Quantinno Capital Management LP Grows Stake in Synovus Financial Corp. (NYSE:SNV)

Quantinno Capital Management LP grew its position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 12.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 55,229 shares of the bank's stock after purchasing an additional 6,130 shares during the period. Quantinno Capital Management LP's holdings in Synovus Financial were worth $2,829,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. Montgomery Investment Management Inc. grew its position in shares of Synovus Financial by 0.6% during the 4th quarter. Montgomery Investment Management Inc. now owns 42,493 shares of the bank's stock valued at $2,177,000 after purchasing an additional 235 shares in the last quarter. Sound View Wealth Advisors Group LLC grew its position in shares of Synovus Financial by 3.1% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 7,941 shares of the bank's stock valued at $407,000 after purchasing an additional 241 shares in the last quarter. Deroy & Devereaux Private Investment Counsel Inc. grew its position in shares of Synovus Financial by 0.3% during the 4th quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 103,480 shares of the bank's stock valued at $5,301,000 after purchasing an additional 270 shares in the last quarter. Savant Capital LLC grew its position in shares of Synovus Financial by 2.7% during the 4th quarter. Savant Capital LLC now owns 11,923 shares of the bank's stock valued at $611,000 after purchasing an additional 314 shares in the last quarter. Finally, M&T Bank Corp grew its position in shares of Synovus Financial by 4.8% during the 4th quarter. M&T Bank Corp now owns 7,265 shares of the bank's stock valued at $372,000 after purchasing an additional 331 shares in the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Wells Fargo & Company cut their target price on shares of Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 9th. JPMorgan Chase & Co. cut their target price on shares of Synovus Financial from $54.00 to $50.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Raymond James lowered shares of Synovus Financial from an "outperform" rating to a "market perform" rating in a research report on Wednesday, April 2nd. DA Davidson cut their target price 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, Truist Financial assumed coverage on shares of Synovus Financial in a research report on Tuesday, May 13th. They issued a "buy" rating and a $56.00 target price for the company. Eight equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $56.11.

Synovus Financial Stock Performance

Synovus Financial stock opened at $49.21 on Tuesday. The company has a market capitalization of $6.84 billion, a PE ratio of 16.13, a P/E/G ratio of 1.11 and a beta of 1.13. The firm has a fifty day simple moving average of $44.41 and a two-hundred day simple moving average of $50.46. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. Synovus Financial Corp. has a twelve month low of $35.81 and a twelve month high of $59.92.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings data on Wednesday, April 16th. The bank reported $1.30 EPS for the quarter, beating the consensus estimate of $1.11 by $0.19. The firm had revenue of $573.24 million during the quarter, compared to the consensus estimate of $572.35 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. Research analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current 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 paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 3.17%. This is an increase from Synovus Financial's previous quarterly dividend of $0.38. The ex-dividend date was Thursday, March 20th. Synovus Financial's dividend payout ratio is 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.

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