Salem Investment Counselors Inc. decreased its holdings in shares of Synovus Financial Corp. (NYSE:SNV – Free Report) by 13.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,810 shares of the bank’s stock after selling 275 shares during the period. Salem Investment Counselors Inc.’s holdings in Synovus Financial were worth $93,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. FMR LLC boosted its position in shares of Synovus Financial by 5.4% during the 3rd quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock valued at $517,027,000 after acquiring an additional 598,644 shares during the last quarter. Wellington Management Group LLP raised its stake in Synovus Financial by 12.8% in the third quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock valued at $430,213,000 after purchasing an additional 1,095,557 shares in the last quarter. State Street Corp lifted its position in Synovus Financial by 3.2% during the third quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock valued at $294,255,000 after purchasing an additional 201,362 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Synovus Financial by 9.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock worth $231,597,000 after buying an additional 491,036 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Synovus Financial by 3.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank’s stock worth $222,022,000 after buying an additional 147,599 shares during the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.
Synovus Financial Price Performance
Shares of SNV stock opened at $53.63 on Wednesday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.88 and a current ratio of 0.89. The firm has a market cap of $7.60 billion, a P/E ratio of 24.27, a P/E/G ratio of 1.58 and a beta of 1.39. The business’s 50 day moving average price is $54.29 and its 200-day moving average price is $48.01. Synovus Financial Corp. has a fifty-two week low of $33.44 and a fifty-two week high of $59.92.
Synovus Financial Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors 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 2.83%. The ex-dividend date of this dividend was Thursday, December 19th. Synovus Financial’s dividend payout ratio is currently 68.78%.
Wall Street Analysts Forecast Growth
A number of research firms have recently issued reports on SNV. Stephens lifted their price objective on shares of Synovus Financial from $46.00 to $52.00 and gave the stock an “equal weight” rating in a report on Friday, October 18th. Barclays lifted their price target on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Raymond James upgraded Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price objective on the stock in a research report on Tuesday, September 17th. Citigroup set a $59.00 target price on Synovus Financial in a research note on Friday, October 18th. Finally, Truist Financial lifted their price target on shares of Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” 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 company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $57.86.
View Our Latest Analysis on SNV
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.
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