Charles Schwab Investment Management Inc. Purchases 117,242 Shares of Synovus Financial Corp. (NYSE:SNV)

Charles Schwab Investment Management Inc. raised its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 2.3% in the 4th quarter, Holdings Channel reports. The institutional investor owned 5,109,856 shares of the bank’s stock after purchasing an additional 117,242 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Synovus Financial were worth $261,778,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Keystone Financial Group Inc. purchased a new position in Synovus Financial during the 4th quarter valued at $37,000. Quarry LP bought a new stake in shares of Synovus Financial during the third quarter worth $41,000. Jones Financial Companies Lllp boosted its stake in shares of Synovus Financial by 72.7% during the fourth quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock valued at $56,000 after purchasing an additional 461 shares during the period. V Square Quantitative Management LLC grew its holdings in shares of Synovus Financial by 69.3% in the fourth quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock worth $58,000 after purchasing an additional 466 shares during the last quarter. Finally, Brooklyn Investment Group purchased a new position in shares of Synovus Financial during the third quarter worth approximately $56,000. Institutional investors own 83.85% of the company’s stock.

Analysts Set New Price Targets

SNV has been the topic of several research reports. Stephens restated an “equal weight” rating and set a $58.00 price target on shares of Synovus Financial in a research note on Thursday, January 16th. JPMorgan Chase & Co. increased their price objective on Synovus Financial from $60.50 to $62.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Piper Sandler upped their target price on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research report on Wednesday, December 11th. Royal Bank of Canada reissued an “outperform” rating and issued a $64.00 price target on shares of Synovus Financial in a report on Thursday, December 12th. Finally, Wells Fargo & Company boosted their price target on Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 3rd. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $58.44.

Synovus Financial Stock Performance

NYSE SNV opened at $48.36 on Thursday. The firm has a market capitalization of $6.81 billion, a P/E ratio of 15.86, a PEG ratio of 1.11 and a beta of 1.36. The stock has a 50-day simple moving average of $53.62 and a two-hundred day simple moving average of $50.90. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88. Synovus Financial Corp. has a fifty-two week low of $33.44 and a fifty-two week high of $59.92.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.09. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The company had revenue of $580.58 million during the quarter, compared to analysts’ expectations of $566.83 million. During the same period last year, the business earned $0.80 earnings per share. Synovus Financial’s quarterly revenue was up 18.8% on a year-over-year basis. On average, equities analysts forecast that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Thursday, March 20th will be paid a $0.39 dividend. This is a boost from Synovus Financial’s previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a dividend yield of 3.23%. The ex-dividend date of this dividend is Thursday, March 20th. Synovus Financial’s payout ratio is currently 51.15%.

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.