Thrivent Financial for Lutherans Buys 10,346 Shares of Synovus Financial Corp. (NYSE:SNV)

Thrivent Financial for Lutherans raised its holdings in Synovus Financial Corp. (NYSE:SNV - Free Report) by 7.6% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 146,734 shares of the bank's stock after purchasing an additional 10,346 shares during the quarter. Thrivent Financial for Lutherans owned approximately 0.10% of Synovus Financial worth $6,525,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in SNV. Dimensional Fund Advisors LP grew its holdings in Synovus Financial by 9.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank's stock worth $231,597,000 after acquiring an additional 491,036 shares during the last quarter. Millennium Management LLC lifted its holdings in Synovus Financial by 181.0% during the 2nd quarter. Millennium Management LLC now owns 1,302,379 shares of the bank's stock worth $52,343,000 after buying an additional 838,932 shares in the last quarter. Wedge Capital Management L L P NC boosted its position in Synovus Financial by 14.9% in the 2nd quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank's stock valued at $46,025,000 after buying an additional 148,842 shares during the last quarter. Diamond Hill Capital Management Inc. acquired a new stake in shares of Synovus Financial in the 2nd quarter valued at $19,434,000. Finally, Interval Partners LP raised its position in shares of Synovus Financial by 14.5% during the second quarter. Interval Partners LP now owns 445,160 shares of the bank's stock worth $17,891,000 after acquiring an additional 56,486 shares during the last quarter. Institutional investors own 83.85% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SNV. JPMorgan Chase & Co. raised their price target on Synovus Financial from $52.00 to $59.00 and gave the company an "overweight" rating in a report on Friday, October 18th. Bank of America lifted their price target on shares of Synovus Financial from $48.00 to $57.00 and gave the stock a "buy" rating in a research report on Friday, October 18th. Royal Bank of Canada increased their price target on Synovus Financial from $49.00 to $57.00 and gave the company an "outperform" rating in a research note on Friday, October 18th. Citigroup set a $59.00 target price on Synovus Financial in a report on Friday, October 18th. Finally, StockNews.com raised shares of Synovus Financial from a "sell" rating to a "hold" rating in a research report on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, Synovus Financial currently has a consensus rating of "Moderate Buy" and an average price target of $52.71.

Synovus Financial Stock Up 2.9 %

Synovus Financial stock traded up $1.60 during mid-day trading on Friday, reaching $57.62. The company's stock had a trading volume of 1,719,072 shares, compared to its average volume of 1,283,999. The business's 50 day simple moving average is $49.06 and its 200 day simple moving average is $44.09. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.88 and a current ratio of 0.89. Synovus Financial Corp. has a 12 month low of $29.34 and a 12 month high of $59.79. The company has a market capitalization of $8.16 billion, a price-to-earnings ratio of 26.07, a price-to-earnings-growth ratio of 2.02 and a beta of 1.37.

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

Synovus Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were paid a $0.38 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 annualized dividend and a dividend yield of 2.64%. Synovus Financial's dividend payout ratio is presently 68.78%.

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.