Ieq Capital LLC Invests $3.37 Million in Synovus Financial Corp. (NYSE:SNV)

Ieq Capital LLC acquired a new position in Synovus Financial Corp. (NYSE:SNV) during the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 65,867 shares of the bank’s stock, valued at approximately $3,374,000.

Several other hedge funds also recently made changes to their positions in SNV. Wellington Management Group LLP grew its stake in shares of Synovus Financial by 12.8% in the 3rd quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock worth $430,213,000 after purchasing an additional 1,095,557 shares during the last quarter. FMR LLC grew its stake in shares of Synovus Financial by 5.4% in the 3rd quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock worth $517,027,000 after purchasing an additional 598,644 shares during the last quarter. TruWealth Advisors LLC acquired a new position in shares of Synovus Financial in the 4th quarter worth approximately $12,350,000. Blue Trust Inc. grew its stake in shares of Synovus Financial by 934.0% in the 4th quarter. Blue Trust Inc. now owns 246,686 shares of the bank’s stock worth $12,638,000 after purchasing an additional 222,828 shares during the last quarter. Finally, State Street Corp grew its stake in shares of Synovus Financial by 3.2% in the 3rd quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock worth $294,255,000 after purchasing an additional 201,362 shares during the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

Wall Street Analysts Forecast Growth

SNV has been the topic of several recent research reports. Evercore ISI lifted their price objective 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. Stephens reissued an “equal weight” rating and issued a $58.00 target price on shares of Synovus Financial in a research report on Thursday, January 16th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Synovus Financial in a research report on Monday, December 9th. They issued a “buy” rating and a $64.00 target price on the stock. JPMorgan Chase & Co. lifted their target price on shares of Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Finally, The Goldman Sachs Group lifted their target price on shares of Synovus Financial from $52.00 to $62.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $58.44.

Synovus Financial Price Performance

Shares of Synovus Financial stock opened at $51.73 on Friday. The firm has a fifty day simple moving average of $53.70 and a 200-day simple moving average of $50.39. 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 1-year low of $33.44 and a 1-year high of $59.92. The stock has a market capitalization of $7.33 billion, a price-to-earnings ratio of 16.96, a PEG ratio of 1.11 and a beta of 1.39.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.09. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The business had revenue of $580.58 million during the quarter, compared to analysts’ expectations of $566.83 million. During the same period in the previous year, the company earned $0.80 earnings per share. Synovus Financial’s revenue for the quarter was up 18.8% on a year-over-year basis. On average, sell-side analysts expect that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.94%. The ex-dividend date of this dividend was Thursday, December 19th. Synovus Financial’s payout ratio is 49.84%.

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.