Signaturefd LLC Acquires 338 Shares of Synovus Financial Corp. (NYSE:SNV)

Signaturefd LLC boosted its holdings in Synovus Financial Corp. (NYSE:SNV) by 0.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 55,823 shares of the bank’s stock after acquiring an additional 338 shares during the quarter. Signaturefd LLC’s holdings in Synovus Financial were worth $2,482,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in SNV. Millennium Management LLC boosted its holdings in Synovus Financial by 181.0% during the second quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock valued at $52,343,000 after purchasing an additional 838,932 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Synovus Financial by 9.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock worth $231,597,000 after buying an additional 491,036 shares during the period. Diamond Hill Capital Management Inc. acquired a new stake in Synovus Financial in the 2nd quarter valued at $19,434,000. Interval Partners LP grew its position in Synovus Financial by 74.2% in the first quarter. Interval Partners LP now owns 388,674 shares of the bank’s stock valued at $15,570,000 after acquiring an additional 165,548 shares during the period. Finally, Wedge Capital Management L L P NC grew its position in Synovus Financial by 14.9% in the second quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock valued at $46,025,000 after acquiring an additional 148,842 shares during the period. Institutional investors own 83.85% of the company’s stock.

Synovus Financial Stock Up 0.5 %

Shares of NYSE SNV opened at $49.09 on Wednesday. Synovus Financial Corp. has a 52-week low of $24.40 and a 52-week high of $51.69. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a market cap of $7.19 billion, a P/E ratio of 16.81, a P/E/G ratio of 2.36 and a beta of 1.38. The firm has a 50 day moving average price of $44.65 and a 200 day moving average price of $41.41.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The business had revenue of $564.72 million during the quarter, compared to analysts’ expectations of $557.64 million. During the same quarter in the prior year, the company earned $0.84 EPS. The firm’s quarterly revenue was up 2.6% on a year-over-year basis. Analysts expect that Synovus Financial Corp. will post 4.04 EPS for the current year.

Synovus Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 3.10%. The ex-dividend date was Thursday, September 19th. Synovus Financial’s dividend payout ratio (DPR) is presently 52.05%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on SNV shares. Stephens boosted their target price on shares of Synovus Financial from $46.00 to $52.00 and gave the company an “equal weight” rating in a research note on Friday, October 18th. DA Davidson boosted their price target on shares of Synovus Financial from $53.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Jefferies Financial Group raised their price objective on shares of Synovus Financial from $44.00 to $47.00 and gave the stock a “buy” rating in a report on Wednesday, July 3rd. Wells Fargo & Company downgraded Synovus Financial from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $48.00 to $46.00 in a report on Tuesday, October 1st. Finally, StockNews.com raised Synovus Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $51.88.

About Synovus Financial

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.