Securian Asset Management Inc. Sells 486 Shares of Synovus Financial Corp. (NYSE:SNV)

Securian Asset Management Inc. trimmed its position in Synovus Financial Corp. (NYSE:SNV) by 4.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,709 shares of the bank’s stock after selling 486 shares during the quarter. Securian Asset Management Inc.’s holdings in Synovus Financial were worth $549,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Thrivent Financial for Lutherans boosted its position in shares of Synovus Financial by 7.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 146,734 shares of the bank’s stock valued at $6,525,000 after acquiring an additional 10,346 shares during the last quarter. Nordea Investment Management AB increased its holdings in shares of Synovus Financial by 3.8% in the fourth quarter. Nordea Investment Management AB now owns 276,863 shares of the bank’s stock worth $14,261,000 after buying an additional 10,109 shares during the period. Quest Partners LLC bought a new stake in Synovus Financial in the third quarter valued at approximately $1,264,000. Quantinno Capital Management LP boosted its position in Synovus Financial by 25.1% during the 3rd quarter. Quantinno Capital Management LP now owns 49,099 shares of the bank’s stock valued at $2,183,000 after buying an additional 9,852 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings 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 purchasing an additional 147,599 shares during the period. 83.85% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on SNV. The Goldman Sachs Group raised their price target on Synovus Financial from $52.00 to $62.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Morgan Stanley cut their price target on Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 13th. Piper Sandler raised 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 Wednesday, December 11th. Citigroup lifted their target price on Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Finally, Stephens reissued an “equal weight” rating and set a $58.00 price objective on shares of Synovus Financial in a report on Thursday, January 16th. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $58.67.

Synovus Financial Trading Up 1.6 %

Shares of Synovus Financial stock opened at $46.43 on Tuesday. The company has a fifty day moving average of $52.56 and a 200 day moving average of $50.95. Synovus Financial Corp. has a fifty-two week low of $33.44 and a fifty-two week high of $59.92. The company has a market capitalization of $6.54 billion, a P/E ratio of 15.22, a P/E/G ratio of 1.11 and a beta of 1.36. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, topping the consensus estimate of $1.16 by $0.09. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The firm had revenue of $580.58 million for the quarter, compared to the consensus estimate of $566.83 million. During the same quarter in the previous year, the firm earned $0.80 earnings per share. The company’s quarterly revenue was up 18.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th will be given a dividend of $0.39 per share. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date of this dividend is Thursday, March 20th. Synovus Financial’s dividend payout ratio is currently 51.15%.

Synovus Financial 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.