18,425 Shares in Synovus Financial Corp. (NYSE:SNV) Bought by Impax Asset Management Group plc

Impax Asset Management Group plc purchased a new stake in shares of Synovus Financial Corp. (NYSE:SNVFree Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 18,425 shares of the bank’s stock, valued at approximately $694,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. North Reef Capital Management LP lifted its position in shares of Synovus Financial by 52.7% in the third quarter. North Reef Capital Management LP now owns 4,485,000 shares of the bank’s stock valued at $124,683,000 after acquiring an additional 1,548,370 shares in the last quarter. Norges Bank bought a new stake in shares of Synovus Financial during the fourth quarter valued at approximately $55,365,000. Schonfeld Strategic Advisors LLC lifted its holdings in shares of Synovus Financial by 591.4% in the first quarter. Schonfeld Strategic Advisors LLC now owns 1,146,116 shares of the bank’s stock worth $35,335,000 after buying an additional 980,341 shares in the last quarter. FMR LLC boosted its position in shares of Synovus Financial by 10.0% during the third quarter. FMR LLC now owns 10,702,534 shares of the bank’s stock worth $297,530,000 after acquiring an additional 977,155 shares during the last quarter. Finally, State Street Corp boosted its position in shares of Synovus Financial by 15.7% during the first quarter. State Street Corp now owns 6,937,880 shares of the bank’s stock worth $216,502,000 after acquiring an additional 941,244 shares during the last quarter. Institutional investors own 83.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SNV. JPMorgan Chase & Co. lifted their price target on shares of Synovus Financial from $46.00 to $50.00 and gave the company an “overweight” rating in a report on Thursday, April 4th. Morgan Stanley lifted their target price on Synovus Financial from $29.00 to $37.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 7th. Royal Bank of Canada increased their price target on Synovus Financial from $42.00 to $44.00 and gave the company an “outperform” rating in a research note on Tuesday. Stephens started coverage on Synovus Financial in a report on Tuesday, December 19th. They set an “equal weight” rating and a $40.00 price target for the company. Finally, Barclays started coverage on Synovus Financial in a report on Friday, March 8th. They set an “equal weight” rating and a $42.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $41.50.

Read Our Latest Research Report on Synovus Financial

Insider Activity

In related news, Director Tim E. Bentsen sold 4,671 shares of the firm’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total transaction of $180,394.02. Following the completion of the sale, 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Synovus Financial news, Director Tim E. Bentsen sold 4,671 shares of the 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 $1,280,021.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the business’s stock in a transaction on Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total transaction of $78,180.35. Following the sale, the executive vice president now directly owns 11,086 shares of the company’s stock, valued at $423,817.78. The disclosure for this sale can be found here. Insiders own 0.81% of the company’s stock.

Synovus Financial Stock Performance

NYSE:SNV opened at $37.18 on Friday. The firm has a market capitalization of $5.44 billion, a PE ratio of 10.75, a PEG ratio of 4.00 and a beta of 1.40. The stock’s fifty day moving average is $37.87 and its 200 day moving average is $34.16. Synovus Financial Corp. has a fifty-two week low of $24.40 and a fifty-two week high of $40.92. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.89 and a current ratio of 0.89.

Synovus Financial (NYSE:SNVGet Free Report) last announced its earnings results on Wednesday, January 17th. The bank reported $0.80 earnings per share for the quarter, missing the consensus estimate of $0.94 by ($0.14). Synovus Financial had a net margin of 15.74% and a return on equity of 14.95%. The firm had revenue of $488.68 million during the quarter, compared to analysts’ expectations of $527.60 million. On average, sell-side analysts anticipate that Synovus Financial Corp. will post 4.04 earnings per share for the current year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were given 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 dividend yield of 4.09%. Synovus Financial’s dividend payout ratio (DPR) is presently 43.93%.

Synovus Financial Company Profile

(Free Report)

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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Institutional Ownership by Quarter for Synovus Financial (NYSE:SNV)

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