Synovus Financial Corp. (NYSE:SNV) Shares Bought by First Citizens Bank & Trust Co.

First Citizens Bank & Trust Co. grew its stake in Synovus Financial Corp. (NYSE:SNV) by 32.8% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 23,132 shares of the bank’s stock after acquiring an additional 5,717 shares during the period. First Citizens Bank & Trust Co.’s holdings in Synovus Financial were worth $1,081,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Colonial Trust Co SC raised its stake in shares of Synovus Financial by 554.4% in the 4th quarter. Colonial Trust Co SC now owns 589 shares of the bank’s stock valued at $30,000 after acquiring an additional 499 shares during the period. Jones Financial Companies Lllp raised its stake in shares of Synovus Financial by 72.7% in the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock valued at $56,000 after acquiring an additional 461 shares during the period. V Square Quantitative Management LLC raised its stake in shares of 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 period. Millstone Evans Group LLC purchased a new stake in shares of Synovus Financial in the 4th quarter valued at approximately $59,000. Finally, Quent Capital LLC raised its stake in shares of Synovus Financial by 205.6% in the 1st quarter. Quent Capital LLC now owns 1,797 shares of the bank’s stock valued at $84,000 after acquiring an additional 1,209 shares during the period. 83.85% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Trading Up 0.6%

NYSE SNV opened at $49.46 on Wednesday. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. The firm’s fifty day moving average price is $44.87 and its 200 day moving average price is $49.63. The company has a market capitalization of $6.88 billion, a price-to-earnings ratio of 16.22, a price-to-earnings-growth ratio of 1.11 and a beta of 1.18. Synovus Financial Corp. has a 12 month low of $35.81 and a 12 month high of $59.92.

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

Synovus Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Thursday, June 19th will be given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date is Wednesday, June 18th. Synovus Financial’s dividend payout ratio (DPR) is 43.70%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on SNV shares. Stephens reduced their price target on shares of Synovus Financial from $52.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Monday, April 21st. Jefferies Financial Group assumed coverage on shares of Synovus Financial in a research note on Wednesday, May 21st. They issued a “hold” rating and a $55.00 price target on the stock. Wells Fargo & Company cut their target price on shares of Synovus Financial from $60.00 to $50.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 9th. JPMorgan Chase & Co. cut their target price on shares of Synovus Financial from $54.00 to $50.00 and set an “overweight” rating on the stock in a research note on Monday, April 21st. Finally, Raymond James downgraded shares of Synovus Financial from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 2nd. Nine investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Synovus Financial currently has a consensus rating of “Moderate Buy” and an average target price of $56.56.

About Synovus Financial

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.