Synovus Financial Corp. (NYSE:SNV) Shares Purchased by First Trust Advisors LP

First Trust Advisors LP increased its position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 4.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,827,247 shares of the bank's stock after buying an additional 77,876 shares during the period. First Trust Advisors LP owned about 1.29% of Synovus Financial worth $93,610,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Keystone Financial Group Inc. bought a new position in Synovus Financial in the fourth quarter worth approximately $37,000. Jones Financial Companies Lllp lifted its stake 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 worth $56,000 after purchasing an additional 461 shares during the last quarter. V Square Quantitative Management LLC boosted its position in Synovus Financial by 69.3% during 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 in the last quarter. Millstone Evans Group LLC purchased a new position in Synovus Financial in the fourth quarter valued at about $59,000. Finally, EverSource Wealth Advisors LLC grew its stake in Synovus Financial by 36.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,766 shares of the bank's stock valued at $91,000 after purchasing an additional 473 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

SNV has been the topic of a number of analyst reports. JPMorgan Chase & Co. cut their price objective on shares of Synovus Financial from $54.00 to $50.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Citigroup upped their price target on Synovus Financial from $59.00 to $62.00 and gave the stock a "buy" rating in a research report on Friday, January 17th. Barclays dropped their target price on Synovus Financial from $66.00 to $60.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Wells Fargo & Company lowered their price target 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. Finally, Morgan Stanley cut their price objective on shares of Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating on the stock in a report on Thursday, March 13th. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $56.17.

Synovus Financial Stock Performance

SNV stock traded down $0.33 during trading on Friday, hitting $42.99. 971,381 shares of the company traded hands, compared to its average volume of 1,418,012. Synovus Financial Corp. has a 1 year low of $35.74 and a 1 year high of $59.92. The company has a market cap of $6.06 billion, a PE ratio of 14.10, a P/E/G ratio of 1.11 and a beta of 1.16. The stock's 50-day simple moving average is $45.38 and its 200 day simple moving average is $50.64. 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 (NYSE:SNV - Get Free Report) last posted its earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share (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 analysts' expectations 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 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Thursday, March 20th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 3.63%. The ex-dividend date of this dividend was Thursday, March 20th. This is a positive change from Synovus Financial's previous quarterly dividend of $0.38. Synovus Financial's 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.