Entropy Technologies LP Makes New $286,000 Investment in Synovus Financial Corp. (NYSE:SNV)

Entropy Technologies LP acquired a new stake in Synovus Financial Corp. (NYSE:SNV) in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund acquired 6,422 shares of the bank’s stock, valued at approximately $286,000.

A number of other institutional investors also recently modified their holdings of the stock. State Board of Administration of Florida Retirement System increased its stake in Synovus Financial by 7.1% in the first quarter. State Board of Administration of Florida Retirement System now owns 147,987 shares of the bank’s stock valued at $5,928,000 after purchasing an additional 9,846 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its stake in shares of Synovus Financial by 92.0% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 47,198 shares of the bank’s stock valued at $1,852,000 after buying an additional 22,621 shares during the period. Bessemer Group Inc. increased its position in Synovus Financial by 7.3% in the 1st quarter. Bessemer Group Inc. now owns 244,814 shares of the bank’s stock valued at $9,806,000 after buying an additional 16,640 shares in the last quarter. Pitcairn Co. raised its stake in Synovus Financial by 2.3% during the 1st quarter. Pitcairn Co. now owns 11,542 shares of the bank’s stock worth $462,000 after buying an additional 261 shares during the period. Finally, Burns Matteson Capital Management LLC bought a new position in Synovus Financial in the first quarter worth approximately $390,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Stock Performance

NYSE SNV opened at $55.72 on Friday. The company has a market capitalization of $7.89 billion, a PE ratio of 25.21, a price-to-earnings-growth ratio of 2.01 and a beta of 1.37. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.88 and a current ratio of 0.89. Synovus Financial Corp. has a 52-week low of $29.34 and a 52-week high of $59.79. The company has a 50-day simple moving average of $47.83 and a 200 day simple moving average of $43.49.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, topping 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 company had revenue of $564.72 million for the quarter, compared to analysts’ expectations of $557.64 million. During the same quarter in the previous year, the firm posted $0.84 EPS. Synovus Financial’s revenue was up 2.6% on a year-over-year basis. On average, research analysts predict that Synovus Financial Corp. will post 4.36 EPS for the current year.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date was Thursday, September 19th. Synovus Financial’s dividend payout ratio is currently 68.78%.

Wall Street Analysts Forecast Growth

SNV has been the subject of several recent research reports. Morgan Stanley boosted their price objective on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a report on Monday, October 21st. Royal Bank of Canada lifted their price objective on shares of Synovus Financial from $49.00 to $57.00 and gave the company an “outperform” rating in a report on Friday, October 18th. StockNews.com raised shares of Synovus Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Citigroup set a $59.00 price target on Synovus Financial in a research note on Friday, October 18th. Finally, DA Davidson increased their price objective on Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Seven analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $52.71.

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.