Phocas Financial Corp. Has $9.08 Million Stake in Synovus Financial Corp. (NYSE:SNV)

Phocas Financial Corp. boosted its position in Synovus Financial Corp. (NYSE:SNV - Free Report) by 90.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 177,231 shares of the bank's stock after purchasing an additional 84,036 shares during the period. Synovus Financial makes up about 1.2% of Phocas Financial Corp.'s portfolio, making the stock its 20th largest holding. Phocas Financial Corp. owned 0.13% of Synovus Financial worth $9,080,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Proficio Capital Partners LLC acquired a new stake in Synovus Financial in the fourth quarter worth approximately $3,798,000. Northern Trust Corp lifted its position 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 acquiring an additional 337,784 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of Synovus Financial during the 4th quarter valued at $1,504,000. SG Americas Securities LLC lifted its position in shares of Synovus Financial by 11.0% during the 4th quarter. SG Americas Securities LLC now owns 12,547 shares of the bank's stock valued at $643,000 after acquiring an additional 1,240 shares during the last quarter. Finally, Janney Montgomery Scott LLC lifted its holdings in shares of Synovus Financial by 4.4% in the fourth quarter. Janney Montgomery Scott LLC now owns 51,357 shares of the bank's stock valued at $2,631,000 after purchasing an additional 2,166 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Jefferies Financial Group assumed coverage on Synovus Financial in a report on Wednesday, May 21st. They issued a "hold" rating and a $55.00 target price for the company. Raymond James lowered Synovus Financial from an "outperform" rating to a "market perform" rating in a report on Wednesday, April 2nd. 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 report on Wednesday, April 9th. JPMorgan Chase & Co. reduced their target price on Synovus Financial from $54.00 to $50.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Finally, Morgan Stanley reduced their target price on Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating for the company in a report on Thursday, March 13th. Nine investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $56.56.

Synovus Financial Stock Performance

Shares of NYSE SNV traded down $0.19 during mid-day trading on Friday, hitting $47.88. The company had a trading volume of 1,114,704 shares, compared to its average volume of 1,402,824. The firm has a market cap of $6.66 billion, a P/E ratio of 15.70, a PEG ratio of 1.11 and a beta of 1.13. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. Synovus Financial Corp. has a 12 month low of $35.81 and a 12 month high of $59.92. The business's 50-day simple moving average is $44.52 and its 200-day simple moving average is $50.05.

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 firm had revenue of $573.24 million during the quarter, compared to analysts' expectations of $572.35 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. As a group, analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th were issued a dividend of $0.39 per share. This is a positive change from Synovus Financial's previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $1.56 annualized dividend 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.