34,659 Shares in Synovus Financial Corp. (NYSE:SNV) Bought by Prudential PLC

Prudential PLC purchased a new position in shares of Synovus Financial Corp. (NYSE:SNV) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 34,659 shares of the bank’s stock, valued at approximately $1,776,000.

A number of other large investors have also recently added to or reduced their stakes in SNV. Rockefeller Capital Management L.P. lifted its stake in Synovus Financial by 7.5% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 14,017 shares of the bank’s stock valued at $623,000 after purchasing an additional 978 shares during the last quarter. Verition Fund Management LLC bought a new stake in Synovus Financial in the third quarter valued at approximately $294,000. Centiva Capital LP acquired a new stake in shares of Synovus Financial in the third quarter valued at approximately $385,000. Jacobs Levy Equity Management Inc. bought a new position in shares of Synovus Financial during the 3rd quarter worth approximately $278,000. Finally, Quarry LP acquired a new position in shares of Synovus Financial during the 3rd quarter worth approximately $41,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

Analyst Upgrades and Downgrades

SNV has been the subject of a number of research analyst reports. Raymond James cut shares of Synovus Financial from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 2nd. Piper Sandler increased their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a report on Wednesday, December 11th. UBS Group initiated coverage on Synovus Financial in a report on Tuesday, December 17th. They set a “buy” rating and a $76.00 price objective for the company. Stephens reiterated an “equal weight” rating and set a $58.00 target price on shares of Synovus Financial in a research note on Thursday, January 16th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Synovus Financial in a research note on Monday, December 9th. They issued a “buy” rating and a $64.00 price target for the company. Eight investment 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.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $58.67.

Synovus Financial Trading Down 4.7 %

Shares of SNV stock opened at $38.21 on Monday. 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 Corp. has a fifty-two week low of $33.44 and a fifty-two week high of $59.92. The company has a market cap of $5.39 billion, a PE ratio of 12.53, a P/E/G ratio of 1.11 and a beta of 1.16. The stock’s fifty day moving average price is $50.40 and its two-hundred day moving average price is $51.13.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The firm had revenue of $580.58 million for the quarter, compared to analysts’ expectations of $566.83 million. During the same quarter in the previous year, the business posted $0.80 earnings per share. The business’s revenue for the quarter was up 18.8% on a year-over-year basis. Equities analysts predict that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th were paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 4.08%. The ex-dividend date of this dividend was Thursday, March 20th. This is a boost from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s payout ratio is presently 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.