Victory Capital Management Inc. Sells 23,216 Shares of Synovus Financial Corp. (NYSE:SNV)

Victory Capital Management Inc. cut its position in Synovus Financial Corp. (NYSE:SNV - Free Report) by 8.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 238,505 shares of the bank's stock after selling 23,216 shares during the quarter. Victory Capital Management Inc. owned 0.17% of Synovus Financial worth $10,606,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. &PARTNERS acquired a new stake in Synovus Financial during the 2nd quarter worth approximately $284,000. Texas Permanent School Fund Corp boosted its position in shares of Synovus Financial by 19.6% in the 2nd quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank's stock worth $6,150,000 after buying an additional 25,028 shares in the last quarter. Private Capital Management LLC grew its stake in Synovus Financial by 6.2% in the 1st quarter. Private Capital Management LLC now owns 365,557 shares of the bank's stock valued at $14,644,000 after acquiring an additional 21,456 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its holdings in shares of Synovus Financial by 92.0% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 47,198 shares of the bank's stock valued at $1,852,000 after purchasing an additional 22,621 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Synovus Financial by 81.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 230,856 shares of the bank's stock valued at $9,249,000 after acquiring an additional 103,891 shares in the last quarter. Hedge funds and other institutional investors own 83.85% of the company's stock.

Analyst Ratings Changes

Several research firms recently commented on SNV. Truist Financial upped their target price on Synovus Financial from $52.00 to $57.00 and gave the company a "buy" rating in a research note on Monday, October 21st. Evercore ISI raised their target price on shares of Synovus Financial from $48.00 to $54.00 and gave the stock an "in-line" rating in a research report on Wednesday, October 30th. Raymond James raised shares of Synovus Financial from a "market perform" rating to an "outperform" rating and set a $49.00 price target for the company in a research report on Tuesday, September 17th. StockNews.com upgraded shares of Synovus Financial from a "sell" rating to a "hold" rating in a report on Friday, October 18th. Finally, JPMorgan Chase & Co. upped their price objective on Synovus Financial from $52.00 to $59.00 and gave the stock an "overweight" rating in a 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 company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $52.71.

Synovus Financial Stock Performance

SNV stock traded up $0.99 during midday trading on Thursday, reaching $56.02. The company had a trading volume of 838,535 shares, compared to its average volume of 1,401,074. Synovus Financial Corp. has a fifty-two week low of $29.34 and a fifty-two week high of $59.79. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. The stock has a 50 day moving average price of $48.55 and a 200 day moving average price of $43.87. The firm has a market capitalization of $7.94 billion, a PE ratio of 24.89, a P/E/G ratio of 1.99 and a beta of 1.37.

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

Synovus Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial's dividend payout ratio is currently 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.