Inscription Capital LLC Invests $888,000 in Synovus Financial Corp. (NYSE:SNV)

Inscription Capital LLC acquired a new position in Synovus Financial Corp. (NYSE:SNV - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 19,000 shares of the bank's stock, valued at approximately $888,000.

Several other institutional investors have also recently bought and sold shares of SNV. FMR LLC increased its stake in shares of Synovus Financial by 3.6% in 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. Charles Schwab Investment Management Inc. boosted its holdings in Synovus Financial by 2.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,109,856 shares of the bank's stock valued at $261,778,000 after acquiring an additional 117,242 shares during the last quarter. Silvercrest Asset Management Group LLC boosted its holdings in Synovus Financial by 2.3% in the fourth quarter. Silvercrest Asset Management Group LLC now owns 2,370,521 shares of the bank's stock valued at $121,442,000 after acquiring an additional 53,286 shares during the last quarter. First Trust Advisors LP increased its position in Synovus Financial by 4.5% in the fourth quarter. First Trust Advisors LP now owns 1,827,247 shares of the bank's stock worth $93,610,000 after purchasing an additional 77,876 shares during the period. Finally, Norges Bank bought a new stake in Synovus Financial during the 4th quarter worth about $77,209,000. Institutional investors own 83.85% of the company's stock.

Synovus Financial Stock Up 1.7%

SNV stock traded up $0.83 during trading hours on Friday, reaching $48.75. 2,463,037 shares of the stock were exchanged, compared to its average volume of 1,391,051. The firm's 50-day moving average is $46.01 and its 200-day moving average is $49.23. Synovus Financial Corp. has a 12 month low of $35.94 and a 12 month high of $59.92. The company has a market cap of $6.78 billion, a price-to-earnings ratio of 13.66, a PEG ratio of 0.93 and a beta of 1.18. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.88 and a quick ratio of 0.88.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings data 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. Synovus Financial had a return on equity of 15.87% and a net margin of 16.19%. The company had revenue of $573.24 million during the quarter, compared to analysts' expectations of $572.35 million. On average, equities research analysts expect that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Thursday, June 19th will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $1.56 annualized dividend and a dividend yield of 3.20%. Synovus Financial's dividend payout ratio is currently 43.70%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. 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 research note on Monday, April 21st. Raymond James Financial cut shares of Synovus Financial from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 2nd. Wells Fargo & Company dropped their target price on shares of Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 9th. Stephens reduced their price target on Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating on the stock in a research report on Monday, April 21st. Finally, Jefferies Financial Group assumed coverage on Synovus Financial in a research note on Wednesday, May 21st. They set a "hold" rating and a $55.00 price objective for the company. Nine equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $56.56.

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.