Prudential Financial Inc. Boosts Stock Position in Synovus Financial Corp. (NYSE:SNV)

Prudential Financial Inc. increased its stake in Synovus Financial Corp. (NYSE:SNV) by 349.4% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 529,147 shares of the bank’s stock after purchasing an additional 411,411 shares during the quarter. Prudential Financial Inc. owned about 0.37% of Synovus Financial worth $27,108,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SNV. Keystone Financial Group Inc. purchased a new position in Synovus Financial during the 4th quarter valued at about $37,000. Quarry LP bought a new position in shares of Synovus Financial in the third quarter valued at approximately $41,000. Brooklyn Investment Group bought a new position in shares of Synovus Financial in the third quarter valued at approximately $56,000. Jones Financial Companies Lllp grew its stake in Synovus Financial by 72.7% during the fourth quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock valued at $56,000 after acquiring an additional 461 shares in the last quarter. Finally, V Square Quantitative Management LLC increased its holdings in Synovus Financial by 69.3% during the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock worth $58,000 after acquiring an additional 466 shares during the period. 83.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have commented on SNV. UBS Group assumed coverage on shares of Synovus Financial in a report on Tuesday, December 17th. They issued a “buy” rating and a $76.00 price target for the company. Wells Fargo & Company lifted their price objective on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Royal Bank of Canada restated an “outperform” rating and issued a $64.00 target price on shares of Synovus Financial in a research note on Thursday, December 12th. Piper Sandler lifted their price target on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research report on Wednesday, December 11th. Finally, Citigroup upped their price objective on shares of Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $58.67.

Synovus Financial Stock Down 0.6 %

SNV opened at $48.34 on Thursday. Synovus Financial Corp. has a 12 month low of $33.44 and a 12 month high of $59.92. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. The business’s 50-day moving average price is $51.87 and its 200-day moving average price is $51.07. The company has a market cap of $6.81 billion, a P/E ratio of 15.85, a P/E/G ratio of 1.11 and a beta of 1.36.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.09. The business had revenue of $580.58 million for 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 business’s quarterly revenue was up 18.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.80 EPS. On average, equities analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Thursday, March 20th will be issued a dividend of $0.39 per share. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a yield of 3.23%. The ex-dividend date of this dividend is Thursday, March 20th. Synovus Financial’s dividend payout ratio is currently 51.15%.

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.