Summit Global Investments Makes New Investment in Synovus Financial Corp. (NYSE:SNV)

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

Several other large investors also recently bought and sold shares of the company. Thrivent Financial for Lutherans grew its position in shares of Synovus Financial by 7.6% in the third quarter. Thrivent Financial for Lutherans now owns 146,734 shares of the bank’s stock valued at $6,525,000 after purchasing an additional 10,346 shares in the last quarter. Nordea Investment Management AB grew its position in shares of Synovus Financial by 3.8% in the fourth quarter. Nordea Investment Management AB now owns 276,863 shares of the bank’s stock valued at $14,261,000 after purchasing an additional 10,109 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in shares of Synovus Financial in the fourth quarter valued at approximately $3,798,000. Quantinno Capital Management LP grew its position in shares of Synovus Financial by 25.1% in the third quarter. Quantinno Capital Management LP now owns 49,099 shares of the bank’s stock valued at $2,183,000 after purchasing an additional 9,852 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Synovus Financial by 3.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank’s stock valued at $222,022,000 after purchasing an additional 147,599 shares in the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on SNV shares. Morgan Stanley dropped 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. The Goldman Sachs Group upped their price target on Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Royal Bank of Canada restated an “outperform” rating and issued a $64.00 price target on shares of Synovus Financial in a research report on Thursday, December 12th. Wells Fargo & Company increased their price objective 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. Finally, Stephens reiterated an “equal weight” rating and issued a $58.00 price objective on shares of Synovus Financial in a research report on Thursday, January 16th. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $58.67.

Synovus Financial Stock Up 0.1 %

Shares of NYSE SNV opened at $47.35 on Friday. The stock has a market cap of $6.68 billion, a P/E ratio of 15.53, a PEG ratio of 1.11 and a beta of 1.36. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. Synovus Financial Corp. has a 12-month low of $33.44 and a 12-month high of $59.92. The business’s fifty day simple moving average is $52.18 and its 200-day simple moving average is $50.96.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.09. The business had revenue of $580.58 million for 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%. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period last year, the firm earned $0.80 earnings per share. As a group, equities analysts predict that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Thursday, March 20th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 3.29%. The ex-dividend date of this dividend is Thursday, March 20th. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s dividend payout ratio is 51.15%.

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.