Gamco Investors INC. ET AL Lowers Stock Position in Synovus Financial Corp. (NYSE:SNV)

Gamco Investors INC. ET AL trimmed its position in Synovus Financial Corp. (NYSE:SNV - Free Report) by 6.5% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 275,672 shares of the bank's stock after selling 19,155 shares during the period. Gamco Investors INC. ET AL owned about 0.19% of Synovus Financial worth $14,123,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in SNV. Norges Bank purchased a new position in shares of Synovus Financial in the fourth quarter worth approximately $77,209,000. FMR LLC boosted its stake in shares of Synovus Financial by 3.6% during the 4th quarter. FMR LLC now owns 12,041,625 shares of the bank's stock worth $616,892,000 after acquiring an additional 415,201 shares during the last quarter. Prudential Financial Inc. grew its position in shares of Synovus Financial by 349.4% during the 4th quarter. Prudential Financial Inc. now owns 529,147 shares of the bank's stock valued at $27,108,000 after acquiring an additional 411,411 shares during the period. TruWealth Advisors LLC purchased a new stake in shares of Synovus Financial in the 4th quarter worth $12,350,000. Finally, Trexquant Investment LP raised its holdings in Synovus Financial by 478.5% in the 4th quarter. Trexquant Investment LP now owns 270,732 shares of the bank's stock worth $13,870,000 after purchasing an additional 223,929 shares during the period. 83.85% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on SNV shares. Stephens restated an "equal weight" rating and issued a $58.00 price target on shares of Synovus Financial in a research report on Thursday, January 16th. Wells Fargo & Company decreased their target price on shares of Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 9th. JPMorgan Chase & Co. upped their price target on shares of Synovus Financial from $60.50 to $62.00 and gave the stock an "overweight" rating in a research report on Friday, January 17th. Morgan Stanley decreased 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 research report on Thursday, March 13th. Finally, Barclays cut their price target on Synovus Financial from $66.00 to $60.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Eight 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 has a consensus rating of "Moderate Buy" and a consensus price target of $58.17.

Synovus Financial Trading Up 1.8 %

Shares of NYSE SNV traded up $0.72 during midday trading on Friday, hitting $41.24. The company's stock had a trading volume of 2,718,620 shares, compared to its average volume of 1,429,829. The business's 50 day moving average is $46.67 and its two-hundred day moving average is $50.67. Synovus Financial Corp. has a 12-month low of $33.44 and a 12-month high of $59.92. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. The firm has a market cap of $5.81 billion, a P/E ratio of 13.52, a price-to-earnings-growth ratio of 1.11 and a beta of 1.16.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings results on Wednesday, April 16th. The bank reported $1.30 EPS for the quarter, topping analysts' consensus estimates of $1.11 by $0.19. The firm had revenue of $573.24 million for the quarter, compared to analysts' expectations of $572.35 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. As a group, equities research analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 3.78%. The ex-dividend date of this dividend was Thursday, March 20th. This is an increase from Synovus Financial's previous quarterly dividend of $0.38. Synovus Financial's payout ratio is currently 43.70%.

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.