Wells Fargo & Company MN reduced its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 4.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 404,669 shares of the bank’s stock after selling 17,675 shares during the quarter. Wells Fargo & Company MN owned approximately 0.27% of Synovus Financial worth $7,107,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Wellington Management Group LLP lifted its stake in Synovus Financial by 33.4% during the first quarter. Wellington Management Group LLP now owns 10,425,975 shares of the bank’s stock worth $183,080,000 after purchasing an additional 2,613,213 shares during the last quarter. Synovus Financial Corp lifted its position in shares of Synovus Financial by 1.8% during the 1st quarter. Synovus Financial Corp now owns 6,162,482 shares of the bank’s stock worth $108,216,000 after buying an additional 107,033 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of Synovus Financial by 47.4% in the 1st quarter. Franklin Resources Inc. now owns 4,321,779 shares of the bank’s stock valued at $75,890,000 after buying an additional 1,389,271 shares in the last quarter. EJF Capital LLC boosted its holdings in shares of Synovus Financial by 128.1% in the 4th quarter. EJF Capital LLC now owns 2,119,702 shares of the bank’s stock valued at $83,092,000 after buying an additional 1,190,600 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Synovus Financial by 2.0% in the 1st quarter. Bank of New York Mellon Corp now owns 1,993,494 shares of the bank’s stock valued at $35,005,000 after buying an additional 40,038 shares during the last quarter. Institutional investors and hedge funds own 78.57% of the company’s stock.
Shares of NYSE SNV opened at $20.53 on Wednesday. The stock has a fifty day moving average price of $20.09 and a 200 day moving average price of $26.77. Synovus Financial Corp. has a 1-year low of $10.91 and a 1-year high of $40.32. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.96 and a quick ratio of 0.96. The company has a market cap of $2.78 billion, a PE ratio of 6.94, a P/E/G ratio of 2.09 and a beta of 1.66.
Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Friday, April 24th. The bank reported $0.21 EPS for the quarter, missing the Zacks’ consensus estimate of $0.31 by ($0.10). The firm had revenue of $477.90 million for the quarter, compared to analysts’ expectations of $456.99 million. Synovus Financial had a return on equity of 11.20% and a net margin of 20.00%. The firm’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.98 EPS. Analysts anticipate that Synovus Financial Corp. will post 1.13 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Thursday, June 18th will be given a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, June 17th. This represents a $1.32 dividend on an annualized basis and a yield of 6.43%. Synovus Financial’s payout ratio is currently 33.85%.
Several equities analysts have issued reports on SNV shares. SunTrust Banks upped their price objective on shares of Synovus Financial from $22.00 to $26.00 and gave the company a “buy” rating in a research note on Tuesday, May 5th. Morgan Stanley raised their price target on Synovus Financial from $26.00 to $29.00 and gave the stock an “overweight” rating in a research note on Monday, June 8th. DA Davidson reduced their price objective on Synovus Financial from $42.00 to $35.00 and set a “buy” rating for the company in a research note on Wednesday, March 4th. ValuEngine raised Synovus Financial from a “strong sell” rating to a “sell” rating in a report on Friday, May 1st. Finally, Wells Fargo & Co raised shares of Synovus Financial from an “equal weight” rating to an “overweight” rating and cut their target price for the company from $37.00 to $26.00 in a report on Monday, March 30th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and ten have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $34.40.
Synovus Financial Profile
Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides various financial products and services. It offers integrated financial services, including commercial and retail banking, financial management, insurance, and mortgage services. The company's commercial banking services comprise treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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