Synovus Financial Corp. (NYSE:SNV) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. trimmed its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 5.6% during the fourth quarter, Holdings Channel reports. The firm owned 225,038 shares of the bank’s stock after selling 13,467 shares during the period. Victory Capital Management Inc.’s holdings in Synovus Financial were worth $11,529,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Keystone Financial Group Inc. acquired a new stake in shares of Synovus Financial during the 4th quarter worth approximately $37,000. Quarry LP acquired a new stake in shares of Synovus Financial during the 3rd quarter worth approximately $41,000. Jones Financial Companies Lllp raised its position in shares of Synovus Financial by 72.7% during the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock worth $56,000 after purchasing an additional 461 shares during the period. V Square Quantitative Management LLC raised its position in shares of Synovus Financial by 69.3% during the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock worth $58,000 after purchasing an additional 466 shares during the period. Finally, Brooklyn Investment Group bought a new position in Synovus Financial in the 3rd quarter worth approximately $56,000. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on SNV shares. Wells Fargo & Company increased their price objective on Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. The Goldman Sachs Group increased their price objective on Synovus Financial from $52.00 to $62.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. JPMorgan Chase & Co. increased their price objective on Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Citigroup increased their price objective on Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Synovus Financial in a report on Monday, December 9th. They issued a “buy” rating and a $64.00 price objective for the company. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, Synovus Financial has a consensus rating of “Moderate Buy” and an average target price of $58.67.

Synovus Financial Stock Performance

Shares of NYSE SNV opened at $44.17 on Friday. The firm has a market cap of $6.22 billion, a P/E ratio of 14.48, a PEG ratio of 1.11 and a beta of 1.36. 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 fifty day moving average price of $52.95 and a two-hundred day moving average price of $50.92. Synovus Financial Corp. has a 1 year low of $33.44 and a 1 year high of $59.92.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.09. The business had revenue of $580.58 million during the quarter, compared to analyst estimates of $566.83 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The company’s revenue was up 18.8% compared to the same quarter last year. During the same period last year, the company posted $0.80 EPS. Research analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th will be paid a dividend of $0.39 per share. The ex-dividend date is Thursday, March 20th. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a dividend yield of 3.53%. Synovus Financial’s dividend payout ratio (DPR) is currently 51.15%.

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.