Aquatic Capital Management LLC Takes $2.47 Million Position in Synovus Financial Corp. (NYSE:SNV)

Aquatic Capital Management LLC bought a new stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 48,252 shares of the bank's stock, valued at approximately $2,472,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of SNV. Montgomery Investment Management Inc. grew its holdings in shares of Synovus Financial by 0.6% in the 4th quarter. Montgomery Investment Management Inc. now owns 42,493 shares of the bank's stock worth $2,177,000 after purchasing an additional 235 shares during the last quarter. Sound View Wealth Advisors Group LLC increased its holdings in shares of Synovus Financial by 3.1% in the fourth quarter. Sound View Wealth Advisors Group LLC now owns 7,941 shares of the bank's stock valued at $407,000 after purchasing an additional 241 shares in the last quarter. Deroy & Devereaux Private Investment Counsel Inc. lifted its holdings in Synovus Financial by 0.3% during the 4th quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 103,480 shares of the bank's stock worth $5,301,000 after buying an additional 270 shares in the last quarter. Wedmont Private Capital increased its stake in shares of Synovus Financial by 3.3% in the 4th quarter. Wedmont Private Capital now owns 9,401 shares of the bank's stock valued at $479,000 after buying an additional 299 shares during the period. Finally, Harbor Capital Advisors Inc. raised its position in shares of 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 during the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Synovus Financial Stock Up 2.8 %

Shares of NYSE SNV traded up $1.24 during midday trading on Friday, reaching $45.34. The company's stock had a trading volume of 876,467 shares, compared to its average volume of 1,413,035. The company has a current ratio of 0.88, a quick 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. The stock has a 50 day simple moving average of $44.62 and a 200-day simple moving average of $50.60. The stock has a market capitalization of $6.39 billion, a price-to-earnings ratio of 14.87, a PEG ratio of 1.11 and a beta of 1.16.

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, beating the consensus estimate of $1.11 by $0.19. The company had revenue of $573.24 million during the quarter, compared to the consensus estimate of $572.35 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. Equities research analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th were paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.44%. 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 (DPR) is currently 43.70%.

Analysts Set New Price Targets

SNV has been the subject of a number of research reports. Barclays lowered their price objective on Synovus Financial from $66.00 to $60.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Morgan Stanley dropped their price target on shares of Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating for the company in a research note on Thursday, March 13th. JPMorgan Chase & Co. reduced 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. DA Davidson cut their price target on Synovus Financial from $65.00 to $60.00 and set a "buy" rating on the stock in a research note on Monday, April 21st. Finally, Citigroup upped their price objective on Synovus Financial from $59.00 to $62.00 and gave the company a "buy" rating in a report on Friday, January 17th. Eight equities 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, the company 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.