Inscription Capital LLC Takes Position in Synovus Financial Corp. (NYSE:SNV)

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

Several other large investors have also made changes to their positions in SNV. Norges Bank purchased a new stake in shares of Synovus Financial during the 4th quarter worth about $77,209,000. AQR Capital Management LLC lifted its holdings in shares of Synovus Financial by 226.5% during the 4th 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 in the last quarter. FMR LLC lifted its holdings in shares of Synovus Financial by 3.6% during the 4th quarter. FMR LLC now owns 12,041,625 shares of the bank's stock valued at $616,892,000 after acquiring an additional 415,201 shares in the last quarter. Prudential Financial Inc. boosted its position in Synovus Financial by 349.4% during the 4th quarter. Prudential Financial Inc. now owns 529,147 shares of the bank's stock worth $27,108,000 after purchasing an additional 411,411 shares during the period. Finally, Jacobs Levy Equity Management Inc. increased its holdings in Synovus Financial by 5,495.2% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 349,866 shares of the bank's stock valued at $17,924,000 after purchasing an additional 343,613 shares in the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SNV has been the topic of several analyst reports. Jefferies Financial Group initiated coverage on Synovus Financial in a report on Wednesday, May 21st. They set a "hold" rating and a $55.00 target price on the stock. Raymond James Financial cut shares of Synovus Financial from an "outperform" rating to a "market perform" rating in a research report on Wednesday, April 2nd. Stephens lowered their price target on shares of Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating for the company in a report on Monday, April 21st. Barclays cut their price objective on shares of Synovus Financial from $66.00 to $60.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Finally, Royal Bank Of Canada decreased their price objective on shares of Synovus Financial from $64.00 to $52.00 and set an "outperform" rating for the company in a research report on Monday, April 21st. Nine research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $56.56.

Synovus Financial Stock Performance

NYSE:SNV traded up $0.49 during midday trading on Thursday, reaching $47.90. 1,195,775 shares of the company traded hands, compared to its average volume of 1,386,763. The firm has a market capitalization of $6.66 billion, a price-to-earnings ratio of 13.42, a price-to-earnings-growth ratio of 0.92 and a beta of 1.18. The company has a fifty day moving average price of $45.84 and a 200 day moving average price of $49.29. 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 Corp. has a twelve month low of $35.94 and a twelve month high of $59.92.

Synovus Financial (NYSE:SNV - Get Free Report) last released its quarterly earnings results on Wednesday, April 16th. The bank reported $1.30 EPS for the quarter, topping the consensus estimate of $1.11 by $0.19. The business had revenue of $573.24 million during the quarter, compared to analyst estimates of $572.35 million. Synovus Financial had a net margin of 16.19% and a return on equity of 15.87%. On average, analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current fiscal 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 issued a dividend of $0.39 per share. The ex-dividend date is Wednesday, June 18th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.26%. Synovus Financial's dividend payout ratio (DPR) is presently 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.