The Manufacturers Life Insurance Company Has $48.57 Million Position in Synovus Financial Corp. (NYSE:SNV)

The Manufacturers Life Insurance Company reduced its holdings in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 1.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,092,244 shares of the bank's stock after selling 11,840 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.77% of Synovus Financial worth $48,572,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Dimensional Fund Advisors LP boosted its position in Synovus Financial by 9.3% during the second quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank's stock worth $231,597,000 after purchasing an additional 491,036 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Synovus Financial by 3.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank's stock valued at $222,022,000 after buying an additional 147,599 shares during the last quarter. Millennium Management LLC raised its holdings in Synovus Financial by 181.0% in the 2nd quarter. Millennium Management LLC now owns 1,302,379 shares of the bank's stock valued at $52,343,000 after acquiring an additional 838,932 shares during the period. Wedge Capital Management L L P NC lifted its position in 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 worth $46,025,000 after acquiring an additional 148,842 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. bought a new stake in shares of Synovus Financial during the second quarter worth approximately $19,434,000. 83.85% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SNV has been the topic of a number of recent research reports. The Goldman Sachs Group increased their target price on Synovus Financial from $52.00 to $62.00 and gave the stock a "neutral" rating in a research note on Tuesday. Bank of America lifted their target price on Synovus Financial from $48.00 to $57.00 and gave the stock a "buy" rating in a report on Friday, October 18th. Stephens upped their price target on shares of Synovus Financial from $46.00 to $52.00 and gave the company an "equal weight" rating in a research note on Friday, October 18th. Morgan Stanley lifted their price objective on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an "equal weight" rating in a research note on Monday, October 21st. Finally, Truist Financial increased their target price on shares of Synovus Financial from $52.00 to $57.00 and gave the stock a "buy" rating in a research report on Monday, October 21st. Seven investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Synovus Financial has an average rating of "Moderate Buy" and a consensus price target of $53.94.

Synovus Financial Price Performance

Synovus Financial stock traded down $0.38 during midday trading on Friday, reaching $57.07. The company's stock had a trading volume of 349,497 shares, compared to its average volume of 1,393,787. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42. The stock has a market cap of $8.08 billion, a PE ratio of 25.70, a price-to-earnings-growth ratio of 2.07 and a beta of 1.37. Synovus Financial Corp. has a 52 week low of $30.52 and a 52 week high of $59.92. The business has a 50-day moving average price of $50.09 and a 200-day moving average price of $44.61.

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

Synovus Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial's payout ratio is 68.78%.

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.