SG Americas Securities LLC Increases Stake in Synovus Financial Corp. (NYSE:SNV)

SG Americas Securities LLC raised its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 11.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,547 shares of the bank’s stock after buying an additional 1,240 shares during the quarter. SG Americas Securities LLC’s holdings in Synovus Financial were worth $643,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of SNV. FMR LLC grew its stake in Synovus Financial by 5.4% during the 3rd quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock valued at $517,027,000 after acquiring an additional 598,644 shares in the last quarter. Wellington Management Group LLP grew its position in shares of 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 purchasing an additional 1,095,557 shares in the last quarter. State Street Corp grew its position in shares of 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 in the last quarter. Charles Schwab Investment Management Inc. increased its holdings 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 during the last quarter. Finally, Geode Capital Management LLC lifted its position in Synovus Financial by 0.9% during the third quarter. Geode Capital Management LLC now owns 2,419,737 shares of the bank’s stock worth $107,633,000 after buying an additional 22,549 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Synovus Financial Price Performance

Shares of SNV opened at $56.46 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. Synovus Financial Corp. has a fifty-two week low of $33.44 and a fifty-two week high of $59.92. The company has a market cap of $8.00 billion, a P/E ratio of 18.51, a PEG ratio of 1.14 and a beta of 1.39. The firm’s 50 day moving average price is $54.04 and its 200 day moving average price is $49.22.

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. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The business had revenue of $580.58 million for the quarter, compared to analysts’ expectations of $566.83 million. During the same period last year, the firm earned $0.80 earnings per share. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. On average, research analysts forecast that Synovus Financial Corp. will post 4.86 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The business 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 annualized dividend and a dividend yield of 2.69%. The ex-dividend date of this dividend was Thursday, December 19th. Synovus Financial’s payout ratio is presently 49.84%.

Analyst Ratings Changes

Several analysts have issued reports on SNV shares. JPMorgan Chase & Co. upped their target price on Synovus Financial from $60.50 to $62.00 and gave the company an “overweight” rating in a report on Friday, January 17th. DA Davidson raised their price objective on shares of Synovus Financial from $53.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Citigroup boosted their target price on shares of Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a report on Friday, January 17th. Morgan Stanley increased their price target on shares of 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, Evercore ISI lifted their price target on shares of Synovus Financial from $48.00 to $54.00 and gave the company an “in-line” rating in a research report on Wednesday, October 30th. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, Synovus Financial currently has a consensus rating of “Moderate Buy” and an average target price of $58.44.

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.