First Trust Advisors LP Purchases 77,876 Shares of Synovus Financial Corp. (NYSE:SNV)

First Trust Advisors LP grew its holdings in Synovus Financial Corp. (NYSE:SNV) by 4.5% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,827,247 shares of the bank’s stock after buying an additional 77,876 shares during the period. First Trust Advisors LP owned approximately 1.29% of Synovus Financial worth $93,610,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Keystone Financial Group Inc. purchased a new stake in Synovus Financial in the 4th quarter worth about $37,000. Jones Financial Companies Lllp raised its holdings in shares of Synovus Financial by 72.7% in the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock valued at $56,000 after purchasing an additional 461 shares in the last quarter. V Square Quantitative Management LLC lifted its holdings in Synovus Financial by 69.3% during the fourth quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock worth $58,000 after buying an additional 466 shares during the period. Millstone Evans Group LLC bought a new stake in Synovus Financial during the fourth quarter valued at about $59,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of Synovus Financial by 36.6% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,766 shares of the bank’s stock valued at $91,000 after buying an additional 473 shares in the last quarter. 83.85% of the stock is owned by institutional investors.

Analyst Ratings Changes

SNV has been the subject of a number of recent analyst reports. Citigroup raised their price objective on Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. JPMorgan Chase & Co. increased their price objective on shares of Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Raymond James cut Synovus Financial from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 2nd. Barclays decreased their price objective on shares of Synovus Financial from $66.00 to $60.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Finally, Morgan Stanley decreased their target price on Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 13th. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, Synovus Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.17.

Synovus Financial Trading Up 1.8 %

Shares of SNV stock opened at $41.24 on Monday. Synovus Financial Corp. has a twelve month low of $34.66 and a twelve month high of $59.92. The stock has a market cap of $5.81 billion, a price-to-earnings ratio of 13.52, a PEG ratio of 1.11 and a beta of 1.16. The company’s 50-day moving average price is $46.67 and its 200-day moving average price is $50.79. 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 (NYSE:SNV) last posted its earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.19. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The company had revenue of $573.24 million during the quarter, compared to analysts’ expectations of $572.35 million. As a group, equities analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th were paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 3.78%. This is a boost from Synovus Financial’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Thursday, March 20th. Synovus Financial’s dividend payout ratio is 43.70%.

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.