Allspring Global Investments Holdings LLC Reduces Holdings in Synovus Financial Corp. (NYSE:SNV)

Allspring Global Investments Holdings LLC decreased its position in shares of Synovus Financial Corp. (NYSE:SNV) by 10.6% during the 1st quarter, HoldingsChannel.com reports. The firm owned 210,689 shares of the bank’s stock after selling 24,888 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Synovus Financial were worth $9,641,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Colonial Trust Co SC grew its holdings in shares of Synovus Financial by 554.4% during the fourth quarter. Colonial Trust Co SC now owns 589 shares of the bank’s stock worth $30,000 after purchasing an additional 499 shares during the last quarter. Jones Financial Companies Lllp grew its holdings 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 worth $56,000 after buying an additional 461 shares during the last quarter. Millstone Evans Group LLC purchased a new position in shares of Synovus Financial during the fourth quarter worth about $59,000. EverSource Wealth Advisors LLC grew its holdings in shares of Synovus Financial by 36.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,766 shares of the bank’s stock worth $91,000 after buying an additional 473 shares during the last quarter. Finally, Quent Capital LLC grew its holdings in shares of Synovus Financial by 205.6% during the first quarter. Quent Capital LLC now owns 1,797 shares of the bank’s stock worth $84,000 after buying an additional 1,209 shares during the last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Synovus Financial Price Performance

Shares of SNV opened at $55.10 on Friday. Synovus Financial Corp. has a twelve month low of $35.94 and a twelve month high of $59.92. The stock’s 50 day moving average is $48.16 and its two-hundred day moving average is $48.99. The firm has a market capitalization of $7.66 billion, a PE ratio of 15.43, a P/E/G ratio of 1.06 and a beta of 1.19. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.43.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.19. Synovus Financial had a net margin of 16.19% and a return on equity of 15.87%. The company had revenue of $573.24 million during the quarter, compared to the consensus estimate of $572.35 million. Research analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Thursday, June 19th were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.83%. Synovus Financial’s payout ratio is 43.70%.

Analysts Set New Price Targets

SNV has been the topic of a number of research reports. Stephens lowered their price target on Synovus Financial from $52.00 to $46.00 and set an “equal weight” rating on the stock in a report on Monday, April 21st. DA Davidson lowered their price target on Synovus Financial from $65.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, April 21st. Jefferies Financial Group initiated coverage on Synovus Financial in a report on Wednesday, May 21st. They set a “hold” rating and a $55.00 price target on the stock. Barclays lowered their price target on Synovus Financial from $66.00 to $60.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Finally, Raymond James Financial lowered Synovus Financial from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 2nd. Nine equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $57.11.

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.