Synovus Financial Corp. (NYSE:SNV) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 14.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,491,146 shares of the bank’s stock after selling 245,234 shares during the quarter. Bank of New York Mellon Corp owned 1.05% of Synovus Financial worth $76,391,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC raised its stake in shares of Synovus Financial by 6.0% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 6,449 shares of the bank’s stock valued at $287,000 after purchasing an additional 365 shares during the period. State of Alaska Department of Revenue increased its stake in Synovus Financial by 7.2% during the 3rd quarter. State of Alaska Department of Revenue now owns 16,928 shares of the bank’s stock worth $752,000 after buying an additional 1,135 shares during the period. Farther Finance Advisors LLC lifted its holdings in Synovus Financial by 474.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,466 shares of the bank’s stock worth $65,000 after buying an additional 1,211 shares in the last quarter. Janney Montgomery Scott LLC lifted its holdings in Synovus Financial by 0.7% in the 3rd quarter. Janney Montgomery Scott LLC now owns 49,191 shares of the bank’s stock worth $2,188,000 after buying an additional 360 shares in the last quarter. Finally, Harbor Capital Advisors Inc. boosted its position in Synovus Financial by 118.8% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 14,498 shares of the bank’s stock valued at $645,000 after buying an additional 7,871 shares during the last quarter. 83.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SNV. JPMorgan Chase & Co. lifted their target price on Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $64.00 target price on shares of Synovus Financial in a research report on Thursday, December 12th. Stephens reiterated an “equal weight” rating and set a $58.00 target price on shares of Synovus Financial in a research note on Thursday, January 16th. UBS Group initiated coverage on shares of Synovus Financial in a research note on Tuesday, December 17th. They issued a “buy” rating and a $76.00 price target for the company. Finally, Barclays increased their price objective on shares of Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, Synovus Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.44.

Synovus Financial Stock Down 2.4 %

Shares of Synovus Financial stock opened at $50.65 on Tuesday. The stock has a market capitalization of $7.14 billion, a price-to-earnings ratio of 16.61, a PEG ratio of 1.11 and a beta of 1.39. Synovus Financial Corp. has a twelve month low of $33.44 and a twelve 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. The business’s 50 day simple moving average is $53.67 and its 200-day simple moving average is $50.87.

Synovus Financial (NYSE:SNV) last posted its earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. The company had revenue of $580.58 million for the quarter, compared to analysts’ expectations of $566.83 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The firm’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same period last year, the business posted $0.80 earnings per share. Equities research analysts forecast 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 will be paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th will be paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 3.08%. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s payout ratio is presently 49.84%.

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.