Mesirow Institutional Investment Management Inc. acquired a new position in Synovus Financial Corp. (NYSE:SNV - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 292,615 shares of the bank's stock, valued at approximately $14,991,000. Mesirow Institutional Investment Management Inc. owned about 0.21% of Synovus Financial as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of the stock. Proficio Capital Partners LLC bought a new stake in Synovus Financial in the 4th quarter valued at about $3,798,000. Nordea Investment Management AB grew 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 worth $14,261,000 after buying an additional 10,109 shares in the last quarter. KLP Kapitalforvaltning AS bought a new position in Synovus Financial in the 4th quarter worth about $1,504,000. SG Americas Securities LLC grew its stake in Synovus Financial by 11.0% in the 4th quarter. SG Americas Securities LLC now owns 12,547 shares of the bank's stock worth $643,000 after buying an additional 1,240 shares in the last quarter. Finally, Janney Montgomery Scott LLC lifted its holdings in shares of 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 acquiring an additional 2,166 shares during the last quarter. Hedge funds and other institutional investors own 83.85% of the company's stock.
Synovus Financial Stock Down 0.6 %
SNV traded down $0.25 during trading on Friday, hitting $43.07. The stock had a trading volume of 324,111 shares, compared to its average volume of 1,414,863. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88. The company has a market capitalization of $6.07 billion, a PE ratio of 14.08, a PEG ratio of 1.11 and a beta of 1.16. Synovus Financial Corp. has a twelve month low of $35.74 and a twelve month high of $59.92. The stock has a 50 day simple moving average of $45.64 and a two-hundred day simple moving average of $50.64.
Synovus Financial (NYSE:SNV - Get Free Report) last released its earnings results on Wednesday, April 16th. The bank reported $1.30 EPS for the quarter, topping analysts' consensus estimates of $1.11 by $0.19. The firm had revenue of $573.24 million during the quarter, compared to the consensus estimate of $572.35 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. On average, research analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current year.
Synovus Financial Increases Dividend
The business 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. The ex-dividend date was Thursday, March 20th. This is a positive change from Synovus Financial's previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a yield of 3.62%. Synovus Financial's dividend payout ratio (DPR) is currently 43.70%.
Analysts Set New Price Targets
Several equities research analysts recently weighed in on the company. Stephens dropped 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. Wells Fargo & Company lowered their price target on shares of Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating for the company in a report on Wednesday, April 9th. Morgan Stanley dropped 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. JPMorgan Chase & Co. dropped their price target on Synovus Financial from $54.00 to $50.00 and set an "overweight" rating for the company in a research note on Monday. Finally, Citigroup increased their price target on shares of Synovus Financial from $59.00 to $62.00 and gave the stock a "buy" rating in a research note on Friday, January 17th. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $56.17.
View Our Latest Stock Report on Synovus Financial
Synovus Financial Company Profile
(
Free Report)
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.
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