Northern Trust Corp Buys 337,784 Shares of Synovus Financial Corp. (NYSE:SNV)

Northern Trust Corp increased its stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 32.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,380,098 shares of the bank's stock after buying an additional 337,784 shares during the period. Northern Trust Corp owned about 0.97% of Synovus Financial worth $70,702,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Proficio Capital Partners LLC bought a new stake in shares of Synovus Financial in the 4th quarter worth approximately $3,798,000. Nordea Investment Management AB increased its position in Synovus Financial by 3.8% in 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 during the last quarter. KLP Kapitalforvaltning AS bought a new stake in shares of Synovus Financial in the fourth quarter valued at $1,504,000. SG Americas Securities LLC lifted its position in shares of Synovus Financial by 11.0% during the 4th quarter. SG Americas Securities LLC now owns 12,547 shares of the bank's stock valued at $643,000 after buying an additional 1,240 shares during the last quarter. Finally, Janney Montgomery Scott LLC grew its stake 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 period. Institutional investors own 83.85% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have commented on SNV. Wells Fargo & Company dropped their price objective on shares of Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 9th. Barclays cut their price objective on shares of Synovus Financial from $66.00 to $60.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Citigroup boosted their target price on shares of Synovus Financial from $59.00 to $62.00 and gave the company a "buy" rating in a report on Friday, January 17th. Morgan Stanley cut their price target 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. Finally, DA Davidson decreased their price objective on Synovus Financial from $65.00 to $60.00 and set a "buy" rating on the stock in a research note on Monday, April 21st. Eight 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 stock has a consensus rating of "Moderate Buy" and a consensus target price of $56.17.

Synovus Financial Stock Performance

Shares of NYSE SNV opened at $45.24 on Tuesday. The stock has a market cap of $6.38 billion, a price-to-earnings ratio of 14.83, a P/E/G ratio of 1.11 and a beta of 1.13. The stock's 50-day moving average is $44.38 and its 200 day moving average is $50.56. 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 Corp. has a 1-year low of $35.81 and a 1-year high of $59.92.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings data on Wednesday, April 16th. The bank reported $1.30 earnings per share 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 firm had revenue of $573.24 million during the quarter, compared to analyst estimates of $572.35 million. On average, sell-side analysts anticipate that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th were paid a dividend of $0.39 per share. This is a boost from Synovus Financial's previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date was Thursday, March 20th. Synovus Financial's dividend payout ratio (DPR) 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.

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