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings data on Wednesday, April 16th. The bank reported $1.30 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.11 by $0.19. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The business had revenue of $573.24 million during the quarter, compared to the consensus estimate of $572.35 million. On average, equities analysts predict that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th were given a dividend of $0.39 per share. 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 dividend yield of 3.78%. Synovus Financial's dividend payout ratio (DPR) is currently 43.70%.

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.