Wedge Capital Management L L P NC Has $36.75 Million Position in Synovus Financial Corp. (NYSE:SNV)

Wedge Capital Management L L P NC cut its stake in Synovus Financial Corp. (NYSE:SNV) by 15.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 717,432 shares of the bank’s stock after selling 126,452 shares during the period. Wedge Capital Management L L P NC owned approximately 0.51% of Synovus Financial worth $36,754,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. FMR LLC increased its position in shares of Synovus Financial by 5.4% in the third quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock worth $517,027,000 after purchasing an additional 598,644 shares during the period. Wellington Management Group LLP raised its position in shares of Synovus Financial by 12.8% in the 3rd quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock valued at $430,213,000 after buying an additional 1,095,557 shares in the last quarter. State Street Corp lifted its holdings in shares of Synovus Financial by 3.2% during the 3rd quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock worth $294,255,000 after acquiring an additional 201,362 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Synovus Financial by 3.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank’s stock worth $222,022,000 after acquiring an additional 147,599 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in Synovus Financial by 0.9% in the third quarter. Geode Capital Management LLC now owns 2,419,737 shares of the bank’s stock valued at $107,633,000 after acquiring an additional 22,549 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors.

Synovus Financial Stock Up 0.7 %

SNV stock opened at $54.60 on Friday. Synovus Financial Corp. has a 1-year low of $33.44 and a 1-year high of $59.92. The stock has a market cap of $7.73 billion, a P/E ratio of 24.70, a P/E/G ratio of 1.31 and a beta of 1.39. The stock’s fifty day simple moving average is $54.23 and its two-hundred day simple moving average is $48.30. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.09. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The company had revenue of $580.58 million during the quarter, compared to analyst estimates of $566.83 million. During the same quarter in the prior year, the business earned $0.80 earnings per share. 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 4.39 EPS for the current year.

Synovus Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th were paid a $0.38 dividend. The ex-dividend date of this dividend was Thursday, December 19th. This represents a $1.52 annualized dividend and a dividend yield of 2.78%. Synovus Financial’s payout ratio is presently 68.78%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Barclays raised their target price on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Truist Financial upped their price objective on shares of Synovus Financial from $52.00 to $57.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Royal Bank of Canada reiterated an “outperform” rating and set a $64.00 price target on shares of Synovus Financial in a report on Thursday, December 12th. JPMorgan Chase & Co. boosted their price objective on Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, DA Davidson increased their target price on Synovus Financial from $53.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $58.44.

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.