Keystone Financial Group Inc. Takes Position in Synovus Financial Corp. (NYSE:SNV)

Keystone Financial Group Inc. bought a new stake in shares of Synovus Financial Corp. (NYSE:SNV) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 722 shares of the bank’s stock, valued at approximately $37,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Thrivent Financial for Lutherans boosted its position in shares of Synovus Financial by 7.6% during 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 boosted its position in shares of Synovus Financial by 3.8% during 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. Quest Partners LLC bought a new stake in shares of Synovus Financial during the 3rd quarter valued at about $1,264,000. Quantinno Capital Management LP boosted its position in shares of Synovus Financial by 25.1% during 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. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Synovus Financial by 3.0% during 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 own 83.85% of the company’s stock.

Synovus Financial Stock Performance

Shares of SNV opened at $56.83 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $8.05 billion, a price-to-earnings ratio of 18.63, a PEG ratio of 1.17 and a beta of 1.39. The stock has a 50 day moving average of $53.88 and a 200 day moving average of $49.61. 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 results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. The company had revenue of $580.58 million during the quarter, compared to the consensus estimate 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 last year, the business posted $0.80 earnings per share. As a group, sell-side analysts forecast that Synovus Financial Corp. will post 4.86 earnings per share for the current year.

Synovus Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Thursday, December 19th were given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.67%. The ex-dividend date of this dividend was Thursday, December 19th. Synovus Financial’s payout ratio is 49.84%.

Analysts Set New Price Targets

Several brokerages recently commented on SNV. Deutsche Bank Aktiengesellschaft started coverage on Synovus Financial in a research report on Monday, December 9th. They set a “buy” rating and a $64.00 target price on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $64.00 price target on shares of Synovus Financial in a report on Thursday, December 12th. DA Davidson increased their price target on Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Evercore ISI increased their price target on Synovus Financial from $48.00 to $54.00 and gave the stock an “in-line” rating in a report on Wednesday, October 30th. Finally, The Goldman Sachs Group increased their price target on Synovus Financial from $52.00 to $62.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, Synovus Financial currently has a consensus rating of “Moderate Buy” and an average price target of $58.44.

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.