Dorsey Wright & Associates Purchases New Holdings in Synovus Financial Corp. (NYSE:SNV)

Dorsey Wright & Associates bought a new position in Synovus Financial Corp. (NYSE:SNV - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 5,240 shares of the bank's stock, valued at approximately $245,000.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Janney Montgomery Scott LLC boosted its position in shares of Synovus Financial by 0.5% in the first quarter. Janney Montgomery Scott LLC now owns 51,606 shares of the bank's stock worth $2,412,000 after buying an additional 249 shares during the period. State of Michigan Retirement System boosted its position in shares of Synovus Financial by 0.9% in the first quarter. State of Michigan Retirement System now owns 33,804 shares of the bank's stock worth $1,580,000 after buying an additional 300 shares during the period. Greenleaf Trust increased its stake in Synovus Financial by 5.2% in the 1st quarter. Greenleaf Trust now owns 6,425 shares of the bank's stock valued at $300,000 after buying an additional 318 shares during the period. ProShare Advisors LLC lifted its position in Synovus Financial by 5.6% in the 4th quarter. ProShare Advisors LLC now owns 6,628 shares of the bank's stock worth $340,000 after buying an additional 352 shares in the last quarter. Finally, Blair William & Co. IL lifted its position in Synovus Financial by 6.4% in the 4th quarter. Blair William & Co. IL now owns 6,241 shares of the bank's stock worth $320,000 after buying an additional 374 shares in the last quarter. Institutional investors and hedge funds own 83.85% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on SNV shares. Stephens lowered their price target on shares of Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating on the stock in a report on Monday, April 21st. Keefe, Bruyette & Woods upgraded Synovus Financial from a "market perform" rating to an "outperform" rating and boosted their target price for the company from $58.00 to $65.00 in a research note on Friday, July 18th. DA Davidson raised their price target on Synovus Financial from $60.00 to $63.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. Barclays boosted their price target on Synovus Financial from $60.00 to $67.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Finally, JPMorgan Chase & Co. boosted their price target on Synovus Financial from $50.00 to $60.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat.com, Synovus Financial currently has a consensus rating of "Moderate Buy" and an average target price of $60.44.

Synovus Financial Stock Performance

SNV stock traded down $7.08 during mid-day trading on Friday, reaching $49.64. 12,224,884 shares of the stock traded hands, compared to its average volume of 2,020,881. The firm has a market capitalization of $6.90 billion, a PE ratio of 9.53, a P/E/G ratio of 0.96 and a beta of 1.19. The business has a 50-day moving average of $50.97 and a two-hundred day moving average of $49.37. Synovus Financial Corp. has a 52 week low of $35.94 and a 52 week high of $61.06. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.77.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The bank reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.23. Synovus Financial had a return on equity of 16.20% and a net margin of 21.52%. The business had revenue of $592.08 million during the quarter, compared to analysts' expectations of $584.89 million. During the same quarter in the previous year, the firm earned $1.16 EPS. As a group, equities analysts predict that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Thursday, June 19th were paid a dividend of $0.39 per share. The ex-dividend date was Wednesday, June 18th. This represents a $1.56 annualized dividend and a yield of 3.14%. Synovus Financial's payout ratio is 29.94%.

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.