Synovus Financial Corp. (NYSE:SNV) Shares Bought by Mercer Global Advisors Inc. ADV

Mercer Global Advisors Inc. ADV grew its stake in Synovus Financial Corp. (NYSE:SNV - Free Report) by 74.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,757 shares of the bank's stock after purchasing an additional 9,707 shares during the period. Mercer Global Advisors Inc. ADV's holdings in Synovus Financial were worth $1,166,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in SNV. Keystone Financial Group Inc. purchased a new position in Synovus Financial during the fourth quarter worth approximately $37,000. Jones Financial Companies Lllp grew its stake in Synovus Financial by 72.7% in the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank's stock valued at $56,000 after acquiring an additional 461 shares during the period. V Square Quantitative Management LLC increased its holdings in Synovus Financial by 69.3% in the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank's stock worth $58,000 after acquiring an additional 466 shares in the last quarter. Millstone Evans Group LLC acquired a new position in Synovus Financial during the fourth quarter worth $59,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in Synovus Financial by 36.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,766 shares of the bank's stock valued at $91,000 after purchasing an additional 473 shares in the last quarter. Institutional investors and hedge funds own 83.85% of the company's stock.

Synovus Financial Stock Performance

NYSE:SNV opened at $46.09 on Friday. The company has a market cap of $6.41 billion, a price-to-earnings ratio of 15.11, a price-to-earnings-growth 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 52 week low of $35.81 and a 52 week high of $59.92. The company has a fifty day simple moving average of $43.97 and a two-hundred day simple moving average of $50.45.

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 (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.19. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The business had revenue of $573.24 million during the quarter, compared to analysts' expectations of $572.35 million. As a group, equities analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th were given a $0.39 dividend. The ex-dividend date was Thursday, March 20th. This is an increase 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 3.38%. Synovus Financial's dividend payout ratio is currently 43.70%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SNV. Barclays reduced their price target on shares of 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 note on Monday, April 21st. Royal Bank of Canada reduced their price objective on Synovus Financial from $64.00 to $52.00 and set an "outperform" rating for the company in a research note on Monday, April 21st. JPMorgan Chase & Co. lowered their target price on shares of Synovus Financial from $54.00 to $50.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Finally, Raymond James cut shares of Synovus Financial from an "outperform" rating to a "market perform" rating in a research report on Wednesday, April 2nd. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $56.17.

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.

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