Cooper Financial Group Takes $212,000 Position in Synovus Financial Corp. (NYSE:SNV)

Cooper Financial Group purchased a new stake in shares of Synovus Financial Corp. (NYSE:SNV) during the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 4,143 shares of the bank’s stock, valued at approximately $212,000.

A number of other institutional investors have also added to or reduced their stakes in SNV. Wellington Management Group LLP grew its stake in shares of Synovus Financial by 12.8% during the third quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock worth $430,213,000 after buying an additional 1,095,557 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Synovus Financial by 181.0% during the 2nd quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock valued at $52,343,000 after acquiring an additional 838,932 shares in the last quarter. FMR LLC grew its position in Synovus Financial by 5.4% during the 3rd quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock worth $517,027,000 after acquiring an additional 598,644 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Synovus Financial by 9.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock worth $231,597,000 after purchasing an additional 491,036 shares in the last quarter. Finally, State Street Corp raised its position in Synovus Financial by 3.2% in the third quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock valued at $294,255,000 after purchasing an additional 201,362 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Synovus Financial Stock Up 3.4 %

Shares of NYSE SNV opened at $53.63 on Wednesday. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. The firm has a market cap of $7.60 billion, a PE ratio of 24.27, a P/E/G ratio of 1.58 and a beta of 1.39. The company’s fifty day simple moving average is $54.29 and its 200 day simple moving average is $48.01. Synovus Financial Corp. has a 12-month low of $33.44 and a 12-month high of $59.92.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share (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 prior year, the firm earned $0.84 EPS. The business’s revenue was up 2.6% on a year-over-year basis. As a group, sell-side analysts forecast that Synovus Financial Corp. will post 4.37 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th were paid a $0.38 dividend. The ex-dividend date was Thursday, December 19th. This represents a $1.52 dividend on an annualized basis and a yield of 2.83%. Synovus Financial’s dividend payout ratio (DPR) is presently 68.78%.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Evercore ISI boosted 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. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Synovus Financial in a research report on Monday, December 9th. They issued a “buy” rating and a $64.00 price target for the company. JPMorgan Chase & Co. cut their price target on shares of Synovus Financial from $63.00 to $60.50 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Raymond James upgraded Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 price objective for the company in a report on Tuesday, September 17th. Finally, Wells Fargo & Company lifted their target price on Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. 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 MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $57.86.

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.