Synovus Financial Corp. (NYSE:SNV) Shares Purchased by Wedmont Private Capital

Wedmont Private Capital raised its position in Synovus Financial Corp. (NYSE:SNV) by 3.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,401 shares of the bank’s stock after purchasing an additional 299 shares during the quarter. Wedmont Private Capital’s holdings in Synovus Financial were worth $479,000 as of its most recent SEC filing.

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

Synovus Financial Stock Up 4.2 %

SNV opened at $55.94 on Thursday. The business has a 50 day moving average price of $54.36 and a two-hundred day moving average price of $48.11. Synovus Financial Corp. has a 52 week low of $33.44 and a 52 week high of $59.92. The company has a market cap of $7.92 billion, a PE ratio of 25.31, a P/E/G ratio of 1.58 and a beta of 1.39. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. The firm had revenue of $580.58 million for the quarter, compared to analyst estimates of $566.83 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. Synovus Financial’s quarterly revenue was up 18.8% on a year-over-year basis. During the same period last year, the firm posted $0.80 EPS. As a group, research analysts anticipate that Synovus Financial Corp. will post 4.37 EPS for the current year.

Synovus Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date was Thursday, December 19th. Synovus Financial’s dividend payout ratio is presently 68.78%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on SNV shares. Bank of America raised their target price on Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a report on Friday, October 18th. UBS Group assumed coverage on shares of Synovus Financial in a report on Tuesday, December 17th. They set a “buy” rating and a $76.00 target price on the stock. Evercore ISI boosted their price target on shares of Synovus Financial from $48.00 to $54.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 30th. Morgan Stanley increased their price objective on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Finally, Citigroup set a $59.00 price target on Synovus Financial in a report on Friday, October 18th. Seven 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, Synovus Financial currently has an average rating of “Moderate Buy” and an average target price of $57.86.

Synovus Financial Company 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.