Algert Global LLC Increases Stake in Synovus Financial Corp. (NYSE:SNV)

Algert Global LLC increased its holdings in Synovus Financial Corp. (NYSE:SNV - Free Report) by 14.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 234,960 shares of the bank's stock after buying an additional 30,314 shares during the period. Algert Global LLC owned 0.17% of Synovus Financial worth $12,037,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of SNV. Franklin Resources Inc. boosted its position in Synovus Financial by 4.0% during the third quarter. Franklin Resources Inc. now owns 22,964 shares of the bank's stock valued at $1,069,000 after buying an additional 885 shares during the period. Nordea Investment Management AB lifted its stake in shares of Synovus Financial by 3.8% in the 4th quarter. Nordea Investment Management AB now owns 276,863 shares of the bank's stock valued at $14,261,000 after purchasing an additional 10,109 shares during the period. Harbor Capital Advisors Inc. boosted its stake in Synovus Financial by 2.1% during the fourth quarter. Harbor Capital Advisors Inc. now owns 14,800 shares of the bank's stock worth $758,000 after acquiring an additional 302 shares in the last quarter. Thomasville National Bank raised its stake in Synovus Financial by 5.6% during the fourth quarter. Thomasville National Bank now owns 20,231 shares of the bank's stock valued at $1,036,000 after buying an additional 1,066 shares during the last quarter. Finally, Wedmont Private Capital boosted its stake in Synovus Financial by 3.3% in the 4th quarter. Wedmont Private Capital now owns 9,401 shares of the bank's stock worth $479,000 after purchasing an additional 299 shares in the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

Synovus Financial Price Performance

SNV stock traded up $0.28 during midday trading on Wednesday, reaching $44.92. 816,164 shares of the stock were exchanged, compared to its average volume of 1,406,112. The stock has a market capitalization of $6.33 billion, a PE ratio of 14.73, a P/E/G ratio of 1.11 and a beta of 1.13. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. The company has a fifty day moving average price of $44.25 and a 200 day moving average price of $50.52. Synovus Financial Corp. has a 52 week low of $35.81 and a 52 week high of $59.92.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share for the quarter, topping analysts' consensus estimates of $1.11 by $0.19. The company had revenue of $573.24 million for the quarter, compared to analyst estimates of $572.35 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. As a group, analysts expect 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. Investors of record on Thursday, March 20th were paid a $0.39 dividend. This is a positive change from Synovus Financial's previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $1.56 dividend on an annualized basis and a yield of 3.47%. Synovus Financial's dividend payout ratio (DPR) is presently 43.70%.

Analysts Set New Price Targets

SNV has been the subject of a number of research reports. DA Davidson reduced their target price on shares of Synovus Financial from $65.00 to $60.00 and set a "buy" rating for the company in a report on Monday, April 21st. Raymond James cut shares of Synovus Financial from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 2nd. Royal Bank of Canada decreased their price target on Synovus Financial from $64.00 to $52.00 and set an "outperform" rating on the stock in a report on Monday, April 21st. Morgan Stanley dropped their target price on Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating for the company in a research report on Thursday, March 13th. Finally, Barclays reduced their price target on shares of Synovus Financial from $66.00 to $60.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target 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.