Dimensional Fund Advisors LP Cuts Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

Dimensional Fund Advisors LP lowered its stake in shares of Synovus Financial Corp. (NYSE:SNV – Get Rating) by 0.5% during the fourth quarter, HoldingsChannel.com reports. The firm owned 2,954,728 shares of the bank’s stock after selling 14,562 shares during the period. Dimensional Fund Advisors LP’s holdings in Synovus Financial were worth $110,949,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Synovus Financial by 1.1% in the 3rd quarter. Vanguard Group Inc. now owns 14,996,954 shares of the bank’s stock worth $562,536,000 after buying an additional 170,332 shares in the last quarter. BlackRock Inc. increased its position in shares of Synovus Financial by 0.7% in the 3rd quarter. BlackRock Inc. now owns 13,285,726 shares of the bank’s stock worth $498,347,000 after purchasing an additional 92,205 shares during the last quarter. State Street Corp grew its position in shares of Synovus Financial by 3.7% during the 3rd quarter. State Street Corp now owns 6,058,263 shares of the bank’s stock valued at $229,247,000 after buying an additional 218,567 shares during the last quarter. Alliancebernstein L.P. grew its position in shares of Synovus Financial by 3.2% during the 3rd quarter. Alliancebernstein L.P. now owns 3,677,481 shares of the bank’s stock valued at $137,942,000 after buying an additional 114,862 shares during the last quarter. Finally, Macquarie Group Ltd. grew its position in shares of Synovus Financial by 10.1% during the 3rd quarter. Macquarie Group Ltd. now owns 3,320,211 shares of the bank’s stock valued at $124,647,000 after buying an additional 305,191 shares during the last quarter. Hedge funds and other institutional investors own 79.89% of the company’s stock.

Insider Buying and Selling

In related news, EVP Daniel Zachary Bishop acquired 1,000 shares of the firm’s stock in a transaction on Friday, May 5th. The shares were bought at an average cost of $27.96 per share, with a total value of $27,960.00. Following the completion of the acquisition, the executive vice president now owns 32,541 shares of the company’s stock, valued at $909,846.36. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Synovus Financial news, Director Diana M. Murphy bought 3,775 shares of the company’s stock in a transaction on Thursday, May 4th. The stock was bought at an average price of $26.44 per share, for a total transaction of $99,811.00. Following the transaction, the director now owns 30,935 shares of the company’s stock, valued at approximately $817,921.40. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Daniel Zachary Bishop bought 1,000 shares of the company’s stock in a transaction on Friday, May 5th. The shares were acquired at an average price of $27.96 per share, with a total value of $27,960.00. Following the transaction, the executive vice president now directly owns 32,541 shares in the company, valued at approximately $909,846.36. The disclosure for this purchase can be found here. Insiders have bought a total of 11,375 shares of company stock valued at $309,411 over the last three months. 1.60% of the stock is owned by corporate insiders.

Analyst Ratings Changes

SNV has been the subject of a number of recent research reports. Raymond James lowered their price objective on shares of Synovus Financial from $46.00 to $36.00 and set an “outperform” rating for the company in a research report on Thursday, April 6th. JPMorgan Chase & Co. decreased their target price on shares of Synovus Financial from $43.00 to $34.00 in a research report on Thursday, April 6th. TheStreet cut shares of Synovus Financial from a “b” rating to a “c+” rating in a research report on Wednesday, March 22nd. Truist Financial decreased their target price on shares of Synovus Financial from $48.00 to $35.00 in a research report on Thursday, March 23rd. Finally, The Goldman Sachs Group reduced their price target on shares of Synovus Financial from $46.00 to $39.00 and set a “neutral” rating for the company in a research note on Thursday, March 30th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $39.88.

Synovus Financial Trading Down 2.5 %

Shares of NYSE:SNV opened at $27.33 on Monday. The company has a market cap of $3.99 billion, a P/E ratio of 5.30, a P/E/G ratio of 1.95 and a beta of 1.33. The stock’s 50-day moving average is $29.17 and its 200-day moving average is $36.34. Synovus Financial Corp. has a 52-week low of $25.19 and a 52-week high of $44.91. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.93 and a current ratio of 0.94.

Synovus Financial (NYSE:SNV – Get Rating) last released its earnings results on Wednesday, April 19th. The bank reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.11. Synovus Financial had a return on equity of 19.92% and a net margin of 28.04%. The business had revenue of $613.90 million for the quarter, compared to the consensus estimate of $589.40 million. During the same period last year, the business earned $1.08 earnings per share. The firm’s revenue for the quarter was up 23.1% compared to the same quarter last year. Equities research analysts predict that Synovus Financial Corp. will post 4.66 earnings per share for the current year.

Synovus Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 3rd. Investors of record on Thursday, March 16th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Wednesday, March 15th. This is an increase from Synovus Financial’s previous quarterly dividend of $0.34. This represents a $1.52 dividend on an annualized basis and a yield of 5.56%. Synovus Financial’s dividend payout ratio (DPR) is 29.46%.

About Synovus Financial

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Synovus Financial Corp. is a bank holding company, which engages in the provision of financial services. The company operates through the following segments: Community Banking, Wholesale Banking, and Financial Management Services (FMS). The Community Banking business segment serves customers using a relationship-based approach through its branch, ATM, commercial, and private wealth network in addition to mobile, Internet, and telephone banking.