Truist Financial Corp Cuts Position in Synovus Financial Corp. (NYSE:SNV)

Truist Financial Corp lowered its position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 32.9% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 12,372 shares of the bank's stock after selling 6,053 shares during the period. Truist Financial Corp's holdings in Synovus Financial were worth $634,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. FMR LLC increased its stake in shares of Synovus Financial by 5.4% in the third quarter. FMR LLC now owns 11,626,424 shares of the bank's stock valued at $517,027,000 after buying an additional 598,644 shares during the period. Wellington Management Group LLP grew its holdings in 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 acquiring an additional 1,095,557 shares during the last quarter. State Street Corp increased its position in Synovus Financial by 3.2% in the 3rd quarter. State Street Corp now owns 6,561,056 shares of the bank's stock valued at $294,255,000 after acquiring an additional 201,362 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Synovus Financial by 3.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank's stock valued at $222,022,000 after acquiring an additional 147,599 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Synovus Financial by 0.9% during the third quarter. Geode Capital Management LLC now owns 2,419,737 shares of the bank's stock worth $107,633,000 after purchasing an additional 22,549 shares during the period. Institutional investors and hedge funds own 83.85% of the company's stock.

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Synovus Financial Stock Down 2.6 %

SNV traded down $1.27 during trading on Thursday, hitting $47.17. 371,238 shares of the company's stock were exchanged, compared to its average volume of 1,305,957. The stock has a market cap of $6.65 billion, a P/E ratio of 15.48, a PEG ratio of 1.11 and a beta of 1.36. The business's 50 day moving average is $53.62 and its two-hundred day moving average is $50.90. Synovus Financial Corp. has a fifty-two week low of $33.44 and a fifty-two week high of $59.92. 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 (NYSE:SNV - Get Free Report) last announced its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.09. The business 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% compared to the same quarter last year. During the same quarter last year, the firm earned $0.80 EPS. As a group, equities 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 declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Thursday, March 20th will be given a $0.39 dividend. This is a positive change from Synovus Financial's previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date of this dividend is Thursday, March 20th. Synovus Financial's dividend payout ratio is presently 51.15%.

Wall Street Analyst Weigh In

SNV has been the subject of several analyst reports. Barclays raised their target price on Synovus Financial from $56.00 to $64.00 and gave the stock an "overweight" rating in a research report on Friday, November 8th. Stephens reaffirmed an "equal weight" rating and issued a $58.00 price objective on shares of Synovus Financial in a research note on Thursday, January 16th. Piper Sandler upped their target price on Synovus Financial from $56.00 to $64.00 and gave the company an "overweight" rating in a report on Wednesday, December 11th. Wells Fargo & Company raised their price target on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an "equal weight" rating in a report on Tuesday, December 3rd. Finally, Citigroup increased their price objective on shares of Synovus Financial from $59.00 to $62.00 and gave the stock a "buy" rating in a research report on Friday, January 17th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $58.44.

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.