Wells Fargo & Company MN decreased its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 4.2% during the 1st quarter, HoldingsChannel.com reports. The firm owned 404,669 shares of the bank’s stock after selling 17,675 shares during the quarter. Wells Fargo & Company MN’s holdings in Synovus Financial were worth $7,107,000 as of its most recent SEC filing.
A number of other large investors have also recently bought and sold shares of SNV. Wellington Management Group LLP raised its stake in Synovus Financial by 33.4% during the first quarter. Wellington Management Group LLP now owns 10,425,975 shares of the bank’s stock valued at $183,080,000 after buying an additional 2,613,213 shares in the last quarter. Norges Bank bought a new stake in shares of Synovus Financial in the 4th quarter valued at approximately $54,882,000. Franklin Resources Inc. increased its holdings in shares of Synovus Financial by 47.4% in the 1st quarter. Franklin Resources Inc. now owns 4,321,779 shares of the bank’s stock valued at $75,890,000 after acquiring an additional 1,389,271 shares during the last quarter. FMR LLC raised its position in shares of Synovus Financial by 38,932.2% during the 4th quarter. FMR LLC now owns 1,381,351 shares of the bank’s stock valued at $54,150,000 after acquiring an additional 1,377,812 shares in the last quarter. Finally, EJF Capital LLC lifted its stake in Synovus Financial by 128.1% during the fourth quarter. EJF Capital LLC now owns 2,119,702 shares of the bank’s stock worth $83,092,000 after purchasing an additional 1,190,600 shares during the last quarter. Institutional investors and hedge funds own 78.57% of the company’s stock.
Shares of Synovus Financial stock opened at $20.53 on Wednesday. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.96 and a quick ratio of 0.96. Synovus Financial Corp. has a 1-year low of $10.91 and a 1-year high of $40.32. The business’s fifty day moving average price is $20.09 and its two-hundred day moving average price is $26.77. The company has a market capitalization of $2.78 billion, a P/E ratio of 6.94, a PEG ratio of 2.09 and a beta of 1.66.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Thursday, June 18th will be given a dividend of $0.33 per share. The ex-dividend date is Wednesday, June 17th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 6.43%. Synovus Financial’s dividend payout ratio (DPR) is 33.85%.
SNV has been the topic of a number of recent research reports. Wells Fargo & Co upgraded shares of Synovus Financial from an “equal weight” rating to an “overweight” rating and reduced their price target for the stock from $37.00 to $26.00 in a research report on Monday, March 30th. DA Davidson lowered their target price on Synovus Financial from $42.00 to $35.00 and set a “buy” rating for the company in a report on Wednesday, March 4th. ValuEngine raised Synovus Financial from a “strong sell” rating to a “sell” rating in a report on Friday, May 1st. SunTrust Banks upped their price objective on Synovus Financial from $22.00 to $26.00 and gave the stock a “buy” rating in a research note on Tuesday, May 5th. Finally, Morgan Stanley increased their target price on Synovus Financial from $26.00 to $29.00 and gave the stock an “overweight” rating in a research report on Monday, June 8th. One analyst has rated the stock with a sell rating, one has given a hold rating and ten have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $34.40.
About Synovus Financial
Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides various financial products and services. It offers integrated financial services, including commercial and retail banking, financial management, insurance, and mortgage services. The company's commercial banking services comprise treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
Featured Article: What does a hold rating mean?
Want to see what other hedge funds are holding SNV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Synovus Financial Corp. (NYSE:SNV).
Receive News & Ratings for Synovus Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Synovus Financial and related companies with MarketBeat.com's FREE daily email newsletter.