Welch Group LLC Sells 9,545 Shares of Synovus Financial Corp. (NYSE:SNV)

Welch Group LLC lowered its stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 12.3% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 67,843 shares of the bank's stock after selling 9,545 shares during the period. Welch Group LLC's holdings in Synovus Financial were worth $3,471,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in SNV. V Square Quantitative Management LLC bought a new stake in Synovus Financial during the third quarter worth approximately $30,000. UMB Bank n.a. grew its holdings in Synovus Financial by 87.2% in the third quarter. UMB Bank n.a. now owns 747 shares of the bank's stock worth $33,000 after purchasing an additional 348 shares during the last quarter. Quarry LP purchased a new position in shares of Synovus Financial in the 3rd quarter valued at approximately $41,000. Brooklyn Investment Group purchased a new stake in Synovus Financial during the 3rd quarter valued at about $56,000. Finally, Farther Finance Advisors LLC increased its stake in shares of Synovus Financial by 474.9% in the third quarter. Farther Finance Advisors LLC now owns 1,466 shares of the bank's stock worth $65,000 after acquiring an additional 1,211 shares during the period. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SNV has been the topic of several research analyst reports. Piper Sandler raised their price objective on Synovus Financial from $56.00 to $64.00 and gave the company an "overweight" rating in a report on Wednesday, December 11th. Evercore ISI lifted their price target on shares of Synovus Financial from $48.00 to $54.00 and gave the company an "in-line" rating in a research report on Wednesday, October 30th. Stephens reissued an "equal weight" rating and issued a $58.00 price objective on shares of Synovus Financial in a research note on Thursday, January 16th. Wells Fargo & Company raised their price target on shares of Synovus Financial from $51.00 to $55.00 and gave the company an "equal weight" rating in a research report on Tuesday, December 3rd. Finally, Morgan Stanley increased their price objective on Synovus Financial from $51.00 to $55.00 and gave the company an "equal weight" rating in a research note on Monday, October 21st. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $58.44.

Synovus Financial Stock Down 1.5 %

Synovus Financial stock traded down $0.87 during mid-day trading on Friday, hitting $56.00. 684,265 shares of the company's stock were exchanged, compared to its average volume of 1,304,541. Synovus Financial Corp. has a 1-year low of $33.44 and a 1-year high of $59.92. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. The stock has a 50 day moving average of $53.88 and a two-hundred day moving average of $49.61. The stock has a market cap of $7.93 billion, a P/E ratio of 18.36, a P/E/G ratio of 1.17 and a beta of 1.39.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, beating analysts' consensus estimates of $1.16 by $0.09. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The business had revenue of $580.58 million during the quarter, compared to analyst estimates of $566.83 million. During the same period in the prior year, the company posted $0.80 earnings per share. Synovus Financial's revenue was up 18.8% on a year-over-year basis. As a group, analysts anticipate that Synovus Financial Corp. will post 4.86 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th were given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.71%. The ex-dividend date was Thursday, December 19th. Synovus Financial's dividend payout ratio is 49.84%.

Synovus Financial Company 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.