Wellington Management Group LLP Increases Stock Position in Synovus Financial Corp. (NYSE:SNV)

Wellington Management Group LLP grew its position in Synovus Financial Corp. (NYSE:SNV - Free Report) by 12.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,674,226 shares of the bank's stock after acquiring an additional 1,095,557 shares during the quarter. Wellington Management Group LLP owned 6.83% of Synovus Financial worth $430,213,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. &PARTNERS bought a new stake in Synovus Financial in the second quarter worth $284,000. Texas Permanent School Fund Corp lifted its holdings 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 valued at $6,150,000 after acquiring an additional 25,028 shares during the last quarter. Private Capital Management LLC grew its position in Synovus Financial by 6.2% in the first quarter. Private Capital Management LLC now owns 365,557 shares of the bank's stock worth $14,644,000 after acquiring an additional 21,456 shares in the last quarter. Thrivent Financial for Lutherans increased its stake in Synovus Financial by 7.6% during the third quarter. Thrivent Financial for Lutherans now owns 146,734 shares of the bank's stock worth $6,525,000 after acquiring an additional 10,346 shares during the last quarter. Finally, Wedge Capital Management L L P NC raised its position in Synovus Financial by 14.9% during the second quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank's stock valued at $46,025,000 after purchasing an additional 148,842 shares during the period. 83.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on SNV. Bank of America increased their price target on Synovus Financial from $48.00 to $57.00 and gave the company a "buy" rating in a report on Friday, October 18th. Wells Fargo & Company increased their target price on shares of Synovus Financial from $51.00 to $55.00 and gave the company an "equal weight" rating in a research note on Tuesday, December 3rd. Royal Bank of Canada lifted their price target on shares of Synovus Financial from $49.00 to $57.00 and gave the stock an "outperform" rating in a research note on Friday, October 18th. JPMorgan Chase & Co. increased their price objective on shares of Synovus Financial from $52.00 to $59.00 and gave the stock an "overweight" rating in a research report on Friday, October 18th. Finally, Stephens boosted their price objective on Synovus Financial from $46.00 to $52.00 and gave the company an "equal weight" rating in a report on Friday, October 18th. Seven investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $54.47.

Synovus Financial Stock Up 0.6 %

Shares of NYSE SNV traded up $0.32 during midday trading on Friday, reaching $55.77. 1,142,976 shares of the company's stock traded hands, compared to its average volume of 988,881. The company has a market cap of $7.90 billion, a price-to-earnings ratio of 25.24, a P/E/G ratio of 2.01 and a beta of 1.38. The stock's 50 day simple moving average is $51.54 and its 200-day simple moving average is $45.32. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. Synovus Financial Corp. has a one year low of $33.44 and a one year high of $59.92.

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

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th will be issued a $0.38 dividend. The ex-dividend date is Thursday, December 19th. This represents a $1.52 dividend on an annualized basis and a yield of 2.73%. Synovus Financial's dividend payout ratio is presently 68.78%.

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.