Black Maple Capital Management LP Purchases Shares of 52,526 Synovus Financial Corp. (NYSE:SNV)

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

Other institutional investors also recently modified their holdings of the company. Algert Global LLC boosted its stake in Synovus Financial by 14.8% during the fourth quarter. Algert Global LLC now owns 234,960 shares of the bank's stock worth $12,037,000 after buying an additional 30,314 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its holdings in shares of Synovus Financial by 74.4% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 22,757 shares of the bank's stock worth $1,166,000 after acquiring an additional 9,707 shares during the period. Keel Point LLC bought a new position in shares of Synovus Financial during the 4th quarter worth about $225,000. Schonfeld Strategic Advisors LLC boosted its position in shares of Synovus Financial by 62.7% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 168,008 shares of the bank's stock valued at $8,607,000 after acquiring an additional 64,752 shares in the last quarter. Finally, AQR Capital Management LLC increased its stake in Synovus Financial by 226.5% in the fourth quarter. AQR Capital Management LLC now owns 1,065,249 shares of the bank's stock valued at $54,573,000 after acquiring an additional 738,983 shares during the period. Institutional investors and hedge funds own 83.85% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on SNV shares. DA Davidson decreased their price objective on Synovus Financial from $65.00 to $60.00 and set a "buy" rating on the stock in a report on Monday, April 21st. Barclays lowered their price target on Synovus Financial from $66.00 to $60.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Stephens cut their price objective on Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating for the company in a report on Monday, April 21st. JPMorgan Chase & Co. lowered their target price on shares of Synovus Financial from $54.00 to $50.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Finally, Raymond James downgraded shares of Synovus Financial from an "outperform" rating to a "market perform" rating in a report on Wednesday, April 2nd. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat, Synovus Financial presently has an average rating of "Moderate Buy" and a consensus target price of $56.17.

Synovus Financial Stock Up 2.8 %

Shares of NYSE:SNV opened at $45.34 on Friday. The company has a 50 day moving average of $44.50 and a 200-day moving average of $50.60. Synovus Financial Corp. has a one year low of $35.81 and a one year high of $59.92. The stock has a market cap of $6.39 billion, a price-to-earnings ratio of 14.87, a P/E/G ratio of 1.11 and a beta of 1.16. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick 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, beating the consensus estimate of $1.11 by $0.19. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The company had revenue of $573.24 million during the quarter, compared to analysts' expectations of $572.35 million. On average, sell-side analysts forecast 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. Shareholders of record on Thursday, March 20th were issued a dividend of $0.39 per share. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $1.56 dividend on an annualized basis and a yield of 3.44%. This is a boost from Synovus Financial's previous quarterly dividend of $0.38. Synovus Financial's dividend payout ratio (DPR) is 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.

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