Thrivent Financial for Lutherans Acquires 19,510 Shares of Synovus Financial Corp. (NYSE:SNV)

Thrivent Financial for Lutherans lifted its stake in Synovus Financial Corp. (NYSE:SNV - Free Report) by 13.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 166,244 shares of the bank's stock after acquiring an additional 19,510 shares during the period. Thrivent Financial for Lutherans owned 0.12% of Synovus Financial worth $8,517,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Family Firm Inc. bought a new position in shares of Synovus Financial during the 4th quarter valued at about $220,000. Great Lakes Advisors LLC boosted its holdings in Synovus Financial by 14.9% during the fourth quarter. Great Lakes Advisors LLC now owns 6,047 shares of the bank's stock worth $310,000 after buying an additional 784 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in 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 buying an additional 473 shares during the last quarter. HighTower Advisors LLC increased its holdings in shares of Synovus Financial by 45.5% in the fourth quarter. HighTower Advisors LLC now owns 21,421 shares of the bank's stock valued at $1,097,000 after buying an additional 6,699 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Synovus Financial by 34.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 39,548 shares of the bank's stock valued at $2,026,000 after acquiring an additional 10,039 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors.

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Synovus Financial Stock Down 0.7 %

Shares of SNV traded down $0.34 during mid-day trading on Tuesday, hitting $48.66. 1,321,071 shares of the company's stock were exchanged, compared to its average volume of 1,346,270. The stock has a market cap of $6.86 billion, a price-to-earnings ratio of 15.95, a P/E/G ratio of 1.11 and a beta of 1.36. The firm has a fifty day moving average of $52.02 and a two-hundred day moving average of $51.08. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. Synovus Financial Corp. has a twelve month low of $33.44 and a twelve month high of $59.92.

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, topping the consensus estimate of $1.16 by $0.09. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The firm had revenue of $580.58 million for the quarter, compared to the consensus estimate of $566.83 million. During the same period in the prior year, the business posted $0.80 earnings per share. The business's quarterly revenue was up 18.8% on a year-over-year basis. On average, sell-side analysts forecast that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Thursday, March 20th will be issued a $0.39 dividend. This is a positive change from Synovus Financial's previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a yield of 3.21%. The ex-dividend date of this dividend is Thursday, March 20th. Synovus Financial's payout ratio is 51.15%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on SNV shares. Piper Sandler increased their price target on Synovus Financial from $56.00 to $64.00 and gave the company an "overweight" rating in a research report on Wednesday, December 11th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Synovus Financial in a research report on Monday, December 9th. They issued a "buy" rating and a $64.00 target price on the stock. Morgan Stanley lowered their price objective on shares of Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating on the stock in a research report on Thursday, March 13th. JPMorgan Chase & Co. lifted their price target on Synovus Financial from $60.50 to $62.00 and gave the company an "overweight" rating in a report on Friday, January 17th. Finally, UBS Group began coverage on Synovus Financial in a research note on Tuesday, December 17th. They issued a "buy" rating and a $76.00 price objective for the company. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $58.67.

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.