Synovus Financial Corp. (NYSE:SNV) Shares Bought by Merit Financial Group LLC

Merit Financial Group LLC boosted its holdings in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 305.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,756 shares of the bank's stock after purchasing an additional 13,378 shares during the period. Merit Financial Group LLC's holdings in Synovus Financial were worth $830,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Colonial Trust Co SC increased its stake in shares of Synovus Financial by 554.4% in the 4th quarter. Colonial Trust Co SC now owns 589 shares of the bank's stock worth $30,000 after acquiring an additional 499 shares in the last quarter. Jones Financial Companies Lllp boosted its holdings in Synovus Financial by 72.7% in the fourth quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank's stock worth $56,000 after purchasing an additional 461 shares during the last quarter. V Square Quantitative Management LLC grew its holdings in shares of Synovus Financial by 69.3% in the fourth quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank's stock worth $58,000 after acquiring an additional 466 shares during the period. Millstone Evans Group LLC purchased a new stake in shares of Synovus Financial during the 4th quarter valued at about $59,000. Finally, Quent Capital LLC boosted its stake in shares of Synovus Financial by 205.6% during the 1st quarter. Quent Capital LLC now owns 1,797 shares of the bank's stock worth $84,000 after acquiring an additional 1,209 shares during the last quarter. Hedge funds and other institutional investors own 83.85% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on SNV shares. JPMorgan Chase & Co. cut their price objective on Synovus Financial from $54.00 to $50.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Wells Fargo & Company dropped their price target on 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. DA Davidson decreased their price objective on shares of Synovus Financial from $65.00 to $60.00 and set a "buy" rating for the company in a research note on Monday, April 21st. Barclays reduced their target price on shares of Synovus Financial from $66.00 to $60.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Finally, Stephens reduced their price target on shares of Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating for the company in a report on Monday, April 21st. Nine analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Synovus Financial currently has a consensus rating of "Moderate Buy" and a consensus target price of $56.56.

Synovus Financial Stock Performance

Shares of NYSE:SNV traded down $0.44 during midday trading on Thursday, reaching $48.53. The company's stock had a trading volume of 691,411 shares, compared to its average volume of 1,388,253. The stock has a fifty day moving average of $45.08 and a 200 day moving average of $49.63. The firm has a market capitalization of $6.75 billion, a PE ratio of 15.91, a P/E/G ratio of 1.11 and a beta of 1.18. Synovus Financial Corp. has a twelve month low of $35.94 and a twelve month high of $59.92. 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 (NYSE:SNV - Get Free Report) last released its quarterly earnings results on Wednesday, April 16th. The bank reported $1.30 EPS for the quarter, beating the consensus estimate of $1.11 by $0.19. The company had revenue of $573.24 million for the quarter, compared to analyst estimates of $572.35 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. On average, equities analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Thursday, June 19th will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.21%. Synovus Financial's dividend payout ratio is currently 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.