Cubist Systematic Strategies LLC Invests $14.78 Million in Synovus Financial Corp. (NYSE:SNV)

Cubist Systematic Strategies LLC acquired a new position in Synovus Financial Corp. (NYSE:SNV - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 288,575 shares of the bank's stock, valued at approximately $14,784,000. Cubist Systematic Strategies LLC owned about 0.20% of Synovus Financial as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Keystone Financial Group Inc. bought a new stake in shares of Synovus Financial in the fourth quarter valued at approximately $37,000. Jones Financial Companies Lllp lifted its position 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 acquiring an additional 461 shares in the last quarter. V Square Quantitative Management LLC boosted its holdings in shares of Synovus Financial by 69.3% in the fourth quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank's stock worth $58,000 after acquiring an additional 466 shares during the period. Millstone Evans Group LLC purchased a new position in shares of Synovus Financial in the fourth quarter valued at $59,000. Finally, EverSource Wealth Advisors LLC boosted its stake in Synovus Financial by 36.6% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,766 shares of the bank's stock worth $91,000 after purchasing an additional 473 shares during the period. 83.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on SNV shares. Barclays decreased their target price on Synovus Financial from $66.00 to $60.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. DA Davidson lowered their price objective on shares of Synovus Financial from $65.00 to $60.00 and set a "buy" rating for the company in a research note on Monday, April 21st. Stephens dropped 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 report on Monday, April 21st. Wells Fargo & Company lowered their price objective on Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 9th. Finally, Citigroup boosted their price target on Synovus Financial from $59.00 to $62.00 and gave the stock a "buy" rating in a research report on Friday, January 17th. Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, Synovus Financial has a consensus rating of "Moderate Buy" and a consensus price target of $56.17.

Synovus Financial Trading Up 5.9%

Shares of NYSE:SNV traded up $2.70 on Monday, hitting $48.77. 317,804 shares of the company's stock were exchanged, compared to its average volume of 1,401,592. The stock has a market capitalization of $6.78 billion, a price-to-earnings ratio of 16.00, a price-to-earnings-growth ratio of 1.11 and a beta of 1.13. Synovus Financial Corp. has a 12 month low of $35.81 and a 12 month high of $59.92. The business's 50 day simple moving average is $43.97 and its two-hundred day simple moving average is $50.47. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88.

Synovus Financial (NYSE:SNV - Get Free Report) last released 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. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The company had revenue of $573.24 million for the quarter, compared to the consensus estimate of $572.35 million. Analysts anticipate that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 3.20%. The ex-dividend date of this dividend was Thursday, March 20th. This is a boost from Synovus Financial's previous quarterly dividend of $0.38. Synovus Financial's dividend payout ratio is presently 43.70%.

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.