Securian Asset Management Inc. Sells 486 Shares of Synovus Financial Corp. (NYSE:SNV)

Securian Asset Management Inc. trimmed its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 4.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,709 shares of the bank’s stock after selling 486 shares during the period. Securian Asset Management Inc.’s holdings in Synovus Financial were worth $549,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of SNV. Wellington Management Group LLP boosted its stake in shares of Synovus Financial by 12.8% during the 3rd quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock worth $430,213,000 after buying an additional 1,095,557 shares during the last quarter. FMR LLC grew its stake in Synovus Financial by 5.4% in the 3rd quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock valued at $517,027,000 after buying an additional 598,644 shares during the last quarter. TruWealth Advisors LLC bought a new position in shares of Synovus Financial during the fourth quarter worth approximately $12,350,000. Blue Trust Inc. increased its position in Synovus Financial by 934.0% during the 4th quarter. Blue Trust Inc. now owns 246,686 shares of the bank’s stock worth $12,638,000 after buying an additional 222,828 shares during the period. Finally, State Street Corp boosted its holdings in Synovus Financial by 3.2% in the 3rd quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock valued at $294,255,000 after purchasing an additional 201,362 shares during the period. Institutional investors and hedge funds own 83.85% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on SNV shares. Citigroup upped their target price on Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Morgan Stanley dropped their price target on Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating for the company in a research note on Thursday, March 13th. JPMorgan Chase & Co. boosted their target price on shares of Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Piper Sandler increased their price target on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research note on Wednesday, December 11th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Synovus Financial in a report on Monday, December 9th. They issued a “buy” rating and a $64.00 target price on the stock. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, Synovus Financial currently has an average rating of “Moderate Buy” and an average target price of $58.67.

Synovus Financial Stock Performance

Shares of SNV opened at $46.43 on Tuesday. Synovus Financial Corp. has a 52 week low of $33.44 and a 52 week 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 stock has a 50 day moving average price of $52.56 and a two-hundred day moving average price of $50.95. The firm has a market capitalization of $6.54 billion, a P/E ratio of 15.22, a P/E/G ratio of 1.11 and a beta of 1.36.

Synovus Financial (NYSE:SNV) last announced its earnings results 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 firm had revenue of $580.58 million for the quarter, compared to the consensus estimate of $566.83 million. During the same quarter in the previous year, the business earned $0.80 EPS. The company’s revenue was up 18.8% compared to the same quarter last year. Equities analysts forecast that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 3.36%. This is a boost from Synovus Financial’s previous quarterly dividend of $0.38. The ex-dividend date is Thursday, March 20th. Synovus Financial’s payout ratio is presently 51.15%.

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.