Mackenzie Financial Corp Buys New Shares in Synovus Financial Corp. (NYSE:SNV)

Mackenzie Financial Corp acquired a new position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 10,169 shares of the bank's stock, valued at approximately $521,000.

A number of other large investors have also recently added to or reduced their stakes in SNV. Tidal Investments LLC bought a new stake in shares of Synovus Financial in the fourth quarter valued at about $222,000. Proficio Capital Partners LLC bought a new position in Synovus Financial in the fourth quarter valued at about $3,798,000. Northern Trust Corp grew its holdings in shares of Synovus Financial by 32.4% during the 4th quarter. Northern Trust Corp now owns 1,380,098 shares of the bank's stock valued at $70,702,000 after purchasing an additional 337,784 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of Synovus Financial during the fourth quarter worth $1,504,000. Finally, Vest Financial LLC increased its holdings in Synovus Financial by 46.4% in the 4th quarter. Vest Financial LLC now owns 48,818 shares of the bank's stock worth $2,501,000 after purchasing an additional 15,477 shares in the last quarter. Institutional investors and hedge funds own 83.85% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on SNV. Barclays dropped their price target on shares of Synovus Financial from $66.00 to $60.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Morgan Stanley dropped their price target on Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating on the stock in a research note on Thursday, March 13th. Wells Fargo & Company reduced their target price on 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. DA Davidson reduced their price target on shares of Synovus Financial from $65.00 to $60.00 and set a "buy" rating for the company in a research report on Monday, April 21st. Finally, JPMorgan Chase & Co. decreased their price objective on Synovus Financial from $54.00 to $50.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Nine research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $56.56.

Synovus Financial Trading Down 0.1%

Shares of NYSE SNV traded down $0.03 during midday trading on Thursday, hitting $47.57. The company's stock had a trading volume of 339,189 shares, compared to its average volume of 1,395,689. Synovus Financial Corp. has a 12-month low of $35.81 and a 12-month high of $59.92. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. The firm has a market cap of $6.61 billion, a P/E ratio of 15.60, a price-to-earnings-growth ratio of 1.11 and a beta of 1.18. The business's 50 day moving average is $44.55 and its two-hundred day moving average is $49.88.

Synovus Financial (NYSE:SNV - Get Free Report) last released its earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share for the quarter, topping analysts' consensus estimates of $1.11 by $0.19. The business had revenue of $573.24 million for 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%. As a group, equities research analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Thursday, June 19th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date is Wednesday, June 18th. 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.