19,425 Shares in Synovus Financial Corp. (NYSE:SNV) Bought by Pallas Capital Advisors LLC

Pallas Capital Advisors LLC acquired a new position in Synovus Financial Corp. (NYSE:SNV - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 19,425 shares of the bank's stock, valued at approximately $908,000.

Several other large investors also recently added to or reduced their stakes in SNV. Tidal Investments LLC purchased a new position in Synovus Financial in the 4th quarter worth approximately $222,000. Proficio Capital Partners LLC bought a new stake in shares of Synovus Financial during the 4th quarter worth $3,798,000. Northern Trust Corp grew its position in Synovus Financial by 32.4% in the fourth quarter. Northern Trust Corp now owns 1,380,098 shares of the bank's stock worth $70,702,000 after acquiring an additional 337,784 shares in the last quarter. KLP Kapitalforvaltning AS bought a new position in Synovus Financial in the fourth quarter valued at $1,504,000. Finally, First Citizens Bank & Trust Co. raised its position in Synovus Financial by 32.8% during the first quarter. First Citizens Bank & Trust Co. now owns 23,132 shares of the bank's stock valued at $1,081,000 after purchasing an additional 5,717 shares in the last quarter. Institutional investors own 83.85% of the company's stock.

Synovus Financial Trading Down 3.0%

SNV traded down $1.48 during midday trading on Friday, reaching $47.07. 711,546 shares of the company's stock traded hands, compared to its average volume of 1,384,633. Synovus Financial Corp. has a 52 week low of $35.94 and a 52 week high of $59.92. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. The firm has a fifty day moving average of $45.28 and a two-hundred day moving average of $49.56. The stock has a market capitalization of $6.54 billion, a price-to-earnings ratio of 15.43, a P/E/G ratio of 1.11 and a beta of 1.18.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings results on Wednesday, April 16th. The bank reported $1.30 EPS for the quarter, topping analysts' consensus estimates of $1.11 by $0.19. The company had revenue of $573.24 million during 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%. On average, equities analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Thursday, June 19th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 3.31%. The ex-dividend date is Wednesday, June 18th. Synovus Financial's dividend payout ratio is currently 43.70%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Jefferies Financial Group initiated coverage on Synovus Financial in a report on Wednesday, May 21st. They issued a "hold" rating and a $55.00 price objective for the company. Royal Bank of Canada cut their target price on Synovus Financial from $64.00 to $52.00 and set an "outperform" rating for the company in a research note on Monday, April 21st. DA Davidson decreased their price target 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 cut shares of Synovus Financial from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 2nd. Finally, Morgan Stanley reduced their target price on shares of Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating on the stock in a report on Thursday, March 13th. Nine equities 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. According to MarketBeat, Synovus Financial currently has an average 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.