United Services Automobile Association Sells 1,608 Shares of Synovus Financial Corp. (NYSE:SNV)

United Services Automobile Association cut its position in shares of Synovus Financial Corp. (NYSE:SNV) by 13.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 10,204 shares of the bank’s stock after selling 1,608 shares during the quarter. United Services Automobile Association’s holdings in Synovus Financial were worth $454,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. &PARTNERS bought a new position in shares of Synovus Financial during the 2nd quarter worth approximately $284,000. Texas Permanent School Fund Corp grew its position in Synovus Financial by 19.6% in the second quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank’s stock valued at $6,150,000 after purchasing an additional 25,028 shares in the last quarter. Private Capital Management LLC increased its stake in Synovus Financial by 6.2% in the 1st quarter. Private Capital Management LLC now owns 365,557 shares of the bank’s stock valued at $14,644,000 after buying an additional 21,456 shares during the last quarter. Thrivent Financial for Lutherans lifted its position in Synovus Financial by 7.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 146,734 shares of the bank’s stock worth $6,525,000 after buying an additional 10,346 shares in the last quarter. Finally, Wedge Capital Management L L P NC boosted its stake in shares of Synovus Financial by 14.9% during the 2nd quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock worth $46,025,000 after buying an additional 148,842 shares during the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on SNV shares. JPMorgan Chase & Co. lifted their target price on Synovus Financial from $52.00 to $59.00 and gave the company an “overweight” rating in a research report on Friday, October 18th. Truist Financial upped their price objective on Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Barclays raised their target price 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. The Goldman Sachs Group upped their price target on shares of Synovus Financial from $52.00 to $62.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Finally, StockNews.com raised shares of Synovus Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, Synovus Financial has a consensus rating of “Moderate Buy” and a consensus target price of $54.47.

Synovus Financial Price Performance

Synovus Financial stock opened at $55.77 on Monday. The company has a market capitalization of $7.90 billion, a price-to-earnings ratio of 25.24, a PEG ratio of 2.01 and a beta of 1.38. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42. Synovus Financial Corp. has a 12 month low of $33.44 and a 12 month high of $59.92. The stock’s 50 day moving average is $51.54 and its 200-day moving average is $45.36.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The firm had revenue of $564.72 million for the quarter, compared to analyst estimates of $557.64 million. During the same period in the prior year, the firm posted $0.84 EPS. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. Equities research analysts expect that Synovus Financial Corp. will post 4.37 EPS for the current year.

Synovus Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th will be paid a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.73%. The ex-dividend date of this dividend is Thursday, December 19th. Synovus Financial’s dividend payout ratio (DPR) is 68.78%.

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.