EAM Investors LLC Purchases New Shares in Synovus Financial Corp. (NYSE:SNV)

EAM Investors LLC acquired a new position in Synovus Financial Corp. (NYSE:SNV - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 59,977 shares of the bank's stock, valued at approximately $3,073,000.

A number of other institutional investors also recently modified their holdings of the business. Keystone Financial Group Inc. bought a new position in Synovus Financial in the 4th quarter worth about $37,000. Jones Financial Companies Lllp increased its holdings in Synovus Financial by 72.7% during the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank's stock worth $56,000 after acquiring an additional 461 shares during the period. V Square Quantitative Management LLC lifted its stake in Synovus Financial by 69.3% in the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank's stock worth $58,000 after purchasing an additional 466 shares in the last quarter. Millstone Evans Group LLC bought a new position in Synovus Financial in the 4th quarter valued at $59,000. Finally, EverSource Wealth Advisors LLC grew its position in shares of Synovus Financial by 36.6% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,766 shares of the bank's stock valued at $91,000 after purchasing an additional 473 shares in the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Synovus Financial Trading Up 1.6 %

NYSE SNV traded up $0.64 on Tuesday, hitting $40.77. The company's stock had a trading volume of 193,117 shares, compared to its average volume of 1,621,196. The firm has a market cap of $5.75 billion, a P/E ratio of 13.37, a PEG ratio of 1.11 and a beta of 1.16. Synovus Financial Corp. has a 52-week low of $35.51 and a 52-week high of $59.92. The company's 50-day simple moving average is $46.39 and its 200 day simple moving average is $50.76. 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 (NYSE:SNV - Get Free Report) last announced its quarterly 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 company had revenue of $573.24 million during the quarter, compared to analyst estimates of $572.35 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. Research analysts predict 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. Investors of record on Thursday, March 20th were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $1.56 annualized dividend and a dividend yield of 3.83%. This is a boost from Synovus Financial's previous quarterly dividend of $0.38. Synovus Financial's payout ratio is currently 43.70%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SNV. Morgan Stanley dropped their price objective on 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. decreased 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 report on Monday. Wells Fargo & Company cut their price target on shares of Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 9th. Stephens cut 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. Finally, DA Davidson lowered their price target on Synovus Financial from $65.00 to $60.00 and set a "buy" rating on the stock in a research report on Monday. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, Synovus Financial presently has a consensus rating of "Moderate Buy" and a consensus price target 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.