MQS Management LLC Takes $254,000 Position in Synovus Financial Corp. (NYSE:SNV)

MQS Management LLC bought a new stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 5,437 shares of the bank's stock, valued at approximately $254,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. CWM LLC lifted its stake in Synovus Financial by 296.3% during the 1st quarter. CWM LLC now owns 36,518 shares of the bank's stock valued at $1,707,000 after acquiring an additional 27,303 shares during the period. Stephens Inc. AR bought a new position in Synovus Financial during the 1st quarter valued at about $310,000. Stieven Capital Advisors L.P. lifted its stake in Synovus Financial by 24.5% during the 1st quarter. Stieven Capital Advisors L.P. now owns 297,542 shares of the bank's stock valued at $13,907,000 after acquiring an additional 58,500 shares during the period. State of Michigan Retirement System lifted its stake in Synovus Financial by 0.9% during the 1st quarter. State of Michigan Retirement System now owns 33,804 shares of the bank's stock valued at $1,580,000 after acquiring an additional 300 shares during the period. Finally, Cerity Partners LLC lifted its stake in Synovus Financial by 50.9% during the 1st quarter. Cerity Partners LLC now owns 23,879 shares of the bank's stock valued at $1,116,000 after acquiring an additional 8,059 shares during the period. Institutional investors own 83.85% of the company's stock.

Synovus Financial Trading Up 0.7%

Shares of NYSE:SNV traded up $0.38 during midday trading on Wednesday, reaching $52.91. 1,552,335 shares of the company's stock were exchanged, compared to its average volume of 1,365,273. The firm's 50 day simple moving average is $49.83 and its two-hundred day simple moving average is $49.16. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.88 and a quick ratio of 0.88. The stock has a market cap of $7.35 billion, a price-to-earnings ratio of 14.82, a P/E/G ratio of 1.05 and a beta of 1.19. Synovus Financial Corp. has a fifty-two week low of $35.94 and a fifty-two week high of $59.92.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The bank reported $1.48 EPS for the quarter, topping analysts' consensus estimates of $1.24 by $0.24. Synovus Financial had a return on equity of 15.87% and a net margin of 16.19%. As a group, sell-side analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Thursday, June 19th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 2.95%. The ex-dividend date was Wednesday, June 18th. Synovus Financial's dividend payout ratio (DPR) is presently 43.70%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on SNV shares. Wells Fargo & Company upgraded shares of Synovus Financial from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $50.00 to $62.00 in a research note on Thursday, July 10th. Truist Financial increased their price objective on shares of Synovus Financial from $56.00 to $60.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. DA Davidson decreased 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. Barclays raised their target price on shares of Synovus Financial from $60.00 to $67.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Finally, Jefferies Financial Group began coverage on shares of Synovus Financial in a research note on Wednesday, May 21st. They set a "hold" rating and a $55.00 target price on the stock. Seven research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $59.35.

About Synovus Financial

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.