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Legal & General Group Plc lowered its stake in shares of Synovus Financial Corp. (NYSE:SNV – Free Report) by 8.9% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 218,807 shares of the bank’s stock after selling 21,291 shares during the quarter. Legal & General Group Plc’s holdings in Synovus Financial were worth $11,209,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Proficio Capital Partners LLC bought a new stake in shares of Synovus Financial during the 4th quarter worth $3,798,000. Nordea Investment Management AB boosted its holdings in Synovus Financial by 3.8% during the fourth quarter. Nordea Investment Management AB now owns 276,863 shares of the bank’s stock valued at $14,261,000 after acquiring an additional 10,109 shares during the period. KLP Kapitalforvaltning AS acquired a new stake in shares of Synovus Financial in the fourth quarter valued at about $1,504,000. SG Americas Securities LLC increased its stake in shares of Synovus Financial by 11.0% in the fourth quarter. SG Americas Securities LLC now owns 12,547 shares of the bank’s stock worth $643,000 after purchasing an additional 1,240 shares during the period. Finally, Janney Montgomery Scott LLC lifted its position in shares of Synovus Financial by 4.4% during the 4th quarter. Janney Montgomery Scott LLC now owns 51,357 shares of the bank’s stock worth $2,631,000 after purchasing an additional 2,166 shares during the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently issued reports on the stock. Morgan Stanley lowered their price objective on shares of Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 13th. Stephens restated an “equal weight” rating and set a $58.00 price target on shares of Synovus Financial in a research note on Thursday, January 16th. Barclays reduced their price objective on Synovus Financial from $66.00 to $60.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. JPMorgan Chase & Co. boosted their price objective on Synovus Financial from $60.50 to $62.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Finally, Citigroup raised their target price on Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $58.17.
Synovus Financial Stock Down 1.2 %
Shares of SNV opened at $40.45 on Thursday. The business’s 50 day simple moving average is $47.24 and its 200-day simple moving average is $50.70. Synovus Financial Corp. has a one year low of $33.44 and a one year high of $59.92. The company has a market capitalization of $5.70 billion, a P/E ratio of 13.26, a PEG ratio of 1.11 and a beta of 1.16. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88.
Synovus Financial (NYSE:SNV – Get Free Report) last announced its earnings results on Wednesday, April 16th. The bank reported $1.30 EPS for the quarter, topping the consensus estimate of $1.11 by $0.19. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The company had revenue of $573.24 million for the quarter, compared to analysts’ expectations of $572.35 million. As a group, sell-side analysts predict that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.
Synovus Financial Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 3.86%. The ex-dividend date was Thursday, March 20th. This is a boost from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s dividend payout ratio (DPR) is presently 51.15%.
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.
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