Bank of New York Mellon Corp Sells 245,234 Shares of Synovus Financial Corp. (NYSE:SNV)

Bank of New York Mellon Corp lowered its stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 14.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,491,146 shares of the bank's stock after selling 245,234 shares during the period. Bank of New York Mellon Corp owned approximately 1.05% of Synovus Financial worth $76,391,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Wellington Management Group LLP raised its position in Synovus Financial by 12.8% in the 3rd quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank's stock valued at $430,213,000 after buying an additional 1,095,557 shares during the last quarter. FMR LLC boosted its position in Synovus Financial by 5.4% during the third 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. TruWealth Advisors LLC purchased a new position in shares of Synovus Financial in the fourth quarter worth about $12,350,000. Blue Trust Inc. lifted its stake in shares of Synovus Financial by 934.0% during the 4th quarter. Blue Trust Inc. now owns 246,686 shares of the bank's stock valued at $12,638,000 after buying an additional 222,828 shares in the last quarter. Finally, State Street Corp boosted its holdings in Synovus Financial by 3.2% in the 3rd quarter. State Street Corp now owns 6,561,056 shares of the bank's stock worth $294,255,000 after buying an additional 201,362 shares during the period. Institutional investors own 83.85% of the company's stock.

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Analyst Upgrades and Downgrades

A number of research analysts have weighed in on SNV shares. JPMorgan Chase & Co. lifted their target price on Synovus Financial from $60.50 to $62.00 and gave the company an "overweight" rating in a report on Friday, January 17th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Synovus Financial in a research report on Monday, December 9th. They issued a "buy" rating and a $64.00 price objective on the stock. Wells Fargo & Company raised their price objective on shares of Synovus Financial from $51.00 to $55.00 and gave the company an "equal weight" rating in a research report on Tuesday, December 3rd. Stephens reiterated an "equal weight" rating and issued a $58.00 target price on shares of Synovus Financial in a research report on Thursday, January 16th. Finally, The Goldman Sachs Group increased their target price on Synovus Financial from $52.00 to $62.00 and gave the company a "neutral" rating in a research note on Tuesday, November 26th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $58.44.

Synovus Financial Trading Down 0.6 %

NYSE SNV traded down $0.28 during trading on Friday, hitting $46.54. The company had a trading volume of 920,636 shares, compared to its average volume of 1,309,338. Synovus Financial Corp. has a one year low of $33.44 and a one year high of $59.92. The company has a market cap of $6.56 billion, a price-to-earnings ratio of 15.27, a price-to-earnings-growth ratio of 1.11 and a beta of 1.36. The company's fifty day moving average is $53.56 and its 200-day moving average is $50.89. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37.

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

Synovus Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Thursday, March 20th will be given a $0.39 dividend. The ex-dividend date is Thursday, March 20th. This is a boost from Synovus Financial's previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a yield of 3.35%. Synovus Financial's dividend payout ratio is 51.15%.

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.