Pinebridge Investments L.P. Raises Holdings in Synovus Financial Corp. (NYSE:SNV)

Pinebridge Investments L.P. boosted its position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 42.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 64,164 shares of the bank's stock after acquiring an additional 19,194 shares during the quarter. Pinebridge Investments L.P.'s holdings in Synovus Financial were worth $3,287,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Sanctuary Advisors LLC acquired a new position in shares of Synovus Financial in the third quarter valued at about $217,000. Franklin Resources Inc. grew its stake in shares of Synovus Financial by 4.0% in the third quarter. Franklin Resources Inc. now owns 22,964 shares of the bank's stock worth $1,069,000 after purchasing an additional 885 shares during the last quarter. Oddo BHF Asset Management Sas bought a new stake in shares of Synovus Financial in the third quarter worth $753,000. Nordea Investment Management AB grew 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 worth $14,261,000 after purchasing an additional 10,109 shares during the last quarter. Finally, Harbor Capital Advisors Inc. boosted its position in Synovus Financial by 2.1% during the fourth quarter. Harbor Capital Advisors Inc. now owns 14,800 shares of the bank's stock valued at $758,000 after acquiring an additional 302 shares during the last quarter. 83.85% of the stock is owned by institutional investors.

Synovus Financial Price Performance

NYSE SNV traded up $0.81 during trading on Thursday, reaching $44.13. The company's stock had a trading volume of 327,437 shares, compared to its average volume of 1,410,799. The stock has a market capitalization of $6.22 billion, a PE ratio of 14.48, a P/E/G ratio of 1.11 and a beta of 1.16. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. The firm has a fifty day moving average of $44.77 and a 200 day moving average of $50.62. Synovus Financial Corp. has a one year low of $35.81 and a one year high of $59.92.

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

Synovus Financial Increases Dividend

The company also recently disclosed 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 boost 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 3.54%. The ex-dividend date of this dividend was Thursday, March 20th. Synovus Financial's dividend payout ratio is presently 43.70%.

Wall Street Analyst Weigh In

SNV has been the topic of a number of research analyst reports. 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 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 on the stock in a report on Thursday, March 13th. DA Davidson decreased their price objective 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. Wells Fargo & Company decreased their price objective on shares of Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 9th. Finally, Barclays reduced their target price 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. Eight 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.com, the company currently has an average rating of "Moderate Buy" and a consensus 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.