Citigroup Inc. Sells 27,108 Shares of Synovus Financial Corp. (NYSE:SNV)

Citigroup Inc. cut its position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 12.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 191,008 shares of the bank's stock after selling 27,108 shares during the quarter. Citigroup Inc. owned approximately 0.13% of Synovus Financial worth $8,494,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Raymond James Trust N.A. purchased a new stake in Synovus Financial during the third quarter valued at about $262,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Synovus Financial by 3.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank's stock valued at $222,022,000 after acquiring an additional 147,599 shares during the last quarter. Advisors Asset Management Inc. boosted its holdings in Synovus Financial by 66.2% during the 3rd quarter. Advisors Asset Management Inc. now owns 2,586 shares of the bank's stock valued at $115,000 after acquiring an additional 1,030 shares during the period. Pathstone Holdings LLC grew its position in Synovus Financial by 1.9% during the 3rd quarter. Pathstone Holdings LLC now owns 52,416 shares of the bank's stock worth $2,331,000 after acquiring an additional 980 shares during the last quarter. Finally, Quest Partners LLC purchased a new position in Synovus Financial in the 3rd quarter worth approximately $1,264,000. 83.85% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Stock Down 0.7 %

Shares of Synovus Financial stock traded down $0.38 during trading on Friday, hitting $57.07. The company's stock had a trading volume of 349,498 shares, compared to its average volume of 1,247,131. Synovus Financial Corp. has a 52 week low of $30.52 and a 52 week high of $59.92. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.88 and a current ratio of 0.89. The company has a fifty day simple moving average of $50.33 and a two-hundred day simple moving average of $44.73. The company has a market capitalization of $8.08 billion, a PE ratio of 25.82, a P/E/G ratio of 2.07 and a beta of 1.37.

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

Synovus Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were paid a $0.38 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.66%. Synovus Financial's dividend payout ratio is currently 68.78%.

Analysts Set New Price Targets

SNV has been the subject of a number of analyst reports. Truist Financial increased their price objective on Synovus Financial from $52.00 to $57.00 and gave the company a "buy" rating in a research note on Monday, October 21st. The Goldman Sachs Group increased their price target on shares of Synovus Financial from $52.00 to $62.00 and gave the company a "neutral" rating in a research report on Tuesday. StockNews.com upgraded shares of Synovus Financial from a "sell" rating to a "hold" rating in a research report on Friday, October 18th. Barclays increased their target price on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an "overweight" rating in a report on Friday, November 8th. Finally, Stephens boosted their price target on Synovus Financial from $46.00 to $52.00 and gave the company an "equal weight" rating in a report on Friday, October 18th. Seven 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 MarketBeat, Synovus Financial currently has a consensus rating of "Moderate Buy" and a consensus target price of $53.94.

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.