Prudential PLC Purchases Shares of 34,659 Synovus Financial Corp. (NYSE:SNV)

Prudential PLC purchased a new position in shares of Synovus Financial Corp. (NYSE:SNV) during the fourth quarter, HoldingsChannel reports. The firm purchased 34,659 shares of the bank’s stock, valued at approximately $1,776,000.

Other institutional investors also recently modified their holdings of the company. Montgomery Investment Management Inc. lifted its holdings in Synovus Financial by 0.6% during the 4th quarter. Montgomery Investment Management Inc. now owns 42,493 shares of the bank’s stock worth $2,177,000 after buying an additional 235 shares during the period. Sound View Wealth Advisors Group LLC raised its position in shares of Synovus Financial by 3.1% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 7,941 shares of the bank’s stock worth $407,000 after acquiring an additional 241 shares during the last quarter. Deroy & Devereaux Private Investment Counsel Inc. lifted its stake in shares of Synovus Financial by 0.3% in the fourth quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 103,480 shares of the bank’s stock worth $5,301,000 after acquiring an additional 270 shares during the period. Wedmont Private Capital boosted its holdings in Synovus Financial by 3.3% in the fourth quarter. Wedmont Private Capital now owns 9,401 shares of the bank’s stock valued at $479,000 after acquiring an additional 299 shares during the last quarter. 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 valued at $758,000 after purchasing an additional 302 shares during the period. Institutional investors own 83.85% of the company’s stock.

Synovus Financial Price Performance

SNV stock opened at $38.21 on Monday. The company has a market capitalization of $5.39 billion, a P/E ratio of 12.53, a price-to-earnings-growth ratio of 1.11 and a beta of 1.16. Synovus Financial Corp. has a 52-week low of $33.44 and a 52-week high of $59.92. The business has a 50-day simple moving average of $50.40 and a two-hundred day simple moving average of $51.13. 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 (NYSE:SNV) last released its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. The business had revenue of $580.58 million during the quarter, compared to analyst estimates of $566.83 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. Synovus Financial’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.80 EPS. Research analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th were given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 4.08%. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Thursday, March 20th. Synovus Financial’s dividend payout ratio is presently 51.15%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Morgan Stanley reduced their price objective on shares of Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 13th. Piper Sandler increased their price target on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. Citigroup boosted their price objective on Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a research note on Friday, January 17th. UBS Group began coverage on Synovus Financial in a research note on Tuesday, December 17th. They set a “buy” rating and a $76.00 target price for the company. Finally, Stephens reissued an “equal weight” rating and issued a $58.00 price target on shares of Synovus Financial in a research note on Thursday, January 16th. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $58.67.

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.