Synovus Financial Corp. (NYSE:SNV) Shares Sold by Quantbot Technologies LP

Quantbot Technologies LP lowered its stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 13.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 67,150 shares of the bank's stock after selling 10,402 shares during the period. Quantbot Technologies LP's holdings in Synovus Financial were worth $3,440,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Thrivent Financial for Lutherans increased its stake in Synovus Financial by 7.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 146,734 shares of the bank's stock worth $6,525,000 after buying an additional 10,346 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in shares of Synovus Financial during the fourth quarter worth approximately $3,798,000. Nordea Investment Management AB raised its stake in Synovus Financial by 3.8% in the 4th quarter. Nordea Investment Management AB now owns 276,863 shares of the bank's stock valued at $14,261,000 after purchasing an additional 10,109 shares during the last quarter. Quantinno Capital Management LP lifted its holdings in Synovus Financial by 25.1% in the 3rd quarter. Quantinno Capital Management LP now owns 49,099 shares of the bank's stock valued at $2,183,000 after purchasing an additional 9,852 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Synovus Financial by 3.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank's stock worth $222,022,000 after purchasing an additional 147,599 shares during the last quarter. Institutional investors and hedge funds own 83.85% of the company's stock.

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Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SNV. Morgan Stanley decreased their price target on shares of Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating on the stock in a research note on Thursday, March 13th. Wells Fargo & Company raised their target price on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an "equal weight" rating in a research note on Tuesday, December 3rd. Citigroup upped their price target on Synovus Financial from $59.00 to $62.00 and gave the company a "buy" rating in a research report on Friday, January 17th. Piper Sandler boosted their price objective on Synovus Financial from $56.00 to $64.00 and gave the stock an "overweight" rating in a research note on Wednesday, December 11th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and issued a $64.00 target price on shares of Synovus Financial in a research note on Thursday, December 12th. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $58.67.

Synovus Financial Stock Down 0.6 %

Shares of SNV traded down $0.29 during mid-day trading on Wednesday, reaching $48.34. The company's stock had a trading volume of 1,048,127 shares, compared to its average volume of 1,344,814. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. Synovus Financial Corp. has a 12-month low of $33.44 and a 12-month high of $59.92. The stock has a market cap of $6.81 billion, a PE ratio of 15.85, a price-to-earnings-growth ratio of 1.11 and a beta of 1.36. The company's 50 day moving average is $52.02 and its 200 day moving average is $51.08.

Synovus Financial (NYSE:SNV - Get Free Report) last released its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, topping analysts' consensus estimates of $1.16 by $0.09. The company had revenue of $580.58 million for the quarter, compared to analysts' expectations of $566.83 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The firm's revenue for the quarter was up 18.8% on a year-over-year basis. During the same quarter last year, the company earned $0.80 earnings per share. Equities analysts anticipate that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Thursday, March 20th will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $1.56 dividend on an annualized basis and a yield of 3.23%. This is a boost from Synovus Financial's previous quarterly dividend of $0.38. Synovus Financial's dividend payout ratio is currently 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.