Hotchkis & Wiley Capital Management LLC Cuts Position in Synovus Financial Corp. (NYSE:SNV)

Hotchkis & Wiley Capital Management LLC trimmed its position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 65.1% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 169,080 shares of the bank's stock after selling 315,505 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned about 0.12% of Synovus Financial worth $7,519,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. &PARTNERS purchased a new stake in shares of Synovus Financial during the second quarter valued at approximately $284,000. Texas Permanent School Fund Corp increased its holdings in shares of Synovus Financial by 19.6% in the 2nd quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank's stock worth $6,150,000 after purchasing an additional 25,028 shares in the last quarter. Private Capital Management LLC raised its stake in shares of Synovus Financial by 6.2% in the first quarter. Private Capital Management LLC now owns 365,557 shares of the bank's stock worth $14,644,000 after purchasing an additional 21,456 shares during the last quarter. Thrivent Financial for Lutherans lifted its holdings in shares of Synovus Financial by 7.6% during the third quarter. Thrivent Financial for Lutherans now owns 146,734 shares of the bank's stock valued at $6,525,000 after purchasing an additional 10,346 shares in the last quarter. Finally, Wedge Capital Management L L P NC lifted its holdings in shares of Synovus Financial by 14.9% during the second quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank's stock valued at $46,025,000 after purchasing an additional 148,842 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on SNV. Truist Financial boosted their target price on Synovus Financial from $52.00 to $57.00 and gave the stock a "buy" rating in a research report on Monday, October 21st. Citigroup set a $59.00 price objective on shares of Synovus Financial in a report on Friday, October 18th. Evercore ISI raised their target price on shares of Synovus Financial from $48.00 to $54.00 and gave the stock an "in-line" rating in a report on Wednesday, October 30th. Royal Bank of Canada boosted their target price on shares of Synovus Financial from $49.00 to $57.00 and gave the company an "outperform" rating in a research note on Friday, October 18th. Finally, DA Davidson raised their price target on Synovus Financial from $53.00 to $60.00 and gave the stock a "buy" rating in a research note on Friday, October 18th. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $54.47.

Synovus Financial Price Performance

SNV stock traded down $0.22 during trading on Thursday, reaching $55.45. The company's stock had a trading volume of 1,342,958 shares, compared to its average volume of 1,390,191. The company's fifty day moving average is $51.07 and its 200-day moving average is $45.10. Synovus Financial Corp. has a 1 year low of $33.44 and a 1 year high of $59.92. The company has a market capitalization of $7.86 billion, a P/E ratio of 25.11, a price-to-earnings-growth ratio of 2.02 and a beta of 1.38. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, topping analysts' consensus estimates of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The company had revenue of $564.72 million for the quarter, compared to analysts' expectations of $557.64 million. During the same period in the previous year, the firm earned $0.84 EPS. The firm's revenue was up 2.6% compared to the same quarter last year. On average, research analysts expect that Synovus Financial Corp. will post 4.37 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Thursday, December 19th will be paid a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, December 19th. This represents a $1.52 annualized dividend and a yield of 2.74%. Synovus Financial's payout ratio is 68.78%.

Synovus Financial 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.