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

Wellington Management Group LLP trimmed its position in Synovus Financial Corp. (NYSE:SNV) by 18.9% during the fourth quarter, HoldingsChannel.com reports. The fund owned 7,841,511 shares of the bank’s stock after selling 1,832,715 shares during the quarter. Wellington Management Group LLP owned approximately 0.06% of Synovus Financial worth $401,721,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in SNV. State Street Corp boosted its holdings in shares of Synovus Financial by 3.2% in the 3rd quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock valued at $294,255,000 after purchasing an additional 201,362 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Synovus Financial by 2.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,109,856 shares of the bank’s stock valued at $261,778,000 after acquiring an additional 117,242 shares during the last quarter. Geode Capital Management LLC grew its position in Synovus Financial by 0.9% in the third quarter. Geode Capital Management LLC now owns 2,419,737 shares of the bank’s stock valued at $107,633,000 after acquiring an additional 22,549 shares during the last quarter. Norges Bank acquired a new position in Synovus Financial during the fourth quarter worth about $77,209,000. Finally, Prudential Financial Inc. lifted its holdings in shares of Synovus Financial by 349.4% in the fourth quarter. Prudential Financial Inc. now owns 529,147 shares of the bank’s stock worth $27,108,000 after acquiring an additional 411,411 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SNV. JPMorgan Chase & Co. lifted their price target on shares of Synovus Financial from $60.50 to $62.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Wells Fargo & Company upped their price target on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. Stephens reissued an “equal weight” rating and set a $58.00 price objective on shares of Synovus Financial in a report on Thursday, January 16th. Morgan Stanley lowered their target price on Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating for the company in a report on Thursday, March 13th. Finally, UBS Group began coverage on Synovus Financial in a research note on Tuesday, December 17th. They set a “buy” rating and a $76.00 price target on the stock. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Synovus Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.67.

Synovus Financial Price Performance

SNV stock opened at $46.78 on Tuesday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. The company’s fifty day simple moving average is $51.41 and its 200 day simple moving average is $51.19. Synovus Financial Corp. has a 12-month low of $33.44 and a 12-month high of $59.92. The firm has a market cap of $6.59 billion, a price-to-earnings 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 EPS for the quarter, beating the consensus estimate of $1.16 by $0.09. The company had revenue of $580.58 million for 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%. The firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.80 EPS. On average, analysts expect that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The business also recently disclosed 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 is an increase from Synovus Financial’s previous quarterly dividend of $0.38. The ex-dividend date is Thursday, March 20th. This represents a $1.56 annualized dividend and a dividend yield of 3.33%. Synovus Financial’s dividend payout ratio (DPR) is 51.15%.

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.