Wells Fargo & Company MN Acquires 895 Shares of Synovus Financial Corp. (NYSE:SNV)

Wells Fargo & Company MN increased its stake in Synovus Financial Corp. (NYSE:SNV) by 1.0% during the 4th quarter, Holdings Channel reports. The firm owned 88,204 shares of the bank’s stock after purchasing an additional 895 shares during the quarter. Wells Fargo & Company MN’s holdings in Synovus Financial were worth $4,519,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of SNV. Sanctuary Advisors LLC bought a new stake in shares of Synovus Financial during the 3rd quarter worth $217,000. Franklin Resources Inc. raised its position in Synovus Financial by 4.0% during the third quarter. Franklin Resources Inc. now owns 22,964 shares of the bank’s stock valued at $1,069,000 after purchasing an additional 885 shares in the last quarter. Oddo BHF Asset Management Sas bought a new stake in Synovus Financial during the third quarter worth about $753,000. Nordea Investment Management AB boosted its holdings in shares of Synovus Financial by 3.8% in the 4th quarter. Nordea Investment Management AB now owns 276,863 shares of the bank’s stock worth $14,261,000 after purchasing an additional 10,109 shares in the last quarter. Finally, Harbor Capital Advisors Inc. increased its position in shares of Synovus Financial by 2.1% during the 4th quarter. Harbor Capital Advisors Inc. now owns 14,800 shares of the bank’s stock valued at $758,000 after purchasing an additional 302 shares during the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on SNV shares. Wells Fargo & Company dropped their target price on Synovus Financial from $60.00 to $50.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 9th. Citigroup boosted their price objective on shares of Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, January 17th. JPMorgan Chase & Co. upped their price objective on shares of Synovus Financial from $60.50 to $62.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Barclays decreased their target price on shares of Synovus Financial from $66.00 to $60.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Finally, Stephens restated an “equal weight” rating and set a $58.00 price target on shares of Synovus Financial in a research report on Thursday, January 16th. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.17.

Synovus Financial Stock Up 1.8 %

Shares of SNV stock opened at $41.24 on Monday. The company has a 50 day simple moving average of $46.67 and a two-hundred day simple moving average of $50.79. The stock has a market cap of $5.81 billion, a P/E ratio of 13.52, a P/E/G ratio of 1.11 and a beta of 1.16. Synovus Financial Corp. has a 12 month low of $34.66 and a 12 month high of $59.92. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates of $1.11 by $0.19. The business had revenue of $573.24 million during the quarter, compared to analyst estimates of $572.35 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. On average, research analysts expect that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Thursday, March 20th were given a $0.39 dividend. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.78%. The ex-dividend date of this dividend was Thursday, March 20th. Synovus Financial’s payout ratio is currently 43.70%.

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.