Synovus Financial Corp. (NYSE:SNV) Stock Position Decreased by Pzena Investment Management LLC

Pzena Investment Management LLC trimmed its holdings in Synovus Financial Corp. (NYSE:SNV) by 6.1% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 711,469 shares of the bank’s stock after selling 46,145 shares during the period. Pzena Investment Management LLC owned 0.50% of Synovus Financial worth $31,639,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. &PARTNERS acquired a new position in shares of Synovus Financial during the 2nd quarter valued at about $284,000. Texas Permanent School Fund Corp boosted its position in shares of 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 acquiring an additional 25,028 shares during the period. Private Capital Management LLC grew its stake in shares of Synovus Financial by 6.2% in the first quarter. Private Capital Management LLC now owns 365,557 shares of the bank’s stock worth $14,644,000 after acquiring an additional 21,456 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp increased its position in Synovus Financial by 92.0% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 47,198 shares of the bank’s stock worth $1,852,000 after acquiring an additional 22,621 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its stake in Synovus Financial by 81.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 230,856 shares of the bank’s stock valued at $9,249,000 after purchasing an additional 103,891 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on SNV shares. DA Davidson boosted their price target on Synovus Financial from $53.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Bank of America lifted their price objective on Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a report on Friday, October 18th. Morgan Stanley boosted their target price on shares of Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. StockNews.com upgraded shares of Synovus Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Finally, Barclays boosted their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Seven research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $52.71.

Synovus Financial Trading Down 0.8 %

NYSE SNV traded down $0.42 during trading hours on Wednesday, hitting $54.77. The company’s stock had a trading volume of 122,832 shares, compared to its average volume of 1,400,583. Synovus Financial Corp. has a twelve month low of $29.34 and a twelve month high of $59.79. The firm has a market capitalization of $7.76 billion, a P/E ratio of 24.98, a PEG ratio of 2.02 and a beta of 1.37. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. The stock has a fifty day moving average of $48.31 and a 200 day moving average of $43.79.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, topping 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 analysts’ expectations of $557.64 million. During the same quarter last year, the business earned $0.84 earnings per share. The company’s revenue was up 2.6% compared to the same quarter last year. Equities research analysts forecast that Synovus Financial Corp. will post 4.37 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.78%. The ex-dividend date was Thursday, September 19th. Synovus Financial’s dividend payout ratio (DPR) is presently 68.78%.

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.