Synovus Financial Corp. (NYSE:SNV) Shares Sold by Quantbot Technologies LP

Quantbot Technologies LP lowered its stake in Synovus Financial Corp. (NYSE:SNV) by 13.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 67,150 shares of the bank’s stock after selling 10,402 shares during the period. Quantbot Technologies LP’s holdings in Synovus Financial were worth $3,440,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Thrivent Financial for Lutherans raised its position in Synovus Financial by 7.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 146,734 shares of the bank’s stock valued at $6,525,000 after purchasing an additional 10,346 shares in the last quarter. Nordea Investment Management AB raised its position in Synovus Financial by 3.8% in the 4th 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. Quantinno Capital Management LP raised its position in Synovus Financial by 25.1% in the 3rd quarter. Quantinno Capital Management LP now owns 49,099 shares of the bank’s stock valued at $2,183,000 after purchasing an additional 9,852 shares in the last quarter. Proficio Capital Partners LLC acquired a new stake in Synovus Financial in the 4th quarter valued at about $3,798,000. Finally, Charles Schwab Investment Management Inc. raised its position in Synovus Financial by 3.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank’s stock valued at $222,022,000 after purchasing an additional 147,599 shares in the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Stock Up 0.1 %

SNV opened at $47.35 on Friday. 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 business has a 50 day simple moving average of $52.18 and a 200-day simple moving average of $50.91. The stock has a market capitalization of $6.68 billion, a P/E ratio of 15.53, a P/E/G ratio of 1.11 and a beta of 1.36. Synovus Financial Corp. has a 12 month low of $33.44 and a 12 month high of $59.92.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.09. The firm had revenue of $580.58 million during the quarter, compared to analysts’ expectations of $566.83 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. Synovus Financial’s revenue was up 18.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.80 earnings per share. On average, equities analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th will be given a dividend of $0.39 per share. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. The ex-dividend date is Thursday, March 20th. This represents a $1.56 annualized dividend and a yield of 3.29%. Synovus Financial’s dividend payout ratio (DPR) is presently 51.15%.

Wall Street Analyst Weigh In

SNV has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. increased their price objective on Synovus Financial from $60.50 to $62.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Royal Bank of Canada reiterated an “outperform” rating and issued a $64.00 price objective on shares of Synovus Financial in a report on Thursday, December 12th. Stephens reiterated an “equal weight” rating and issued a $58.00 price objective on shares of Synovus Financial in a report on Thursday, January 16th. Morgan Stanley dropped their price objective on Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating on the stock in a report on Thursday, March 13th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Synovus Financial in a research note on Monday, December 9th. They set a “buy” rating and a $64.00 price target on the stock. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $58.67.

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.