Marshall Wace LLP Takes $763,000 Position in Synovus Financial Corp. (NYSE:SNV)

Marshall Wace LLP purchased a new position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 14,888 shares of the bank's stock, valued at approximately $763,000.

Several other large investors have also modified their holdings of SNV. Proficio Capital Partners LLC acquired a new stake in Synovus Financial in the 4th quarter valued at about $3,798,000. Nordea Investment Management AB lifted its position in Synovus Financial by 3.8% during the fourth quarter. Nordea Investment Management AB now owns 276,863 shares of the bank's stock valued at $14,261,000 after buying an additional 10,109 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new stake in Synovus Financial in the 4th quarter valued at $1,504,000. SG Americas Securities LLC lifted its position in Synovus Financial by 11.0% during the 4th quarter. SG Americas Securities LLC now owns 12,547 shares of the bank's stock worth $643,000 after acquiring an additional 1,240 shares in the last quarter. Finally, Janney Montgomery Scott LLC increased its stake in Synovus Financial by 4.4% during the 4th quarter. Janney Montgomery Scott LLC now owns 51,357 shares of the bank's stock worth $2,631,000 after buying an additional 2,166 shares during the period. Institutional investors and hedge funds own 83.85% of the company's stock.

Synovus Financial Price Performance

Shares of SNV stock traded up $0.28 during trading on Wednesday, hitting $44.92. The company had a trading volume of 816,164 shares, compared to its average volume of 1,406,113. The stock's 50-day moving average is $44.11 and its two-hundred day moving average is $50.48. The stock has a market capitalization of $6.33 billion, a price-to-earnings ratio of 14.73, a price-to-earnings-growth 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. 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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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. As a group, analysts predict that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Thursday, March 20th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 3.47%. This is a positive change from Synovus Financial's previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Thursday, March 20th. Synovus Financial's dividend payout ratio is currently 43.70%.

Wall Street Analysts Forecast Growth

SNV has been the topic of several research reports. Wells Fargo & Company dropped their price target on Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 9th. Morgan Stanley reduced their target price on Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating for the company in a report on Thursday, March 13th. JPMorgan Chase & Co. decreased their price objective on shares of Synovus Financial from $54.00 to $50.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Stephens lowered their target price on Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating on the stock in a research note on Monday, April 21st. Finally, Royal Bank of Canada reduced their price objective on Synovus Financial from $64.00 to $52.00 and set an "outperform" rating for the company in a research report on Monday, April 21st. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $56.17.

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.