Wealth Enhancement Advisory Services LLC Increases Stock Position in Synovus Financial Corp. (NYSE:SNV)

Wealth Enhancement Advisory Services LLC grew its holdings in Synovus Financial Corp. (NYSE:SNV - Free Report) by 122.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 60,405 shares of the bank's stock after purchasing an additional 33,294 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Synovus Financial were worth $2,823,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of SNV. Norges Bank purchased a new stake in Synovus Financial in the 4th quarter valued at about $77,209,000. AQR Capital Management LLC raised its stake in shares of Synovus Financial by 226.5% in the 4th quarter. AQR Capital Management LLC now owns 1,065,249 shares of the bank's stock valued at $54,573,000 after acquiring an additional 738,983 shares during the period. FMR LLC lifted its holdings in shares of Synovus Financial by 3.6% in the 4th quarter. FMR LLC now owns 12,041,625 shares of the bank's stock worth $616,892,000 after acquiring an additional 415,201 shares during the last quarter. Prudential Financial Inc. lifted its holdings in shares of Synovus Financial by 349.4% in the 4th quarter. Prudential Financial Inc. now owns 529,147 shares of the bank's stock worth $27,108,000 after acquiring an additional 411,411 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its position in shares of Synovus Financial by 5,495.2% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 349,866 shares of the bank's stock worth $17,924,000 after purchasing an additional 343,613 shares during the period. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Synovus Financial Stock Up 4.0%

Shares of SNV stock traded up $2.06 on Tuesday, reaching $53.81. 1,357,480 shares of the stock were exchanged, compared to its average volume of 1,375,996. The company has a market capitalization of $7.48 billion, a price-to-earnings ratio of 15.07, a PEG ratio of 1.00 and a beta of 1.19. The business's 50 day moving average price is $47.67 and its 200 day moving average price is $48.95. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.43. Synovus Financial Corp. has a twelve month low of $35.94 and a twelve month high of $59.92.

Synovus Financial (NYSE:SNV - Get Free Report) last released its quarterly earnings data on Wednesday, April 16th. The bank reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.19. Synovus Financial had a return on equity of 15.87% and a net margin of 16.19%. The business had revenue of $573.24 million during the quarter, compared to analysts' expectations of $572.35 million. As a group, sell-side analysts expect 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. Shareholders of record on Thursday, June 19th will be paid a $0.39 dividend. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $1.56 annualized dividend and a yield of 2.90%. Synovus Financial's dividend payout ratio is currently 43.70%.

Analyst Ratings Changes

A number of brokerages have issued reports on SNV. Jefferies Financial Group initiated coverage on Synovus Financial in a research report on Wednesday, May 21st. They issued a "hold" rating and a $55.00 target price on the stock. Wells Fargo & Company cut their price objective on Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 9th. Stephens lowered their target price on Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating for the company in a report on Monday, April 21st. JPMorgan Chase & Co. lifted their target price on Synovus Financial from $50.00 to $60.00 and gave the company an "overweight" rating in a research report on Tuesday. Finally, Raymond James Financial cut shares of Synovus Financial from an "outperform" rating to a "market perform" rating in a research report on Wednesday, April 2nd. Nine research 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 stock. According to MarketBeat, Synovus Financial currently has an average rating of "Moderate Buy" and a consensus price target of $57.11.

About Synovus Financial

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.