Citigroup Inc. Has $8.49 Million Stock Position in Synovus Financial Corp. (NYSE:SNV)

Citigroup Inc. cut its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 12.4% in the third quarter, Holdings Channel reports. The institutional investor owned 191,008 shares of the bank’s stock after selling 27,108 shares during the quarter. Citigroup Inc.’s holdings in Synovus Financial were worth $8,494,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of SNV. Millennium Management LLC increased its position in Synovus Financial by 181.0% during the second quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock worth $52,343,000 after acquiring an additional 838,932 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Synovus Financial by 9.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock worth $231,597,000 after purchasing an additional 491,036 shares during the period. Diamond Hill Capital Management Inc. acquired a new position in shares of Synovus Financial during the second quarter valued at about $19,434,000. Wedge Capital Management L L P NC lifted its stake in shares of Synovus Financial by 14.9% in the second quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock valued at $46,025,000 after buying an additional 148,842 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in Synovus Financial by 3.0% during the third 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 in the last quarter. 83.85% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have commented on SNV. Bank of America upped their price target on Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a report on Friday, October 18th. Barclays upped their target price on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Wells Fargo & Company downgraded shares of Synovus Financial from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $48.00 to $46.00 in a research note on Tuesday, October 1st. Royal Bank of Canada increased their price objective on shares of Synovus Financial from $49.00 to $57.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Finally, The Goldman Sachs Group lifted their target price on shares of Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a research report on Tuesday. Seven investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $53.94.

Synovus Financial Stock Down 0.6 %

Shares of NYSE SNV opened at $57.08 on Friday. Synovus Financial Corp. has a 12-month low of $30.52 and a 12-month high of $59.92. The firm’s 50-day simple moving average is $50.09 and its 200 day simple moving average is $44.61. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. The company has a market cap of $8.09 billion, a price-to-earnings ratio of 25.83, a price-to-earnings-growth ratio of 2.07 and a beta of 1.37.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, beating the consensus estimate of $1.09 by $0.14. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The business had revenue of $564.72 million for the quarter, compared to analysts’ expectations of $557.64 million. During the same period in the prior year, the firm earned $0.84 earnings per share. Synovus Financial’s revenue was up 2.6% compared to the same quarter last year. On average, research analysts expect that Synovus Financial Corp. will post 4.37 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.66%. Synovus Financial’s payout ratio is currently 68.78%.

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.