Synovus Financial Corp. (NYSE:SNV) Shares Sold by Vanguard Group Inc.

Vanguard Group Inc. trimmed its holdings in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 0.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,992,285 shares of the bank's stock after selling 58,931 shares during the quarter. Vanguard Group Inc. owned approximately 9.88% of Synovus Financial worth $716,825,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. Cerity Partners LLC boosted its position in Synovus Financial by 138.4% during the third quarter. Cerity Partners LLC now owns 14,728 shares of the bank's stock valued at $655,000 after purchasing an additional 8,549 shares in the last quarter. Fisher Asset Management LLC boosted its stake in Synovus Financial by 4.5% in the third quarter. Fisher Asset Management LLC now owns 13,068 shares of the bank's stock valued at $581,000 after acquiring an additional 561 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in Synovus Financial by 980.8% in the third quarter. BNP Paribas Financial Markets now owns 58,558 shares of the bank's stock worth $2,604,000 after purchasing an additional 53,140 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Synovus Financial during the third quarter worth $1,523,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Synovus Financial by 2.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,509 shares of the bank's stock worth $1,312,000 after purchasing an additional 712 shares in the last quarter. Hedge funds and other institutional investors own 83.85% of the company's stock.

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Analysts Set New Price Targets

A number of research firms have commented on SNV. Stephens reiterated an "equal weight" rating and issued a $58.00 price target on shares of Synovus Financial in a research note on Thursday, January 16th. Royal Bank of Canada reiterated an "outperform" rating and issued a $64.00 target price on shares of Synovus Financial in a research note on Thursday, December 12th. JPMorgan Chase & Co. lifted their price objective on shares of Synovus Financial from $60.50 to $62.00 and gave the stock an "overweight" rating in a research note on Friday, January 17th. Raymond James lowered shares of Synovus Financial from an "outperform" rating to a "market perform" rating in a report on Wednesday. Finally, 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 research note on Friday, January 17th. Eight 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, the company presently has an average rating of "Moderate Buy" and an average target price of $58.67.

Synovus Financial Price Performance

NYSE SNV traded down $3.01 during trading hours on Friday, hitting $37.09. 353,927 shares of the company's stock traded hands, compared to its average volume of 1,403,851. The firm's 50-day moving average is $50.75 and its 200-day moving average is $51.09. The company has a market capitalization of $5.23 billion, a PE ratio of 12.13, a PEG ratio of 1.11 and a beta of 1.16. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. Synovus Financial Corp. has a 52-week low of $33.44 and a 52-week high of $59.92.

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. 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 analysts' expectations of $566.83 million. During the same quarter in the previous year, the company posted $0.80 EPS. The company's revenue was up 18.8% compared to the same quarter last year. Equities analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th were issued a dividend of $0.39 per share. The ex-dividend date was Thursday, March 20th. This is a boost from Synovus Financial's previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a dividend yield of 4.21%. Synovus Financial's dividend payout ratio is currently 51.15%.

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.