Franklin Resources Inc. Purchases 2,075 Shares of Synovus Financial Corp. (NYSE:SNV)

Franklin Resources Inc. raised its position in shares of Synovus Financial Corp. (NYSE:SNV) by 9.0% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 25,039 shares of the bank’s stock after buying an additional 2,075 shares during the period. Franklin Resources Inc.’s holdings in Synovus Financial were worth $1,283,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Public Employees Retirement System of Ohio boosted its holdings in shares of Synovus Financial by 1.2% during the third quarter. Public Employees Retirement System of Ohio now owns 56,284 shares of the bank’s stock worth $2,503,000 after purchasing an additional 643 shares during the period. Geode Capital Management LLC lifted its holdings in Synovus Financial by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 2,419,737 shares of the bank’s stock worth $107,633,000 after buying an additional 22,549 shares during the period. Coldstream Capital Management Inc. purchased a new stake in Synovus Financial in the 3rd quarter worth approximately $220,000. Sanctuary Advisors LLC bought a new stake in shares of Synovus Financial in the 3rd quarter worth approximately $217,000. Finally, Oddo BHF Asset Management Sas purchased a new position in shares of Synovus Financial during the third quarter valued at approximately $753,000. Institutional investors own 83.85% of the company’s stock.

Synovus Financial Stock Performance

Shares of NYSE SNV opened at $40.04 on Tuesday. The firm’s 50-day moving average price is $47.87 and its 200-day moving average price is $50.84. Synovus Financial Corp. has a 52-week low of $33.44 and a 52-week high of $59.92. The company has a market cap of $5.64 billion, a PE ratio of 13.13, a PEG ratio of 1.11 and a beta of 1.16. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37.

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

Synovus Financial Increases Dividend

The firm also recently declared 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. The ex-dividend date was Thursday, March 20th. This represents a $1.56 annualized dividend and a dividend yield of 3.90%. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s dividend payout ratio is presently 51.15%.

Analysts Set New Price Targets

Several research firms recently weighed in on SNV. Stephens reiterated an “equal weight” rating and issued a $58.00 price target on shares of Synovus Financial in a report on Thursday, January 16th. JPMorgan Chase & Co. increased their price target on shares of Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Barclays lowered their price objective on shares of Synovus Financial from $66.00 to $60.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Citigroup upped their target price on Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Finally, Raymond James lowered Synovus Financial from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 2nd. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $58.17.

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.