The Manufacturers Life Insurance Company Cuts Position in Synovus Financial Corp. (NYSE:SNV)

The Manufacturers Life Insurance Company trimmed its position in Synovus Financial Corp. (NYSE:SNV) by 1.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,092,244 shares of the bank’s stock after selling 11,840 shares during the quarter. The Manufacturers Life Insurance Company owned 0.77% of Synovus Financial worth $48,572,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Price T Rowe Associates Inc. MD grew its stake in shares of Synovus Financial by 81.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 230,856 shares of the bank’s stock valued at $9,249,000 after buying an additional 103,891 shares in the last quarter. Comerica Bank grew its stake in shares of Synovus Financial by 93.1% in the first quarter. Comerica Bank now owns 121,852 shares of the bank’s stock valued at $4,881,000 after buying an additional 58,738 shares in the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in shares of Synovus Financial in the first quarter valued at about $100,000. EverSource Wealth Advisors LLC grew its stake in shares of Synovus Financial by 18.5% in the first quarter. EverSource Wealth Advisors LLC now owns 1,906 shares of the bank’s stock valued at $76,000 after buying an additional 298 shares in the last quarter. Finally, Abich Financial Wealth Management LLC grew its stake in shares of Synovus Financial by 43.5% in the first quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank’s stock valued at $49,000 after buying an additional 371 shares in the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Evercore ISI increased their target price on Synovus Financial from $48.00 to $54.00 and gave the company an “in-line” rating in a research note on Wednesday, October 30th. Royal Bank of Canada increased their target price on Synovus Financial from $49.00 to $57.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Raymond James upgraded Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price for the company in a research note on Tuesday, September 17th. Morgan Stanley raised their price objective on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Finally, Barclays raised their price objective on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Seven research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Synovus Financial currently has an average rating of “Moderate Buy” and a consensus price target of $53.94.

Synovus Financial Price Performance

Shares of SNV opened at $57.45 on Friday. The firm has a market cap of $8.14 billion, a price-to-earnings ratio of 26.00, a PEG ratio of 2.09 and a beta of 1.37. The stock has a 50 day moving average of $49.85 and a 200-day moving average of $44.52. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42. Synovus Financial Corp. has a 52 week low of $29.48 and a 52 week high of $59.92.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, topping the consensus estimate of $1.09 by $0.14. The company had revenue of $564.72 million during the quarter, compared to analyst estimates of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The business’s revenue was up 2.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.84 EPS. As a group, analysts forecast that Synovus Financial Corp. will post 4.37 EPS for the current year.

Synovus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.65%. The ex-dividend date was Thursday, September 19th. Synovus Financial’s dividend payout ratio (DPR) is 68.78%.

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.