Teza Capital Management LLC Cuts Stake in Synovus Financial Corp. (NYSE:SNV)

Teza Capital Management LLC decreased its position in Synovus Financial Corp. (NYSE:SNV - Free Report) by 74.3% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 7,241 shares of the bank's stock after selling 20,958 shares during the period. Teza Capital Management LLC's holdings in Synovus Financial were worth $371,000 as of its most recent filing with the SEC.

Other hedge funds have also recently modified their holdings of the company. Colonial Trust Co SC raised its stake in shares of Synovus Financial by 554.4% during the 4th quarter. Colonial Trust Co SC now owns 589 shares of the bank's stock worth $30,000 after purchasing an additional 499 shares during the period. Keystone Financial Group Inc. purchased a new stake in Synovus Financial during the fourth quarter worth about $37,000. Jones Financial Companies Lllp grew its position in shares of Synovus Financial by 72.7% during the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank's stock valued at $56,000 after acquiring an additional 461 shares during the period. V Square Quantitative Management LLC lifted its stake in Synovus Financial by 69.3% in the fourth quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank's stock valued at $58,000 after purchasing an additional 466 shares during the last quarter. Finally, Millstone Evans Group LLC bought a new stake in shares of Synovus Financial in the fourth quarter valued at $59,000. Institutional investors own 83.85% of the company's stock.

Synovus Financial Price Performance

NYSE SNV traded down $0.24 during trading on Monday, reaching $47.02. The company's stock had a trading volume of 1,122,058 shares, compared to its average volume of 1,407,577. The stock has a market capitalization of $6.54 billion, a PE ratio of 15.42, a P/E/G 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. The firm has a fifty day moving average of $44.56 and a 200 day moving average of $50.30. Synovus Financial Corp. has a one year low of $35.81 and a one year high of $59.92.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings data on Wednesday, April 16th. The bank reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.19. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The company had revenue of $573.24 million for the quarter, compared to analysts' expectations of $572.35 million. Analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th were given a dividend of $0.39 per share. The ex-dividend date was Thursday, March 20th. This represents a $1.56 annualized dividend and a dividend yield of 3.32%. This is a boost from Synovus Financial's previous quarterly dividend of $0.38. Synovus Financial's dividend payout ratio (DPR) is 43.70%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Barclays dropped their price objective on shares of Synovus Financial from $66.00 to $60.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Jefferies Financial Group assumed coverage on shares of Synovus Financial in a research note on Wednesday, May 21st. They set a "hold" rating and a $55.00 price target on the stock. Raymond James lowered shares of Synovus Financial from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 2nd. Wells Fargo & Company lowered their target price on shares of Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 9th. Finally, DA Davidson cut their price target on Synovus Financial from $65.00 to $60.00 and set a "buy" rating for the company in a report on Monday, April 21st. Nine research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $56.56.

Synovus Financial 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.