Phocas Financial Corp. Buys New Holdings in Synovus Financial Corp. (NYSE:SNV)

Phocas Financial Corp. acquired a new position in Synovus Financial Corp. (NYSE:SNV - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 188,978 shares of the bank's stock, valued at approximately $7,115,000. Phocas Financial Corp. owned approximately 0.13% of Synovus Financial as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently bought and sold shares of SNV. North Reef Capital Management LP raised its position in shares of Synovus Financial by 52.7% during the third quarter. North Reef Capital Management LP now owns 4,485,000 shares of the bank's stock worth $124,683,000 after acquiring an additional 1,548,370 shares during the last quarter. Norges Bank bought a new stake in shares of Synovus Financial during the fourth quarter worth $55,365,000. Schonfeld Strategic Advisors LLC raised its position in shares of Synovus Financial by 591.4% during the first quarter. Schonfeld Strategic Advisors LLC now owns 1,146,116 shares of the bank's stock worth $35,335,000 after acquiring an additional 980,341 shares during the last quarter. FMR LLC raised its position in shares of Synovus Financial by 10.0% during the third quarter. FMR LLC now owns 10,702,534 shares of the bank's stock worth $297,530,000 after acquiring an additional 977,155 shares during the last quarter. Finally, State Street Corp raised its position in shares of Synovus Financial by 15.7% during the first quarter. State Street Corp now owns 6,937,880 shares of the bank's stock worth $216,502,000 after acquiring an additional 941,244 shares during the last quarter. Institutional investors and hedge funds own 83.85% of the company's stock.

Synovus Financial Stock Down 0.9 %

Shares of SNV stock traded down $0.35 on Friday, hitting $36.83. 977,558 shares of the stock were exchanged, compared to its average volume of 1,284,446. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $5.39 billion, a P/E ratio of 10.64, a price-to-earnings-growth ratio of 3.96 and a beta of 1.40. The business has a 50-day moving average of $37.88 and a 200 day moving average of $34.32. Synovus Financial Corp. has a fifty-two week low of $24.40 and a fifty-two week high of $40.92.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings data on Wednesday, January 17th. The bank reported $0.80 earnings per share for the quarter, missing the consensus estimate of $0.94 by ($0.14). Synovus Financial had a return on equity of 14.95% and a net margin of 15.74%. The firm had revenue of $488.68 million for the quarter, compared to analyst estimates of $527.60 million. Equities analysts anticipate that Synovus Financial Corp. will post 4.05 EPS for the current year.

Synovus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Thursday, March 21st were given a dividend of $0.38 per share. The ex-dividend date was Wednesday, March 20th. This represents a $1.52 annualized dividend and a yield of 4.13%. Synovus Financial's dividend payout ratio (DPR) is presently 43.93%.

Wall Street Analysts Forecast Growth

SNV has been the subject of a number of recent analyst reports. Raymond James upgraded Synovus Financial from an "outperform" rating to a "strong-buy" rating and upped their price objective for the company from $34.00 to $45.00 in a report on Friday, January 5th. StockNews.com downgraded Synovus Financial from a "hold" rating to a "sell" rating in a report on Thursday, February 15th. Wells Fargo & Company upped their price objective on Synovus Financial from $40.00 to $42.00 and gave the company an "overweight" rating in a report on Wednesday. Royal Bank of Canada upped their price objective on Synovus Financial from $42.00 to $44.00 and gave the company an "outperform" rating in a report on Tuesday, April 9th. Finally, The Goldman Sachs Group increased their price target on Synovus Financial from $33.00 to $37.00 and gave the stock a "neutral" rating in a report on Monday, December 18th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $41.50.

Insider Activity at Synovus Financial

In related news, EVP Thomas T. Dierdorff sold 2,045 shares of the stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total transaction of $78,180.35. Following the completion of the transaction, the executive vice president now directly owns 11,086 shares of the company's stock, valued at $423,817.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Synovus Financial news, Director Tim E. Bentsen sold 4,671 shares of the company's stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total value of $180,394.02. Following the sale, the director now owns 33,144 shares in the company, valued at $1,280,021.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the company's stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total value of $78,180.35. Following the completion of the sale, the executive vice president now owns 11,086 shares in the company, valued at approximately $423,817.78. The disclosure for this sale can be found here. Insiders own 0.81% of the company's stock.

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.