Interval Partners LP Sells 38,761 Shares of Synovus Financial Corp. (NYSE:SNV)

Interval Partners LP trimmed its position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 10.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 323,761 shares of the bank's stock after selling 38,761 shares during the quarter. Interval Partners LP owned 0.23% of Synovus Financial worth $16,586,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of SNV. Colonial Trust Co SC boosted its holdings in Synovus Financial by 554.4% during the 4th quarter. Colonial Trust Co SC now owns 589 shares of the bank's stock valued at $30,000 after acquiring an additional 499 shares during the period. Keystone Financial Group Inc. acquired a new stake in Synovus Financial in the 4th quarter valued at about $37,000. Jones Financial Companies Lllp raised its position in Synovus Financial by 72.7% in the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank's stock valued at $56,000 after purchasing an additional 461 shares in the last quarter. V Square Quantitative Management LLC raised its position in Synovus Financial by 69.3% in the 4th 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. Finally, Millstone Evans Group LLC acquired a new stake in shares of Synovus Financial during the 4th quarter worth about $59,000. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SNV. Barclays cut their price target on Synovus Financial from $66.00 to $60.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Royal Bank of Canada dropped their price target on Synovus Financial from $64.00 to $52.00 and set an "outperform" rating for the company in a research note on Monday, April 21st. Stephens reduced their price target 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. Wells Fargo & Company reduced 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, DA Davidson reduced 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. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $56.11.

Synovus Financial Stock Down 0.3%

NYSE:SNV traded down $0.14 on Wednesday, hitting $49.42. The stock had a trading volume of 202,774 shares, compared to its average volume of 1,399,951. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. The business's fifty day moving average is $44.04 and its 200 day moving average is $50.47. The company has a market cap of $6.87 billion, a PE ratio of 16.18, a P/E/G ratio of 1.11 and a beta of 1.13. Synovus Financial Corp. has a 52 week low of $35.81 and a 52 week high of $59.92.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its earnings results on Wednesday, April 16th. The bank reported $1.30 EPS 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 during the quarter, compared to the consensus estimate of $572.35 million. On average, equities research analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th were given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 3.16%. 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 presently 43.70%.

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.