288,575 Shares in Synovus Financial Corp. (NYSE:SNV) Acquired by Cubist Systematic Strategies LLC

Cubist Systematic Strategies LLC purchased a new stake in Synovus Financial Corp. (NYSE:SNV - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The firm purchased 288,575 shares of the bank's stock, valued at approximately $14,784,000. Cubist Systematic Strategies LLC owned approximately 0.20% of Synovus Financial as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Synovus Financial during the 4th quarter valued at $77,209,000. AQR Capital Management LLC increased its position in Synovus Financial by 226.5% during the 4th quarter. AQR Capital Management LLC now owns 1,065,249 shares of the bank's stock valued at $54,573,000 after buying an additional 738,983 shares in the last quarter. FMR LLC raised its stake in Synovus Financial by 3.6% in the fourth quarter. FMR LLC now owns 12,041,625 shares of the bank's stock valued at $616,892,000 after buying an additional 415,201 shares during the last quarter. Prudential Financial Inc. boosted its holdings in 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 in the last quarter. Finally, Northern Trust Corp increased its holdings in shares of Synovus Financial by 32.4% during the fourth quarter. Northern Trust Corp now owns 1,380,098 shares of the bank's stock valued at $70,702,000 after acquiring an additional 337,784 shares in the last quarter. Hedge funds and other institutional investors own 83.85% of the company's stock.

Synovus Financial Price Performance

Shares of NYSE SNV traded down $0.32 during trading on Friday, hitting $46.09. The company had a trading volume of 710,707 shares, compared to its average volume of 1,403,551. The firm has a market capitalization of $6.41 billion, a price-to-earnings ratio of 15.11, a price-to-earnings-growth ratio of 1.11 and a beta of 1.13. The stock has a fifty day simple moving average of $43.97 and a two-hundred day simple moving average of $50.45. 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 Corp. has a fifty-two week low of $35.81 and a fifty-two week high of $59.92.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings data on Wednesday, April 16th. The bank reported $1.30 EPS for the quarter, topping the consensus estimate of $1.11 by $0.19. The company had revenue of $573.24 million during the quarter, compared to analyst estimates of $572.35 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. On average, research analysts expect that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 3.38%. The ex-dividend date was Thursday, March 20th. This is a boost from Synovus Financial's previous quarterly dividend of $0.38. Synovus Financial's payout ratio is 43.70%.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Stephens lowered their target price on shares of Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating for the company in a research note on Monday, April 21st. Citigroup raised their target price on Synovus Financial from $59.00 to $62.00 and gave the stock a "buy" rating in a research note on Friday, January 17th. JPMorgan Chase & Co. reduced their price target on shares of Synovus Financial from $54.00 to $50.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Royal Bank of Canada dropped their price objective on shares of Synovus Financial from $64.00 to $52.00 and set an "outperform" rating on the stock in a report on Monday, April 21st. Finally, Barclays reduced their target price 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. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $56.17.

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.