Synovus Financial Corp. (NYSE:SNV) Shares Sold by Mitsubishi UFJ Trust & Banking Corp

Mitsubishi UFJ Trust & Banking Corp lessened its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 22.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,251 shares of the bank’s stock after selling 9,003 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Synovus Financial were worth $1,550,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the stock. Keystone Financial Group Inc. purchased a new stake in shares of Synovus Financial in the fourth quarter valued at about $37,000. Quarry LP acquired a new position in Synovus Financial in the third quarter valued at approximately $41,000. Jones Financial Companies Lllp increased 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 worth $56,000 after acquiring an additional 461 shares during the last quarter. V Square Quantitative Management LLC raised its position in Synovus Financial by 69.3% in the fourth quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock valued at $58,000 after purchasing an additional 466 shares during the period. Finally, Millstone Evans Group LLC purchased a new stake in Synovus Financial in the 4th quarter valued at about $59,000. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Synovus Financial Trading Down 2.1 %

NYSE SNV opened at $45.75 on Wednesday. The firm’s fifty day moving average is $51.21 and its two-hundred day moving average is $51.20. Synovus Financial Corp. has a one year low of $33.44 and a one year high of $59.92. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88. The firm has a market cap of $6.45 billion, a PE ratio of 15.00, a P/E/G ratio of 1.11 and a beta of 1.36.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, topping 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 company had revenue of $580.58 million during the quarter, compared to analysts’ expectations of $566.83 million. During the same period last year, the firm earned $0.80 EPS. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. 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 declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Thursday, March 20th were issued a dividend of $0.39 per share. This is a boost from Synovus Financial’s previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a yield of 3.41%. The ex-dividend date of this dividend was Thursday, March 20th. Synovus Financial’s dividend payout ratio is currently 51.15%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on SNV shares. Citigroup lifted their price target on shares of Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a research report on Friday, January 17th. JPMorgan Chase & Co. increased their target price on Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Piper Sandler raised 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 Wednesday, December 11th. Royal Bank of Canada reissued an “outperform” rating and set a $64.00 target price on shares of Synovus Financial in a research note on Thursday, December 12th. Finally, Morgan Stanley cut their target price 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. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $58.67.

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.