Synovus Financial Corp. (NYSE:SNV) Stake Trimmed by Inceptionr LLC

Inceptionr LLC trimmed its position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 53.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 11,812 shares of the bank's stock after selling 13,395 shares during the quarter. Inceptionr LLC's holdings in Synovus Financial were worth $605,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of SNV. Wellington Management Group LLP raised its position in shares of Synovus Financial by 12.8% during the 3rd quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank's stock worth $430,213,000 after purchasing an additional 1,095,557 shares during the last quarter. FMR LLC increased its position in Synovus Financial by 5.4% during the third quarter. FMR LLC now owns 11,626,424 shares of the bank's stock worth $517,027,000 after buying an additional 598,644 shares in the last quarter. TruWealth Advisors LLC acquired a new position in shares of Synovus Financial in the fourth quarter worth $12,350,000. Blue Trust Inc. grew its holdings in shares of Synovus Financial by 934.0% during the fourth quarter. Blue Trust Inc. now owns 246,686 shares of the bank's stock worth $12,638,000 after buying an additional 222,828 shares in the last quarter. Finally, State Street Corp lifted its stake in shares of Synovus Financial by 3.2% during the third quarter. State Street Corp now owns 6,561,056 shares of the bank's stock valued at $294,255,000 after buying an additional 201,362 shares during the period. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

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Synovus Financial Stock Performance

NYSE:SNV traded up $0.24 during mid-day trading on Tuesday, hitting $43.94. The stock had a trading volume of 1,842,920 shares, compared to its average volume of 1,319,862. Synovus Financial Corp. has a 52 week low of $33.44 and a 52 week 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 stock has a market capitalization of $6.19 billion, a price-to-earnings ratio of 14.41, a P/E/G ratio of 1.11 and a beta of 1.36. The company has a 50 day simple moving average of $53.23 and a 200-day simple moving average of $50.98.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, beating the consensus estimate of $1.16 by $0.09. The firm had revenue of $580.58 million for the quarter, compared to analysts' expectations of $566.83 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The firm's revenue was up 18.8% compared to the same quarter last year. During the same period last year, the firm earned $0.80 EPS. On average, research analysts expect that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th will be issued a $0.39 dividend. The ex-dividend date is Thursday, March 20th. This is a boost from Synovus Financial's previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a dividend yield of 3.55%. Synovus Financial's dividend payout ratio (DPR) is 51.15%.

Analysts Set New Price Targets

Several research analysts recently weighed in on SNV shares. Stephens reaffirmed an "equal weight" rating and issued a $58.00 target price on shares of Synovus Financial in a research report on Thursday, January 16th. UBS Group assumed coverage on Synovus Financial in a report on Tuesday, December 17th. They set a "buy" rating and a $76.00 price objective on the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of Synovus Financial in a report on Monday, December 9th. They issued a "buy" rating and a $64.00 price target on the stock. Citigroup raised their price objective on shares of Synovus Financial from $59.00 to $62.00 and gave the stock a "buy" rating in a report on Friday, January 17th. Finally, Wells Fargo & Company upped their target price on shares of Synovus Financial from $51.00 to $55.00 and gave the company an "equal weight" rating in a research note on Tuesday, December 3rd. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, Synovus Financial has a consensus rating of "Moderate Buy" and an average price target of $58.44.

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.