Corebridge Financial Inc. Decreases Stake in Synovus Financial Corp. (NYSE:SNV)

Corebridge Financial Inc. trimmed its position in shares of Synovus Financial Corp. (NYSE:SNV) by 5.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 160,313 shares of the bank’s stock after selling 9,938 shares during the period. Corebridge Financial Inc. owned about 0.11% of Synovus Financial worth $8,213,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. FMR LLC increased its position 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 purchasing an additional 598,644 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Synovus Financial by 12.8% during the third quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock worth $430,213,000 after purchasing an additional 1,095,557 shares in the last quarter. State Street Corp increased 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 buying an additional 201,362 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Synovus Financial by 2.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,109,856 shares of the bank’s stock valued at $261,778,000 after buying an additional 117,242 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in 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 buying an additional 22,549 shares during the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Stock Down 1.8 %

Synovus Financial stock opened at $47.47 on Friday. The stock has a 50 day moving average of $51.73 and a two-hundred day moving average of $51.04. Synovus Financial Corp. has a twelve month low of $33.44 and a twelve month high of $59.92. The stock has a market capitalization of $6.69 billion, a price-to-earnings ratio of 15.56, a PEG ratio of 1.11 and a beta of 1.36. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.09. The firm had revenue of $580.58 million during the quarter, compared to the consensus estimate of $566.83 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The company’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period last year, the company earned $0.80 earnings per share. As a group, research analysts expect that Synovus Financial Corp. will post 4.89 earnings per share for the current 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 issued a $0.39 dividend. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $1.56 annualized dividend and a dividend yield of 3.29%. Synovus Financial’s payout ratio is presently 51.15%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SNV. UBS Group initiated coverage on Synovus Financial in a research report on Tuesday, December 17th. They set a “buy” rating and a $76.00 target price on the stock. Citigroup raised their price objective on shares of Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Stephens restated an “equal weight” rating and set a $58.00 price objective on shares of Synovus Financial in a research report on Thursday, January 16th. Piper Sandler increased their target price on shares of Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research report on Wednesday, December 11th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $64.00 price target on shares of Synovus Financial in a research report on Thursday, December 12th. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $58.67.

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.