Synovus Financial Corp. (NYSE:SNV) Holdings Trimmed by Salzhauer Michael

Salzhauer Michael reduced its position in Synovus Financial Corp. (NYSE:SNV) by 6.5% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 203,926 shares of the bank’s stock after selling 14,067 shares during the quarter. Synovus Financial makes up about 3.5% of Salzhauer Michael’s holdings, making the stock its 4th largest holding. Salzhauer Michael’s holdings in Synovus Financial were worth $10,447,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of SNV. FMR LLC lifted its holdings in shares of Synovus Financial by 5.4% in the 3rd quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock valued at $517,027,000 after buying an additional 598,644 shares during the period. Wellington Management Group LLP lifted 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 valued at $430,213,000 after acquiring an additional 1,095,557 shares during the period. State Street Corp lifted its holdings in Synovus Financial by 3.2% in the third quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock valued at $294,255,000 after acquiring an additional 201,362 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Synovus Financial by 3.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank’s stock worth $222,022,000 after purchasing an additional 147,599 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Synovus Financial by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 2,419,737 shares of the bank’s stock worth $107,633,000 after purchasing an additional 22,549 shares during the period. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on SNV shares. The Goldman Sachs Group raised their price objective on shares of Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Bank of America lifted their price target on shares of Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Citigroup upped their price target on Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, January 17th. UBS Group started coverage on Synovus Financial in a report on Tuesday, December 17th. They set a “buy” rating and a $76.00 price objective for the company. Finally, Barclays upped their target price on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $58.44.

Synovus Financial Price Performance

Shares of NYSE:SNV opened at $56.00 on Monday. The company has a market cap of $7.93 billion, a P/E ratio of 18.36, a P/E/G ratio of 1.17 and a beta of 1.39. The business has a fifty day simple moving average of $53.86 and a 200-day simple moving average of $49.73. Synovus Financial Corp. has a 52 week low of $33.44 and a 52 week 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.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, beating the consensus estimate of $1.16 by $0.09. The company 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 firm’s revenue was up 18.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.80 EPS. Equities research analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Thursday, December 19th were given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.71%. The ex-dividend date was Thursday, December 19th. Synovus Financial’s dividend payout ratio (DPR) is 49.84%.

About Synovus Financial

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.