Synovus Financial Corp lowered its position in Synovus Financial Corp. (NYSE:SNV - Free Report) by 1.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,614,516 shares of the bank's stock after selling 89,893 shares during the quarter. Synovus Financial accounts for approximately 2.9% of Synovus Financial Corp's investment portfolio, making the stock its 6th largest position. Synovus Financial Corp owned approximately 3.96% of Synovus Financial worth $249,678,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in SNV. Sanctuary Advisors LLC bought a new position in Synovus Financial during the 3rd quarter worth $217,000. Teachers Retirement System of The State of Kentucky raised its position in shares of Synovus Financial by 6.6% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 120,386 shares of the bank's stock worth $5,353,000 after acquiring an additional 7,449 shares during the last quarter. Coldstream Capital Management Inc. acquired a new position in shares of Synovus Financial in the third quarter worth approximately $220,000. Geode Capital Management LLC lifted its stake in shares of Synovus Financial by 0.9% in the third quarter. Geode Capital Management LLC now owns 2,419,737 shares of the bank's stock worth $107,633,000 after acquiring an additional 22,549 shares during the period. Finally, Vestcor Inc boosted its holdings in Synovus Financial by 150.3% in the third quarter. Vestcor Inc now owns 26,644 shares of the bank's stock valued at $1,185,000 after acquiring an additional 16,000 shares during the last quarter. Institutional investors own 83.85% of the company's stock.
Synovus Financial Stock Down 0.7 %
SNV traded down $0.36 during midday trading on Friday, reaching $54.33. 586,410 shares of the company were exchanged, compared to its average volume of 1,390,182. The company has a market cap of $7.70 billion, a price-to-earnings ratio of 24.75, a price-to-earnings-growth ratio of 1.64 and a beta of 1.38. Synovus Financial Corp. has a one year low of $33.44 and a one year high of $59.92. The company's fifty day moving average price is $52.51 and its 200 day moving average price is $45.72. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.88 and a current ratio of 0.89.
Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The business had revenue of $564.72 million during the quarter, compared to the consensus estimate of $557.64 million. During the same quarter in the prior year, the company posted $0.84 earnings per share. Synovus Financial's revenue was up 2.6% compared to the same quarter last year. As a group, analysts expect that Synovus Financial Corp. will post 4.37 EPS for the current year.
Synovus Financial Dividend Announcement
The company 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. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date of this dividend is Thursday, December 19th. Synovus Financial's payout ratio is currently 68.78%.
Wall Street Analysts Forecast Growth
SNV has been the topic of a number of recent analyst reports. Royal Bank of Canada restated an "outperform" rating and issued a $64.00 price target on shares of Synovus Financial in a research report on Thursday. JPMorgan Chase & Co. upped their price target on shares of Synovus Financial from $52.00 to $59.00 and gave the company an "overweight" rating in a research report on Friday, October 18th. Evercore ISI lifted their price objective on Synovus Financial from $48.00 to $54.00 and gave the stock an "in-line" rating in a research report on Wednesday, October 30th. Bank of America upped their target price on Synovus Financial from $48.00 to $57.00 and gave the company a "buy" rating in a research report on Friday, October 18th. Finally, Truist Financial lifted their target price on Synovus Financial from $52.00 to $57.00 and gave the stock a "buy" rating in a report on Monday, October 21st. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $56.00.
Read Our Latest Research Report on Synovus Financial
Synovus Financial Company Profile
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Free Report)
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.
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