Synovus Financial Corp. (NYSE:SNV) Shares Sold by Mitsubishi UFJ Trust & Banking Corp

Mitsubishi UFJ Trust & Banking Corp reduced its position in Synovus Financial Corp. (NYSE:SNV) by 22.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,251 shares of the bank’s stock after selling 9,003 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Synovus Financial were worth $1,550,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in SNV. Keystone Financial Group Inc. purchased a new stake in shares of Synovus Financial in the fourth quarter valued at about $37,000. Quarry LP acquired a new stake in shares of Synovus Financial during the 3rd quarter worth about $41,000. Jones Financial Companies Lllp grew its stake in Synovus Financial by 72.7% in the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock worth $56,000 after acquiring an additional 461 shares during the period. V Square Quantitative Management LLC raised its holdings 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 acquiring an additional 466 shares during the last quarter. Finally, Millstone Evans Group LLC purchased a new position in Synovus Financial during the fourth quarter worth about $59,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on SNV shares. Deutsche Bank Aktiengesellschaft began coverage on shares of Synovus Financial in a research report on Monday, December 9th. They set a “buy” rating and a $64.00 price target for the company. 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. Stephens reissued an “equal weight” rating and issued a $58.00 price objective on shares of Synovus Financial in a research report on Thursday, January 16th. Wells Fargo & Company upped their price target on Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. Finally, UBS Group initiated coverage on shares of Synovus Financial in a report on Tuesday, December 17th. They set a “buy” rating and a $76.00 price target for the company. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $58.67.

Synovus Financial Stock Performance

SNV stock opened at $45.75 on Wednesday. Synovus Financial Corp. has a 12-month low of $33.44 and a 12-month high of $59.92. The stock’s 50 day simple moving average is $51.21 and its 200 day simple moving average is $51.20. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. The firm has a market cap of $6.45 billion, a P/E ratio of 15.00, a P/E/G ratio of 1.11 and a beta of 1.36.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, topping 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 return on equity of 14.70% and a net margin of 14.05%. The firm’s revenue was up 18.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.80 EPS. As a group, equities research analysts predict that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th were paid a dividend of $0.39 per share. The ex-dividend date was Thursday, March 20th. This represents a $1.56 annualized dividend and a yield of 3.41%. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. 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.