Bank of Montreal Can Has $2.04 Million Stock Position in Synovus Financial Corp. (NYSE:SNV)

Bank of Montreal Can raised its position in Synovus Financial Corp. (NYSE:SNV - Free Report) by 55.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 39,807 shares of the bank's stock after purchasing an additional 14,124 shares during the period. Bank of Montreal Can's holdings in Synovus Financial were worth $2,039,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of SNV. Norges Bank acquired a new position in Synovus Financial during the fourth quarter worth approximately $77,209,000. FMR LLC grew its stake in shares of Synovus Financial by 3.6% during the 4th quarter. FMR LLC now owns 12,041,625 shares of the bank's stock valued at $616,892,000 after buying an additional 415,201 shares during the period. Prudential Financial Inc. increased its holdings in shares of Synovus Financial by 349.4% during the 4th quarter. Prudential Financial Inc. now owns 529,147 shares of the bank's stock worth $27,108,000 after buying an additional 411,411 shares during the last quarter. TruWealth Advisors LLC acquired a new stake in shares of Synovus Financial during the 4th quarter worth $12,350,000. Finally, Trexquant Investment LP raised its position in shares of Synovus Financial by 478.5% in the 4th quarter. Trexquant Investment LP now owns 270,732 shares of the bank's stock worth $13,870,000 after buying an additional 223,929 shares during the period. 83.85% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have commented on SNV shares. JPMorgan Chase & Co. dropped their price target on Synovus Financial from $54.00 to $50.00 and set an "overweight" rating for the company in a research note on Monday. 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. Morgan Stanley reduced their price target on shares of 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. Royal Bank of Canada dropped their price objective on shares of Synovus Financial from $64.00 to $52.00 and set an "outperform" rating for the company in a research report on Monday. Finally, DA Davidson reduced their target price on shares of Synovus Financial from $65.00 to $60.00 and set a "buy" rating on the stock in a report on Monday. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Synovus Financial has a consensus rating of "Moderate Buy" and an average target price of $56.17.

Synovus Financial Stock Up 3.4 %

NYSE SNV traded up $1.35 during mid-day trading on Tuesday, reaching $41.48. 1,172,065 shares of the company's stock traded hands, compared to its average volume of 1,422,291. 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 1-year low of $35.51 and a 1-year high of $59.92. The company has a fifty day simple moving average of $46.13 and a 200-day simple moving average of $50.70. The company has a market cap of $5.85 billion, a price-to-earnings ratio of 13.60, a P/E/G ratio of 1.11 and a beta of 1.16.

Synovus Financial (NYSE:SNV - Get Free Report) last released its earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share for the quarter, topping 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 net margin of 14.05% and a return on equity of 14.70%. As a group, equities research analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th were paid a $0.39 dividend. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $1.56 annualized dividend and a dividend yield of 3.76%. This is a positive change from Synovus Financial's previous quarterly dividend of $0.38. Synovus Financial's dividend payout ratio (DPR) is presently 43.70%.

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.