Tower Research Capital LLC TRC Purchases 17,191 Shares of Synovus Financial Corp. (NYSE:SNV)

Tower Research Capital LLC TRC raised its stake in Synovus Financial Corp. (NYSE:SNV - Free Report) by 676.8% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 19,731 shares of the bank's stock after buying an additional 17,191 shares during the quarter. Tower Research Capital LLC TRC's holdings in Synovus Financial were worth $1,011,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SNV. Proficio Capital Partners LLC acquired a new stake in shares of Synovus Financial in the fourth quarter worth $3,798,000. Nordea Investment Management AB raised its stake in shares of Synovus Financial by 3.8% in the fourth quarter. Nordea Investment Management AB now owns 276,863 shares of the bank's stock valued at $14,261,000 after purchasing an additional 10,109 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of Synovus Financial in the 4th quarter valued at $1,504,000. SG Americas Securities LLC lifted its holdings 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 worth $643,000 after acquiring an additional 1,240 shares during the period. Finally, Janney Montgomery Scott LLC boosted its position 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 valued at $2,631,000 after acquiring an additional 2,166 shares in the last quarter. Hedge funds and other institutional investors own 83.85% of the company's stock.

Analyst Ratings Changes

A number of research analysts have commented on SNV shares. DA Davidson cut their price target on shares of Synovus Financial from $65.00 to $60.00 and set a "buy" rating for the company in a research note on Monday, April 21st. Barclays cut their target price on Synovus Financial from $66.00 to $60.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Stephens lowered their price target on Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating on the stock in a research report on Monday, April 21st. Raymond James lowered Synovus Financial from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 2nd. Finally, 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 research note on Friday, January 17th. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $56.17.

Synovus Financial Trading Down 2.0 %

Shares of SNV stock traded down $0.89 on Wednesday, reaching $42.92. 105,093 shares of the stock were exchanged, compared to its average volume of 1,578,275. The stock has a 50 day moving average price of $44.94 and a 200 day moving average price of $50.67. The stock has a market cap of $6.05 billion, a PE ratio of 14.05, a P/E/G ratio of 1.11 and a beta of 1.16. Synovus Financial Corp. has a one year low of $35.81 and a one year high of $59.92. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88.

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

Synovus Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th were issued a $0.39 dividend. This is a positive change from Synovus Financial's previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $1.56 annualized dividend and a dividend yield of 3.63%. Synovus Financial's 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.