Synovus Financial Corp. (NYSE:SNV) Shares Acquired by State Street Corp

State Street Corp grew its stake in Synovus Financial Corp. (NYSE:SNV - Free Report) by 3.2% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,561,056 shares of the bank's stock after buying an additional 201,362 shares during the quarter. State Street Corp owned 4.63% of Synovus Financial worth $294,255,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SNV. FMR LLC grew its stake in shares of 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 during the period. Dimensional Fund Advisors LP grew its position in shares of Synovus Financial by 9.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank's stock valued at $231,597,000 after acquiring an additional 491,036 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Synovus Financial by 3.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank's stock worth $222,022,000 after purchasing an additional 147,599 shares in the last quarter. Millennium Management LLC increased its position in shares of Synovus Financial by 181.0% in the second quarter. Millennium Management LLC now owns 1,302,379 shares of the bank's stock valued at $52,343,000 after buying an additional 838,932 shares in the last quarter. Finally, Wedge Capital Management L L P NC raised its stake in shares of Synovus Financial by 14.9% during the 2nd quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank's stock worth $46,025,000 after buying an additional 148,842 shares during the period. 83.85% of the stock is owned by institutional investors and hedge funds.

Synovus Financial Trading Up 2.3 %

SNV stock traded up $1.29 during mid-day trading on Wednesday, hitting $56.43. 1,800,477 shares of the company were exchanged, compared to its average volume of 1,391,128. The business has a fifty day simple moving average of $52.00 and a 200-day simple moving average of $45.59. 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 Corp. has a 12-month low of $33.44 and a 12-month high of $59.92. The firm has a market capitalization of $7.99 billion, a P/E ratio of 24.97, a PEG ratio of 2.01 and a beta of 1.38.

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

Synovus Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Thursday, December 19th will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date is Thursday, December 19th. Synovus Financial's dividend payout ratio (DPR) is currently 68.78%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on SNV. Morgan Stanley boosted their price target on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an "equal weight" rating in a report on Monday, October 21st. Evercore ISI upped their price target on shares of Synovus Financial from $48.00 to $54.00 and gave the stock an "in-line" rating in a research report on Wednesday, October 30th. Citigroup set a $59.00 price objective on Synovus Financial in a report on Friday, October 18th. Barclays increased their target price on Synovus Financial from $56.00 to $64.00 and gave the company an "overweight" rating in a report on Friday, November 8th. Finally, DA Davidson lifted their price target on Synovus Financial from $53.00 to $60.00 and gave the stock a "buy" rating in a research note on Friday, October 18th. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $55.61.

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.