Victory Capital Management Inc. Has $40.72 Million Stake in Synovus Financial Corp. (NYSE:SNV)

Victory Capital Management Inc. lessened its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 1.7% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,081,420 shares of the bank’s stock after selling 18,293 shares during the period. Victory Capital Management Inc. owned 0.74% of Synovus Financial worth $40,715,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Yousif Capital Management LLC raised its position in shares of Synovus Financial by 0.5% during the fourth quarter. Yousif Capital Management LLC now owns 69,749 shares of the bank’s stock worth $2,626,000 after purchasing an additional 360 shares during the period. Truist Financial Corp raised its holdings in Synovus Financial by 0.3% during the fourth quarter. Truist Financial Corp now owns 121,099 shares of the bank’s stock worth $4,559,000 after buying an additional 376 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its stake in shares of Synovus Financial by 3.2% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 13,612 shares of the bank’s stock valued at $378,000 after buying an additional 419 shares in the last quarter. PFW Advisors LLC lifted its stake in shares of Synovus Financial by 5.4% in the fourth quarter. PFW Advisors LLC now owns 8,433 shares of the bank’s stock valued at $318,000 after buying an additional 433 shares in the last quarter. Finally, Fifth Third Bancorp grew its holdings in shares of Synovus Financial by 12.6% during the third quarter. Fifth Third Bancorp now owns 4,035 shares of the bank’s stock valued at $112,000 after buying an additional 452 shares during the last quarter. 83.85% of the stock is owned by institutional investors.

Synovus Financial Stock Performance

NYSE SNV opened at $38.08 on Monday. The firm has a market cap of $5.58 billion, a P/E ratio of 13.04, a price-to-earnings-growth ratio of 4.41 and a beta of 1.41. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.45. The company’s 50 day moving average is $37.90 and its 200-day moving average is $35.25. Synovus Financial Corp. has a 12-month low of $24.40 and a 12-month high of $40.92.

Synovus Financial (NYSE:SNV) last posted its earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by ($0.20). The company had revenue of $537.73 million for the quarter, compared to analysts’ expectations of $547.62 million. Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The company’s revenue was down 12.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.33 EPS. Sell-side analysts predict that Synovus Financial Corp. will post 3.76 earnings per share for the current year.

Synovus Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Thursday, March 21st were paid a dividend of $0.38 per share. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $1.52 annualized dividend and a yield of 3.99%. Synovus Financial’s dividend payout ratio is currently 52.05%.

Analyst Ratings Changes

A number of analysts have commented on the company. JPMorgan Chase & Co. decreased their price objective on Synovus Financial from $50.00 to $48.00 and set an “overweight” rating for the company in a report on Friday, April 19th. Jefferies Financial Group dropped their price objective on Synovus Financial from $46.00 to $43.00 and set a “buy” rating on the stock in a research note on Monday, April 8th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $38.00 target price (down previously from $46.00) on shares of Synovus Financial in a research note on Friday, April 19th. Evercore ISI raised their price target on shares of Synovus Financial from $40.00 to $42.00 and gave the company an “in-line” rating in a research report on Thursday, March 28th. Finally, UBS Group boosted their price target on shares of Synovus Financial from $42.00 to $44.00 and gave the stock a “buy” rating in a report on Tuesday, January 23rd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, Synovus Financial presently has an average rating of “Hold” and an average target price of $41.38.

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.