Marshall Wace LLP Purchases New Stake in Synovus Financial Corp. (NYSE:SNV)

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

Several other institutional investors have also modified their holdings of SNV. Keystone Financial Group Inc. acquired a new stake in shares of Synovus Financial in the 4th quarter valued at about $37,000. Jones Financial Companies Lllp grew its holdings in shares of Synovus Financial by 72.7% during the fourth quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank's stock worth $56,000 after buying 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 buying an additional 466 shares during the last quarter. Millstone Evans Group LLC bought a new stake in Synovus Financial in the 4th quarter valued at approximately $59,000. Finally, EverSource Wealth Advisors LLC boosted its position in Synovus Financial by 36.6% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,766 shares of the bank's stock worth $91,000 after acquiring an additional 473 shares during the last quarter. Institutional investors own 83.85% of the company's stock.

Analyst Ratings Changes

SNV has been the subject of several recent research reports. Morgan Stanley reduced their target price on shares of Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating for the company in a report on Thursday, March 13th. 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 report on Monday, April 21st. 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 research report on Monday, April 21st. Barclays lowered their price target on Synovus Financial from $66.00 to $60.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Finally, Wells Fargo & Company cut their price objective 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. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, 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 up $1.24 during mid-day trading on Friday, hitting $45.34. 876,467 shares of the company were exchanged, compared to its average volume of 1,414,640. Synovus Financial Corp. has a 1-year low of $35.81 and a 1-year high of $59.92. The stock has a market capitalization of $6.39 billion, a PE ratio of 14.87, a price-to-earnings-growth ratio of 1.11 and a beta of 1.16. The business has a 50 day simple moving average of $44.50 and a 200-day simple moving average of $50.60. The company has a current ratio of 0.88, a quick 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, beating the consensus estimate of $1.11 by $0.19. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The business had revenue of $573.24 million during the quarter, compared to the consensus estimate of $572.35 million. On average, equities analysts forecast that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th were paid a $0.39 dividend. This is a boost from Synovus Financial's previous quarterly dividend of $0.38. The ex-dividend date was Thursday, March 20th. This represents a $1.56 annualized dividend and a yield of 3.44%. Synovus Financial's payout ratio is 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.