Schonfeld Strategic Advisors LLC Raises Stake in Synovus Financial Corp. (NYSE:SNV)

Schonfeld Strategic Advisors LLC grew its stake in Synovus Financial Corp. (NYSE:SNV - Free Report) by 62.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 168,008 shares of the bank's stock after acquiring an additional 64,752 shares during the quarter. Schonfeld Strategic Advisors LLC owned about 0.12% of Synovus Financial worth $8,607,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. AQR Capital Management LLC raised its holdings in Synovus Financial by 226.5% in the fourth quarter. AQR Capital Management LLC now owns 1,065,249 shares of the bank's stock worth $54,573,000 after purchasing an additional 738,983 shares in the last quarter. Northern Trust Corp lifted its position in Synovus Financial by 32.4% during the fourth quarter. Northern Trust Corp now owns 1,380,098 shares of the bank's stock valued at $70,702,000 after acquiring an additional 337,784 shares during the last quarter. Aquatic Capital Management LLC purchased a new stake in Synovus Financial during the fourth quarter valued at approximately $2,472,000. Hancock Whitney Corp boosted its stake in Synovus Financial by 8.2% in the fourth quarter. Hancock Whitney Corp now owns 83,663 shares of the bank's stock valued at $4,286,000 after acquiring an additional 6,348 shares in the last quarter. Finally, Voya Investment Management LLC grew its holdings in Synovus Financial by 143.3% in the fourth quarter. Voya Investment Management LLC now owns 45,435 shares of the bank's stock worth $2,328,000 after purchasing an additional 26,757 shares during the last quarter. 83.85% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

SNV has been the subject of a number of recent analyst reports. Wells Fargo & Company lowered their price objective on Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 9th. Citigroup raised their price target on Synovus Financial from $59.00 to $62.00 and gave the stock a "buy" rating in a report on Friday, January 17th. DA Davidson cut their price objective on shares of Synovus Financial from $65.00 to $60.00 and set a "buy" rating on the stock in a report on Monday, April 21st. Morgan Stanley lowered 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 research note on Thursday, March 13th. Finally, Stephens cut their price target on shares of Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating on the stock in a research note on Monday, April 21st. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, Synovus Financial presently has a consensus rating of "Moderate Buy" and an average price target of $56.17.

Synovus Financial Stock Down 0.4 %

Synovus Financial stock traded down $0.17 during mid-day trading on Tuesday, reaching $45.07. 165,032 shares of the company's stock were exchanged, compared to its average volume of 1,406,561. The company has a market cap of $6.35 billion, a P/E ratio of 14.79, a P/E/G ratio of 1.11 and a beta of 1.13. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. Synovus Financial Corp. has a twelve month low of $35.81 and a twelve month high of $59.92. The company has a fifty day moving average of $44.38 and a 200-day moving average of $50.56.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.19. The firm had revenue of $573.24 million for the quarter, compared to analysts' expectations of $572.35 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. Sell-side analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Thursday, March 20th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 3.46%. This is an increase from Synovus Financial's previous quarterly dividend of $0.38. The ex-dividend date was Thursday, March 20th. Synovus Financial's dividend payout ratio is 43.70%.

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.