52,526 Shares in Synovus Financial Corp. (NYSE:SNV) Bought by Black Maple Capital Management LP

Black Maple Capital Management LP acquired a new position in Synovus Financial Corp. (NYSE:SNV - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 52,526 shares of the bank's stock, valued at approximately $2,691,000. Synovus Financial accounts for 1.4% of Black Maple Capital Management LP's holdings, making the stock its 11th biggest position.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Proficio Capital Partners LLC purchased a new stake in shares of Synovus Financial during the fourth quarter valued at approximately $3,798,000. Nordea Investment Management AB boosted its stake in Synovus Financial by 3.8% during 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 last quarter. KLP Kapitalforvaltning AS bought a new stake in shares of Synovus Financial in the 4th quarter worth $1,504,000. SG Americas Securities LLC raised its stake in shares of Synovus Financial by 11.0% in the fourth quarter. SG Americas Securities LLC now owns 12,547 shares of the bank's stock worth $643,000 after purchasing an additional 1,240 shares during the last quarter. Finally, Janney Montgomery Scott LLC lifted its holdings in shares of Synovus Financial by 4.4% during the fourth quarter. Janney Montgomery Scott LLC now owns 51,357 shares of the bank's stock valued at $2,631,000 after purchasing an additional 2,166 shares in the last quarter. Hedge funds and other institutional investors own 83.85% of the company's stock.

Synovus Financial Price Performance

Shares of SNV stock traded down $0.40 during trading hours on Friday, hitting $46.01. The stock had a trading volume of 332,318 shares, compared to its average volume of 1,402,035. 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 stock has a market capitalization of $6.49 billion, a price-to-earnings ratio of 15.09, a PEG ratio of 1.11 and a beta of 1.13. Synovus Financial Corp. has a one year low of $35.81 and a one year high of $59.92. The stock's 50-day moving average price is $44.02 and its two-hundred day moving average price is $50.47.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings data on Wednesday, April 16th. The bank reported $1.30 earnings per share (EPS) for the quarter, topping 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 business had revenue of $573.24 million for the quarter, compared to analysts' expectations of $572.35 million. Equities analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders 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 dividend yield of 3.39%. Synovus Financial's payout ratio is 43.70%.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Royal Bank of Canada lowered their target price on shares of Synovus Financial from $64.00 to $52.00 and set an "outperform" rating on the stock in a research note on Monday, April 21st. DA Davidson dropped 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. Barclays reduced 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. Citigroup boosted their price target on Synovus Financial from $59.00 to $62.00 and gave the company a "buy" rating in a research note on Friday, January 17th. Finally, Morgan Stanley lowered their price objective on shares of Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating on the stock in a research note on Thursday, March 13th. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price 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.