Algert Global LLC Grows Position in Synovus Financial Corp. (NYSE:SNV)

Algert Global LLC lifted its stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 14.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 234,960 shares of the bank's stock after acquiring 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.

Other large investors also recently bought and sold shares of the company. FMR LLC grew its stake in shares of Synovus Financial by 3.6% during the fourth quarter. FMR LLC now owns 12,041,625 shares of the bank's stock valued at $616,892,000 after acquiring an additional 415,201 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Synovus Financial by 2.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,109,856 shares of the bank's stock valued at $261,778,000 after buying an additional 117,242 shares during the period. First Trust Advisors LP grew its holdings in shares of Synovus Financial by 4.5% during the fourth quarter. First Trust Advisors LP now owns 1,827,247 shares of the bank's stock valued at $93,610,000 after purchasing an additional 77,876 shares during the last quarter. Norges Bank bought a new stake in Synovus Financial in the fourth quarter valued at $77,209,000. Finally, Northern Trust Corp boosted its stake in Synovus Financial by 32.4% during the 4th quarter. Northern Trust Corp now owns 1,380,098 shares of the bank's stock valued at $70,702,000 after purchasing an additional 337,784 shares during the period. Hedge funds and other institutional investors own 83.85% of the company's stock.

Synovus Financial Stock Down 0.8 %

NYSE:SNV traded down $0.36 during trading hours on Friday, reaching $46.05. The company had a trading volume of 290,364 shares, compared to its average volume of 1,526,570. The business's 50-day simple moving average is $44.02 and its two-hundred day simple moving average is $50.47. Synovus Financial Corp. has a twelve month low of $35.81 and a twelve month high of $59.92. 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 firm has a market cap of $6.49 billion, a price-to-earnings ratio of 15.10, a P/E/G ratio of 1.11 and a beta of 1.13.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share (EPS) for the quarter, beating 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 analysts' expectations of $572.35 million. On average, equities analysts expect that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.39%. This is an increase from Synovus Financial's previous quarterly dividend of $0.38. The ex-dividend date was Thursday, March 20th. Synovus Financial's dividend payout ratio is presently 43.70%.

Analyst Upgrades and Downgrades

SNV has been the topic of a number of research analyst reports. JPMorgan Chase & Co. lowered their price objective on shares of Synovus Financial from $54.00 to $50.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Wells Fargo & Company dropped their price target on shares of Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 9th. 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 research note on Tuesday, April 8th. Royal Bank of Canada lowered their price objective on Synovus Financial from $64.00 to $52.00 and set an "outperform" rating on the stock in a report on Monday, April 21st. Finally, Morgan Stanley lowered their price target on Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating on the stock in a research report on Thursday, March 13th. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $56.17.

Synovus Financial Company 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.