Sei Investments Co. Raises Holdings in Synovus Financial Corp. (NYSE:SNV)

Sei Investments Co. grew its holdings in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 38.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 82,887 shares of the bank's stock after purchasing an additional 22,828 shares during the quarter. Sei Investments Co. owned approximately 0.06% of Synovus Financial worth $4,246,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in SNV. Wellington Management Group LLP increased its holdings in Synovus Financial by 12.8% during the third quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank's stock worth $430,213,000 after buying an additional 1,095,557 shares during the last quarter. State Street Corp increased its stake in shares of Synovus Financial by 3.2% during the 3rd quarter. State Street Corp now owns 6,561,056 shares of the bank's stock worth $294,255,000 after purchasing an additional 201,362 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Synovus Financial by 2.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,109,856 shares of the bank's stock worth $261,778,000 after purchasing an additional 117,242 shares during the period. Geode Capital Management LLC raised its holdings in shares of Synovus Financial by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 2,419,737 shares of the bank's stock worth $107,633,000 after purchasing an additional 22,549 shares during the period. Finally, New York State Common Retirement Fund lifted its stake in Synovus Financial by 1.5% in the fourth quarter. New York State Common Retirement Fund now owns 467,825 shares of the bank's stock valued at $23,967,000 after purchasing an additional 6,784 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors.

Synovus Financial Trading Up 1.0 %

Shares of Synovus Financial stock traded up $0.40 during trading on Monday, hitting $38.69. The stock had a trading volume of 2,098,870 shares, compared to its average volume of 1,413,500. Synovus Financial Corp. has a 12 month low of $33.44 and a 12 month high of $59.92. The firm's fifty day simple moving average is $50.07 and its 200-day simple moving average is $51.08. The stock has a market cap of $5.45 billion, a PE ratio of 12.69, a PEG ratio of 1.11 and a beta of 1.16. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88.

Synovus Financial (NYSE:SNV - Get Free Report) last released its earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, topping analysts' consensus estimates of $1.16 by $0.09. The business had revenue of $580.58 million for the quarter, compared to analyst estimates of $566.83 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The business's revenue was up 18.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.80 earnings per share. As a group, sell-side analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th were paid a $0.39 dividend. This is an increase from Synovus Financial's previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a yield of 4.03%. The ex-dividend date of this dividend was Thursday, March 20th. Synovus Financial's dividend payout ratio is currently 51.15%.

Wall Street Analyst Weigh In

Several analysts have issued reports on SNV shares. Deutsche Bank Aktiengesellschaft initiated coverage on Synovus Financial in a research note on Monday, December 9th. They issued a "buy" rating and a $64.00 target price on the stock. Morgan Stanley dropped 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 report on Thursday, March 13th. UBS Group began coverage on shares of Synovus Financial in a research report on Tuesday, December 17th. They set a "buy" rating and a $76.00 target price for the company. Raymond James cut Synovus Financial from an "outperform" rating to a "market perform" rating in a research report on Wednesday, April 2nd. Finally, JPMorgan Chase & Co. increased their target price on Synovus Financial from $60.50 to $62.00 and gave the company an "overweight" rating in a research note on Friday, January 17th. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $58.67.

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.