Synovus Financial Corp. (NYSE:SNV) Shares Sold by XTX Topco Ltd

XTX Topco Ltd lessened its stake in Synovus Financial Corp. (NYSE:SNV) by 47.8% in the fourth quarter, Holdings Channel reports. The institutional investor owned 16,489 shares of the bank’s stock after selling 15,116 shares during the quarter. XTX Topco Ltd’s holdings in Synovus Financial were worth $845,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in SNV. Montgomery Investment Management Inc. increased its holdings in Synovus Financial by 0.6% in the fourth quarter. Montgomery Investment Management Inc. now owns 42,493 shares of the bank’s stock valued at $2,177,000 after buying an additional 235 shares during the last quarter. Sound View Wealth Advisors Group LLC raised its position in shares of Synovus Financial by 3.1% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 7,941 shares of the bank’s stock valued at $407,000 after acquiring an additional 241 shares in the last quarter. Deroy & Devereaux Private Investment Counsel Inc. lifted its stake in Synovus Financial by 0.3% during the fourth quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 103,480 shares of the bank’s stock worth $5,301,000 after purchasing an additional 270 shares during the last quarter. Wedmont Private Capital boosted its holdings in Synovus Financial by 3.3% in the fourth quarter. Wedmont Private Capital now owns 9,401 shares of the bank’s stock worth $479,000 after purchasing an additional 299 shares during the period. Finally, Harbor Capital Advisors Inc. increased its stake in Synovus Financial by 2.1% during the fourth quarter. Harbor Capital Advisors Inc. now owns 14,800 shares of the bank’s stock valued at $758,000 after purchasing an additional 302 shares during the last quarter. 83.85% of the stock is owned by institutional investors and hedge funds.

Synovus Financial Stock Performance

Shares of NYSE SNV opened at $40.45 on Thursday. Synovus Financial Corp. has a 1 year low of $33.44 and a 1 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 stock has a fifty day moving average price of $47.24 and a two-hundred day moving average price of $50.70. The firm has a market cap of $5.70 billion, a P/E ratio of 13.26, a PEG ratio of 1.11 and a beta of 1.16.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.11 by $0.19. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The firm had revenue of $573.24 million for the quarter, compared to analyst estimates of $572.35 million. Research analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Thursday, March 20th were paid a dividend of $0.39 per share. The ex-dividend date of this dividend was Thursday, March 20th. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a yield of 3.86%. Synovus Financial’s dividend payout ratio is currently 51.15%.

Wall Street Analyst Weigh In

Several research firms have recently commented on SNV. Raymond James lowered shares of Synovus Financial from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 2nd. Barclays lowered their target price on Synovus Financial from $66.00 to $60.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Morgan Stanley reduced their price objective on Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating for the company in a research report on Thursday, March 13th. 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 report on Friday, January 17th. Finally, Citigroup boosted their price target on shares of Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a report on Friday, January 17th. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $58.17.

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.