Fisher Asset Management LLC Sells 4,368 Shares of Synovus Financial Corp. (NYSE:SNV)

Fisher Asset Management LLC reduced its stake in Synovus Financial Corp. (NYSE:SNV) by 33.4% during the 4th quarter, HoldingsChannel reports. The fund owned 8,700 shares of the bank’s stock after selling 4,368 shares during the quarter. Fisher Asset Management LLC’s holdings in Synovus Financial were worth $446,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Keystone Financial Group Inc. acquired a new stake in Synovus Financial in the 4th quarter valued at $37,000. Quarry LP acquired a new stake in Synovus Financial in the 3rd quarter valued at $41,000. Brooklyn Investment Group acquired a new stake in Synovus Financial in the 3rd quarter valued at $56,000. V Square Quantitative Management LLC increased its stake in Synovus Financial by 69.3% in the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock valued at $58,000 after buying an additional 466 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its stake in Synovus Financial by 474.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,466 shares of the bank’s stock valued at $65,000 after buying an additional 1,211 shares during the last quarter. 83.85% of the stock is owned by institutional investors.

Synovus Financial Stock Performance

NYSE SNV opened at $46.86 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $6.60 billion, a P/E ratio of 15.36, a P/E/G ratio of 1.11 and a beta of 1.36. Synovus Financial Corp. has a 12-month low of $33.44 and a 12-month high of $59.92. The firm has a 50-day moving average price of $53.56 and a two-hundred day moving average price of $50.89.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. The firm had revenue of $580.58 million during the quarter, compared to the consensus estimate of $566.83 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.80 EPS. Analysts anticipate 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 will be paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.33%. The ex-dividend date is Thursday, March 20th. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s dividend payout ratio is 51.15%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SNV. Wells Fargo & Company lifted their price target on shares of Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. JPMorgan Chase & Co. boosted their price objective on shares of Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. UBS Group assumed coverage on shares of Synovus Financial in a research note on Tuesday, December 17th. They set a “buy” rating and a $76.00 price objective on the stock. The Goldman Sachs Group boosted their price objective on shares of Synovus Financial from $52.00 to $62.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Finally, Piper Sandler boosted their price objective on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 11th. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $58.44.

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.