Synovus Financial Corp. (NYSE:SNV) Shares Sold by Equitable Trust Co.

Equitable Trust Co. reduced its position in Synovus Financial Corp. (NYSE:SNV) by 9.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,295 shares of the bank’s stock after selling 835 shares during the quarter. Equitable Trust Co.’s holdings in Synovus Financial were worth $425,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in SNV. FMR LLC grew its stake in Synovus Financial by 5.4% during the 3rd quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock worth $517,027,000 after buying an additional 598,644 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Synovus Financial by 12.8% in the third quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock worth $430,213,000 after acquiring an additional 1,095,557 shares in the last quarter. State Street Corp grew its stake in shares of Synovus Financial by 3.2% during the third quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock worth $294,255,000 after acquiring an additional 201,362 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of 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 acquiring an additional 147,599 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Synovus Financial by 0.9% during the third quarter. Geode Capital Management LLC now owns 2,419,737 shares of the bank’s stock valued at $107,633,000 after acquiring an additional 22,549 shares in the last quarter. 83.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SNV. JPMorgan Chase & Co. lifted their target price on shares of Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. The Goldman Sachs Group lifted their price objective on shares of Synovus Financial from $52.00 to $62.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Stephens reissued an “equal weight” rating and issued a $58.00 target price on shares of Synovus Financial in a research report on Thursday, January 16th. Barclays lifted their price target on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Synovus Financial in a report on Monday, December 9th. They issued a “buy” rating and a $64.00 price objective on the stock. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $58.44.

Synovus Financial Price Performance

Shares of Synovus Financial stock opened at $55.71 on Wednesday. The firm has a market cap of $7.89 billion, a PE ratio of 18.27, a P/E/G ratio of 1.17 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 quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. The business has a 50-day moving average price of $53.82 and a 200 day moving average price of $49.84.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. The business had revenue of $580.58 million during 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 business’s revenue was up 18.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.80 earnings per share. Sell-side analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.73%. The ex-dividend date of this dividend was Thursday, December 19th. Synovus Financial’s payout ratio is 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.