24,316 Shares in Synovus Financial Corp. (NYSE:SNV) Bought by Summit Global Investments

Summit Global Investments bought a new position in shares of Synovus Financial Corp. (NYSE:SNV) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 24,316 shares of the bank’s stock, valued at approximately $1,246,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Montgomery Investment Management Inc. grew its stake in Synovus Financial by 0.6% during the 4th quarter. Montgomery Investment Management Inc. now owns 42,493 shares of the bank’s stock worth $2,177,000 after buying an additional 235 shares during the last quarter. Sound View Wealth Advisors Group LLC grew its stake in Synovus Financial by 3.1% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 7,941 shares of the bank’s stock worth $407,000 after buying an additional 241 shares during the last quarter. Deroy & Devereaux Private Investment Counsel Inc. lifted its position in Synovus Financial by 0.3% during the 4th quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 103,480 shares of the bank’s stock worth $5,301,000 after acquiring an additional 270 shares during the period. Wedmont Private Capital lifted its position in Synovus Financial by 3.3% during the 4th quarter. Wedmont Private Capital now owns 9,401 shares of the bank’s stock worth $479,000 after acquiring an additional 299 shares during the period. Finally, Harbor Capital Advisors Inc. lifted its position in Synovus Financial by 2.1% during the 4th quarter. Harbor Capital Advisors Inc. now owns 14,800 shares of the bank’s stock worth $758,000 after acquiring an additional 302 shares during the period. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Synovus Financial Stock Performance

NYSE SNV opened at $47.35 on Friday. The stock has a market capitalization of $6.68 billion, a price-to-earnings ratio of 15.53, a PEG ratio of 1.11 and a beta of 1.36. Synovus Financial Corp. has a twelve month low of $33.44 and a twelve month high of $59.92. 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 stock has a 50-day moving average of $52.18 and a 200 day moving average of $50.96.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.09. The company 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 quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.80 EPS. Sell-side analysts anticipate 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 will be paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th will be paid a dividend of $0.39 per share. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a yield of 3.29%. The ex-dividend date of this dividend is Thursday, March 20th. Synovus Financial’s payout ratio is 51.15%.

Analyst Ratings Changes

A number of analysts have commented on the company. JPMorgan Chase & Co. lifted their price target on Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. UBS Group assumed coverage on Synovus Financial in a research report on Tuesday, December 17th. They set a “buy” rating and a $76.00 price target for the company. Wells Fargo & Company lifted their price target on Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd. Morgan Stanley lowered their price target on Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating for the company in a research report on Thursday, March 13th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $64.00 price objective on shares of Synovus Financial in a report on Thursday, December 12th. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target 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.