Victory Capital Management Inc. Sells 13,467 Shares of Synovus Financial Corp. (NYSE:SNV)

Victory Capital Management Inc. lowered its holdings in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 5.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 225,038 shares of the bank's stock after selling 13,467 shares during the period. Victory Capital Management Inc. owned about 0.16% of Synovus Financial worth $11,529,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in SNV. Keystone Financial Group Inc. bought a new position in shares of Synovus Financial during the 4th quarter worth approximately $37,000. Quarry LP acquired a new stake in shares of Synovus Financial in the 3rd quarter valued at $41,000. Jones Financial Companies Lllp boosted its stake in shares of Synovus Financial by 72.7% in the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank's stock valued at $56,000 after purchasing an additional 461 shares in the last quarter. V Square Quantitative Management LLC increased its position in shares of Synovus Financial by 69.3% during the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank's stock worth $58,000 after purchasing an additional 466 shares in the last quarter. Finally, Brooklyn Investment Group acquired a new position in Synovus Financial in the third quarter valued at about $56,000. Institutional investors and hedge funds own 83.85% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Wells Fargo & Company raised their price objective 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. Stephens reaffirmed an "equal weight" rating and set a $58.00 price target on shares of Synovus Financial in a report on Thursday, January 16th. The Goldman Sachs Group boosted their price objective on Synovus Financial from $52.00 to $62.00 and gave the stock a "neutral" rating in a research note on Tuesday, November 26th. JPMorgan Chase & Co. raised their target price on Synovus Financial from $60.50 to $62.00 and gave the company an "overweight" rating in a research note on Friday, January 17th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and issued a $64.00 price target on shares of Synovus Financial in a report on Thursday, December 12th. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $58.67.

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Synovus Financial Trading Up 1.6 %

NYSE:SNV traded up $0.75 on Monday, reaching $46.43. The company's stock had a trading volume of 1,526,557 shares, compared to its average volume of 1,307,795. Synovus Financial Corp. has a 1-year low of $33.44 and a 1-year high of $59.92. The business's 50-day moving average price is $52.69 and its two-hundred day moving average price is $50.95. The firm has a market cap of $6.54 billion, a PE ratio of 15.22, a PEG ratio of 1.11 and a beta of 1.36. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.09. The business had revenue of $580.58 million during the quarter, compared to analyst estimates of $566.83 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. Synovus Financial's quarterly revenue was up 18.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.80 EPS. Equities research analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Thursday, March 20th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.36%. This is a positive change from Synovus Financial's previous quarterly dividend of $0.38. The ex-dividend date is Thursday, March 20th. Synovus Financial's dividend payout ratio (DPR) is presently 51.15%.

About Synovus Financial

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.