Thrivent Financial for Lutherans Increases Stock Position in Synovus Financial Corp. (NYSE:SNV)

Thrivent Financial for Lutherans increased its position in Synovus Financial Corp. (NYSE:SNV) by 13.3% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 166,244 shares of the bank’s stock after acquiring an additional 19,510 shares during the period. Thrivent Financial for Lutherans’ holdings in Synovus Financial were worth $8,517,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in SNV. Keystone Financial Group Inc. purchased a new stake in Synovus Financial during the 4th quarter valued at $37,000. Quarry LP purchased a new stake in Synovus Financial during the 3rd quarter valued at $41,000. Brooklyn Investment Group purchased a new stake in Synovus Financial during the 3rd quarter valued at $56,000. Jones Financial Companies Lllp raised its stake in Synovus Financial by 72.7% during the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock valued at $56,000 after buying an additional 461 shares during the last quarter. Finally, V Square Quantitative Management LLC raised its stake in Synovus Financial by 69.3% during the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock valued at $58,000 after buying an additional 466 shares during the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on SNV shares. UBS Group started coverage on shares of Synovus Financial in a research note on Tuesday, December 17th. They set a “buy” rating and a $76.00 target price for the company. Morgan Stanley reduced their price objective on Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating for the company in a research note on Thursday, March 13th. JPMorgan Chase & Co. upped their price objective on Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Stephens restated an “equal weight” rating and issued a $58.00 price objective on shares of Synovus Financial in a research note on Thursday, January 16th. Finally, Citigroup upped their price objective on Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $58.67.

Synovus Financial Stock Up 0.1 %

SNV opened at $47.35 on Friday. The firm has a 50-day simple moving average of $52.18 and a two-hundred day simple moving average of $50.96. Synovus Financial Corp. has a 52 week low of $33.44 and a 52 week high of $59.92. The company has a market capitalization of $6.68 billion, a PE ratio of 15.53, a price-to-earnings-growth ratio of 1.11 and a beta of 1.36. 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 (NYSE:SNV) last released its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, beating the consensus estimate of $1.16 by $0.09. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The business had revenue of $580.58 million during the quarter, compared to the consensus estimate of $566.83 million. During the same quarter in the prior year, the firm earned $0.80 EPS. The business’s revenue was up 18.8% on a year-over-year basis. Analysts forecast that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

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

Synovus Financial Company 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.