Y Intercept Hong Kong Ltd Makes New $262,000 Investment in Synovus Financial Corp. (NYSE:SNV)

Y Intercept Hong Kong Ltd bought a new stake in shares of Synovus Financial Corp. (NYSE:SNV) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 5,123 shares of the bank’s stock, valued at approximately $262,000.

A number of other institutional investors also recently bought and sold shares of the stock. Investors Asset Management of Georgia Inc. GA ADV grew its holdings in shares of Synovus Financial by 1.7% during the 4th quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 23,476 shares of the bank’s stock worth $1,203,000 after acquiring an additional 401 shares during the period. Ieq Capital LLC purchased a new stake in Synovus Financial in the fourth quarter worth $3,374,000. New York State Common Retirement Fund grew its stake in Synovus Financial by 1.5% in the fourth quarter. New York State Common Retirement Fund now owns 467,825 shares of the bank’s stock worth $23,967,000 after purchasing an additional 6,784 shares during the period. D.A. Davidson & CO. purchased a new position in Synovus Financial during the 4th quarter valued at about $234,000. Finally, CIBC Asset Management Inc purchased a new stake in Synovus Financial in the fourth quarter worth about $231,000. 83.85% of the stock is owned by institutional investors.

Synovus Financial Stock Performance

SNV opened at $48.89 on Wednesday. The company’s 50 day moving average is $53.62 and its 200 day moving average is $50.90. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. The company has a market cap of $6.89 billion, a price-to-earnings ratio of 16.03, a PEG ratio of 1.11 and a beta of 1.39. Synovus Financial Corp. has a 12-month low of $33.44 and a 12-month high of $59.92.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, topping 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 net margin of 14.05% and a return on equity of 14.70%. The company’s revenue was up 18.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.80 EPS. On average, equities research analysts predict that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th will be given a $0.39 dividend. This is a boost from Synovus Financial’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $1.56 dividend on an annualized basis and a yield of 3.19%. Synovus Financial’s dividend payout ratio is presently 49.84%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Barclays lifted their price objective on Synovus Financial from $56.00 to $64.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Citigroup increased their price objective on shares of Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Stephens restated an “equal weight” rating and set a $58.00 price objective on shares of Synovus Financial in a research note on Thursday, January 16th. Royal Bank of Canada reiterated an “outperform” rating and issued a $64.00 target price on shares of Synovus Financial in a research note on Thursday, December 12th. Finally, UBS Group initiated coverage on shares of Synovus Financial in a research report on Tuesday, December 17th. They set a “buy” rating and a $76.00 price target for the company. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company presently 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.