Wellington Management Group LLP Sells 1,832,715 Shares of Synovus Financial Corp. (NYSE:SNV)

Wellington Management Group LLP cut its holdings in Synovus Financial Corp. (NYSE:SNV) by 18.9% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 7,841,511 shares of the bank’s stock after selling 1,832,715 shares during the quarter. Wellington Management Group LLP owned about 5.56% of Synovus Financial worth $401,721,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. Montgomery Investment Management Inc. increased its position in shares of Synovus Financial by 0.6% during the fourth quarter. Montgomery Investment Management Inc. now owns 42,493 shares of the bank’s stock worth $2,177,000 after acquiring an additional 235 shares in the last quarter. Sound View Wealth Advisors Group LLC increased its holdings in Synovus Financial by 3.1% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 7,941 shares of the bank’s stock worth $407,000 after purchasing an additional 241 shares in the last quarter. Deroy & Devereaux Private Investment Counsel Inc. increased its holdings in Synovus Financial by 0.3% during the 4th quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 103,480 shares of the bank’s stock worth $5,301,000 after purchasing an additional 270 shares in the last quarter. Wedmont Private Capital lifted its holdings in shares of 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 purchasing an additional 299 shares in the last quarter. Finally, Harbor Capital Advisors Inc. lifted its holdings in shares of Synovus Financial by 2.1% in the fourth 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 in the last quarter. 83.85% of the stock is owned by institutional investors.

Synovus Financial Trading Up 1.4 %

Shares of Synovus Financial stock opened at $46.78 on Tuesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88. The firm has a 50-day moving average of $51.41 and a 200-day moving average of $51.19. Synovus Financial Corp. has a 52-week low of $33.44 and a 52-week high of $59.92. The stock has a market cap of $6.59 billion, a PE ratio of 15.34, a PEG ratio of 1.11 and a beta of 1.36.

Synovus Financial (NYSE:SNV) last announced its earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $580.58 million for the quarter, compared to analyst estimates of $566.83 million. During the same quarter in the prior year, the business posted $0.80 EPS. The business’s revenue was up 18.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.33%. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. The ex-dividend date is Thursday, March 20th. Synovus Financial’s dividend payout ratio is presently 51.15%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SNV. UBS Group began coverage on Synovus Financial in a research report on Tuesday, December 17th. They issued a “buy” rating and a $76.00 target price on the stock. Morgan Stanley cut 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 report on Thursday, March 13th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $64.00 target price on shares of Synovus Financial in a research report on Thursday, December 12th. JPMorgan Chase & Co. boosted their price target on shares of Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Finally, Stephens restated an “equal weight” rating and issued a $58.00 price objective on shares of Synovus Financial in a report on Thursday, January 16th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, Synovus Financial has an average rating of “Moderate Buy” and a consensus target price of $58.67.

Synovus Financial Company 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.