Synovus Financial Corp. (NYSE:SNV) Position Cut by Wellington Management Group LLP

Wellington Management Group LLP reduced its position in Synovus Financial Corp. (NYSE:SNV - Free Report) by 18.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,841,511 shares of the bank's stock after selling 1,832,715 shares during the period. Wellington Management Group LLP owned approximately 5.56% of Synovus Financial worth $401,721,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Cerity Partners LLC grew its stake in Synovus Financial by 138.4% during the third quarter. Cerity Partners LLC now owns 14,728 shares of the bank's stock worth $655,000 after buying an additional 8,549 shares during the period. BNP Paribas Financial Markets boosted its position in Synovus Financial by 980.8% during the 3rd 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 period. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Synovus Financial in the 3rd quarter valued at $1,523,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Synovus Financial by 2.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,509 shares of the bank's stock valued at $1,312,000 after purchasing an additional 712 shares during the period. Finally, Rockefeller Capital Management L.P. lifted its stake in shares of Synovus Financial by 7.5% during the third quarter. Rockefeller Capital Management L.P. now owns 14,017 shares of the bank's stock worth $623,000 after purchasing an additional 978 shares in the last quarter. Hedge funds and other institutional investors own 83.85% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Stephens reiterated an "equal weight" rating and issued a $58.00 target price on shares of Synovus Financial in a research note on Thursday, January 16th. Citigroup increased their price objective on shares of Synovus Financial from $59.00 to $62.00 and gave the company a "buy" rating in a research report on Friday, January 17th. UBS Group began coverage on shares of Synovus Financial in a research report on Tuesday, December 17th. They set a "buy" rating and a $76.00 target price on the stock. Piper Sandler raised their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the company an "overweight" rating in a report on Wednesday, December 11th. Finally, Morgan Stanley decreased their price objective on shares of Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating for the company in a research report on Thursday, March 13th. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $58.67.

Synovus Financial Stock Performance

Shares of NYSE SNV traded down $1.90 during trading on Friday, reaching $38.21. The stock had a trading volume of 2,631,353 shares, compared to its average volume of 1,410,759. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a market cap of $5.39 billion, a PE ratio of 12.53, a P/E/G ratio of 1.11 and a beta of 1.16. Synovus Financial Corp. has a one year low of $33.44 and a one year high of $59.92. The firm's 50 day moving average price is $50.40 and its two-hundred day moving average price is $51.09.

Synovus Financial (NYSE:SNV - Get Free Report) last released its 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 during the quarter, compared to analyst estimates of $566.83 million. During the same quarter in the previous year, the firm earned $0.80 earnings per share. The firm's revenue for the quarter was up 18.8% compared to the same quarter last year. On average, research analysts forecast that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th were issued a $0.39 dividend. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $1.56 dividend on an annualized basis and a yield of 4.08%. This is a boost from Synovus Financial's previous quarterly dividend of $0.38. Synovus Financial's dividend payout ratio (DPR) 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.