Mirae Asset Global Investments Co. Ltd. Grows Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

Mirae Asset Global Investments Co. Ltd. grew its position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 228.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 51,828 shares of the bank's stock after buying an additional 36,047 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Synovus Financial were worth $1,951,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also made changes to their positions in SNV. Raymond James Financial Services Advisors Inc. raised its stake in shares of Synovus Financial by 10.4% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 14,877 shares of the bank's stock valued at $729,000 after acquiring an additional 1,401 shares in the last quarter. Private Advisor Group LLC bought a new position in shares of Synovus Financial in the 1st quarter valued at approximately $419,000. PNC Financial Services Group Inc. raised its stake in shares of Synovus Financial by 10.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 11,420 shares of the bank's stock valued at $561,000 after acquiring an additional 1,109 shares in the last quarter. Great West Life Assurance Co. Can raised its stake in shares of Synovus Financial by 10.3% in the 1st quarter. Great West Life Assurance Co. Can now owns 82,348 shares of the bank's stock valued at $4,147,000 after acquiring an additional 7,682 shares in the last quarter. Finally, Canada Pension Plan Investment Board bought a new position in shares of Synovus Financial in the 1st quarter valued at approximately $74,000. 83.85% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Synovus Financial news, Director Tim E. Bentsen sold 4,671 shares of Synovus Financial stock in a transaction 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 completion of the transaction, the director now directly owns 33,144 shares of the company's stock, valued at approximately $1,280,021.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Thomas T. Dierdorff sold 2,045 shares of the business's stock in a transaction 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 sale, the executive vice president now owns 11,086 shares in the company, valued at approximately $423,817.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Tim E. Bentsen sold 4,671 shares of the business's stock in a transaction 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 approximately $1,280,021.28. The disclosure for this sale can be found here. 0.81% of the stock is currently owned by insiders.

Synovus Financial Stock Up 3.0 %

Shares of NYSE SNV traded up $1.01 during mid-day trading on Friday, reaching $34.91. 2,607,236 shares of the company's stock were exchanged, compared to its average volume of 1,341,278. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.45. Synovus Financial Corp. has a twelve month low of $24.40 and a twelve month high of $40.92. The business has a fifty day simple moving average of $37.91 and a 200 day simple moving average of $34.57. The firm has a market capitalization of $5.11 billion, a price-to-earnings ratio of 11.96, a PEG ratio of 3.64 and a beta of 1.40.

Synovus Financial (NYSE:SNV - Get Free Report) last released its quarterly earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.20). The firm had revenue of $537.73 million for the quarter, compared to analyst estimates of $547.62 million. Synovus Financial had a return on equity of 12.93% and a net margin of 13.29%. The business's revenue for the quarter was down 12.4% on a year-over-year basis. During the same period in the previous year, the business posted $1.33 earnings per share. As a group, equities analysts expect that Synovus Financial Corp. will post 4.05 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Thursday, March 21st were issued a dividend of $0.38 per share. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $1.52 annualized dividend and a yield of 4.35%. Synovus Financial's payout ratio is currently 52.05%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on SNV. Barclays cut their price objective on Synovus Financial from $42.00 to $39.00 and set an "equal weight" rating on the stock in a research note on Friday. Raymond James downgraded Synovus Financial from a "strong-buy" rating to a "market perform" rating in a research report on Thursday. Jefferies Financial Group lowered their price objective on Synovus Financial from $46.00 to $43.00 and set a "buy" rating on the stock in a research report on Monday, April 8th. JPMorgan Chase & Co. lowered their price objective on Synovus Financial from $50.00 to $48.00 and set an "overweight" rating on the stock in a research report on Friday. Finally, UBS Group boosted their price target on Synovus Financial from $42.00 to $44.00 and gave the company a "buy" rating in a research note on Tuesday, January 23rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $41.53.

Synovus Financial 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.