T. Rowe Price Investment Management Inc. Has $44.75 Million Holdings in Synovus Financial Corp. (NYSE:SNV)

T. Rowe Price Investment Management Inc. increased its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 0.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 873,576 shares of the bank’s stock after acquiring an additional 1,043 shares during the quarter. T. Rowe Price Investment Management Inc. owned about 0.62% of Synovus Financial worth $44,754,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Sanctuary Advisors LLC bought a new position in shares of Synovus Financial in the third quarter valued at about $217,000. Franklin Resources Inc. lifted its position in Synovus Financial by 4.0% during the third quarter. Franklin Resources Inc. now owns 22,964 shares of the bank’s stock worth $1,069,000 after acquiring an additional 885 shares during the last quarter. Oddo BHF Asset Management Sas bought a new stake in shares of Synovus Financial during the third quarter worth approximately $753,000. Nordea Investment Management AB boosted its stake in Synovus Financial by 3.8% in the 4th quarter. Nordea Investment Management AB now owns 276,863 shares of the bank’s stock valued at $14,261,000 after purchasing an additional 10,109 shares during the period. Finally, Harbor Capital Advisors Inc. increased its position in Synovus Financial by 2.1% during the 4th quarter. Harbor Capital Advisors Inc. now owns 14,800 shares of the bank’s stock worth $758,000 after buying an additional 302 shares during the period. Institutional investors own 83.85% of the company’s stock.

Synovus Financial Stock Performance

NYSE:SNV opened at $42.99 on Friday. The stock’s 50-day moving average is $45.38 and its 200-day moving average is $50.69. The stock has a market cap of $6.06 billion, a P/E ratio of 14.10, a price-to-earnings-growth ratio of 1.11 and a beta of 1.16. Synovus Financial Corp. has a 1-year low of $35.74 and a 1-year high of $59.92. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37.

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

Synovus Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.63%. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. The ex-dividend date was Thursday, March 20th. Synovus Financial’s dividend payout ratio (DPR) is 43.70%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on SNV shares. Royal Bank of Canada decreased their target price on shares of Synovus Financial from $64.00 to $52.00 and set an “outperform” rating on the stock in a research report on Monday, April 21st. Stephens cut their target price on Synovus Financial from $52.00 to $46.00 and set an “equal weight” rating for the company in a research report on Monday, April 21st. DA Davidson dropped their price target on Synovus Financial from $65.00 to $60.00 and set a “buy” rating for the company in a research note on Monday, April 21st. Raymond James lowered shares of Synovus Financial from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 2nd. Finally, Morgan Stanley cut their price target on shares of Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating for the company in a report on Thursday, March 13th. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $56.17.

Synovus Financial 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.