Synovus Financial Corp. (NYSE:SNV) Shares Purchased by AQR Capital Management LLC

AQR Capital Management LLC grew its stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 226.5% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,065,249 shares of the bank's stock after acquiring an additional 738,983 shares during the period. AQR Capital Management LLC owned 0.75% of Synovus Financial worth $54,573,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Norges Bank bought a new position in shares of Synovus Financial during the fourth quarter valued at $77,209,000. FMR LLC raised its holdings in Synovus Financial by 3.6% during the fourth quarter. FMR LLC now owns 12,041,625 shares of the bank's stock worth $616,892,000 after acquiring an additional 415,201 shares in the last quarter. Prudential Financial Inc. lifted its holdings in Synovus Financial by 349.4% during the 4th quarter. Prudential Financial Inc. now owns 529,147 shares of the bank's stock valued at $27,108,000 after purchasing an additional 411,411 shares during the last quarter. Northern Trust Corp increased its position in Synovus Financial by 32.4% during the fourth quarter. Northern Trust Corp now owns 1,380,098 shares of the bank's stock worth $70,702,000 after acquiring an additional 337,784 shares during the period. Finally, Mesirow Institutional Investment Management Inc. acquired a new position in shares of Synovus Financial in the 4th quarter valued at approximately $14,991,000. 83.85% of the stock is currently owned by institutional investors.

Synovus Financial Price Performance

Shares of NYSE:SNV traded up $1.24 on Friday, reaching $45.34. The company's stock had a trading volume of 876,467 shares, compared to its average volume of 1,414,640. The company has a market cap of $6.39 billion, a P/E ratio of 14.87, a PEG ratio of 1.11 and a beta of 1.16. The company has a 50-day simple moving average of $44.50 and a 200 day simple moving average of $50.60. Synovus Financial Corp. has a 52-week low of $35.81 and a 52-week high of $59.92. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its earnings results on Wednesday, April 16th. The bank reported $1.30 EPS for the quarter, topping analysts' consensus estimates of $1.11 by $0.19. The business had revenue of $573.24 million for the quarter, compared to the consensus estimate of $572.35 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. As a group, equities research analysts anticipate that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th were issued a $0.39 dividend. The ex-dividend date of this dividend was Thursday, March 20th. This is an increase from Synovus Financial's previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a yield of 3.44%. Synovus Financial's payout ratio is presently 43.70%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Stephens dropped their price target 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. DA Davidson cut their price target 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. Citigroup raised their price objective on Synovus Financial from $59.00 to $62.00 and gave the company a "buy" rating in a research note on Friday, January 17th. Royal Bank of Canada reduced their price objective on shares of Synovus Financial from $64.00 to $52.00 and set an "outperform" rating on the stock in a research report on Monday, April 21st. Finally, Raymond James downgraded shares of Synovus Financial from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 2nd. Eight equities research 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 currently has an average rating of "Moderate Buy" and a consensus target price of $56.17.

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.