Invesco Ltd. Cuts Position in Synovus Financial Corp. (NYSE:SNV)

Invesco Ltd. lessened its stake in Synovus Financial Corp. (NYSE:SNV - Free Report) by 5.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 272,690 shares of the bank's stock after selling 15,445 shares during the period. Invesco Ltd. owned about 0.19% of Synovus Financial worth $13,970,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of SNV. Keystone Financial Group Inc. bought a new position in shares of Synovus Financial in the fourth quarter worth approximately $37,000. Jones Financial Companies Lllp increased its position in shares of Synovus Financial by 72.7% in the fourth quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank's stock valued at $56,000 after acquiring an additional 461 shares during the period. V Square Quantitative Management LLC raised its stake in shares of Synovus Financial by 69.3% during the fourth quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank's stock valued at $58,000 after acquiring an additional 466 shares during the last quarter. Millstone Evans Group LLC purchased a new stake in shares of Synovus Financial during the fourth quarter worth about $59,000. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Synovus Financial by 36.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,766 shares of the bank's stock worth $91,000 after purchasing an additional 473 shares during the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SNV has been the subject of several research analyst reports. Citigroup increased their price objective on Synovus Financial from $59.00 to $62.00 and gave the stock a "buy" rating in a report on Friday, January 17th. Raymond James downgraded shares of Synovus Financial from an "outperform" rating to a "market perform" rating in a research report on Wednesday, April 2nd. Barclays cut their target price on shares of Synovus Financial from $66.00 to $60.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. DA Davidson decreased their price target on shares of Synovus Financial from $65.00 to $60.00 and set a "buy" rating for the company in a research note on Monday, April 21st. Finally, Morgan Stanley decreased their target price on Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating for the company in a research report on Thursday, March 13th. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Synovus Financial presently has a consensus rating of "Moderate Buy" and an average target price of $56.17.

Synovus Financial Stock Performance

Shares of NYSE:SNV traded down $0.33 on Friday, hitting $42.99. 971,381 shares of the company were exchanged, compared to its average volume of 1,418,012. The stock's 50 day moving average price is $45.38 and its 200 day moving average price is $50.64. Synovus Financial Corp. has a 1-year low of $35.74 and a 1-year 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 capitalization of $6.06 billion, a P/E ratio of 14.10, a price-to-earnings-growth ratio of 1.11 and a beta of 1.16.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings data on Wednesday, April 16th. The bank reported $1.30 earnings per share for the quarter, topping analysts' consensus estimates of $1.11 by $0.19. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The business had revenue of $573.24 million during the quarter, compared to the consensus estimate of $572.35 million. Sell-side analysts predict 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. Shareholders of record on Thursday, March 20th were given a $0.39 dividend. The ex-dividend date was Thursday, March 20th. This represents a $1.56 dividend on an annualized basis and a yield of 3.63%. This is a positive change from Synovus Financial's previous quarterly dividend of $0.38. Synovus Financial's dividend payout ratio (DPR) is currently 43.70%.

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.