Summit Global Investments Invests $1.25 Million in Synovus Financial Corp. (NYSE:SNV)

Summit Global Investments purchased a new stake in Synovus Financial Corp. (NYSE:SNV - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 24,316 shares of the bank's stock, valued at approximately $1,246,000.

A number of other hedge funds have also modified their holdings of SNV. Keystone Financial Group Inc. purchased a new stake in shares of Synovus Financial in the 4th quarter valued at approximately $37,000. Quarry LP acquired a new position in Synovus Financial during the third quarter worth $41,000. Jones Financial Companies Lllp grew its stake in shares of Synovus Financial by 72.7% in the fourth quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank's stock valued at $56,000 after buying an additional 461 shares in the last quarter. V Square Quantitative Management LLC raised its holdings in shares of Synovus Financial by 69.3% in the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank's stock valued at $58,000 after buying an additional 466 shares during the period. Finally, Brooklyn Investment Group acquired a new position in Synovus Financial during the 3rd quarter worth about $56,000. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Stephens reaffirmed an "equal weight" rating and issued a $58.00 target price on shares of Synovus Financial in a research report on Thursday, January 16th. The Goldman Sachs Group upped their target price on shares of Synovus Financial from $52.00 to $62.00 and gave the stock a "neutral" rating in a research note on Tuesday, November 26th. Piper Sandler increased their target price on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an "overweight" rating in a report on Wednesday, December 11th. Citigroup boosted their price target on shares of Synovus Financial from $59.00 to $62.00 and gave the stock a "buy" rating in a research note on Friday, January 17th. Finally, Royal Bank of Canada reiterated an "outperform" rating and issued a $64.00 price objective on shares of Synovus Financial in a research note on Thursday, December 12th. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $58.67.

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Synovus Financial Stock Down 0.3 %

Shares of Synovus Financial stock traded down $0.15 during trading hours on Tuesday, hitting $48.86. The company had a trading volume of 705,206 shares, compared to its average volume of 1,343,052. The company's 50-day moving average is $52.12 and its two-hundred day moving average is $51.04. Synovus Financial Corp. has a twelve month low of $33.44 and a twelve month high of $59.92. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. The company has a market cap of $6.89 billion, a P/E ratio of 16.02, a price-to-earnings-growth ratio of 1.11 and a beta of 1.36.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, topping 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 company had revenue of $580.58 million for the quarter, compared to analyst estimates of $566.83 million. During the same quarter last year, the company posted $0.80 earnings per share. The business's quarterly revenue was up 18.8% compared to the same quarter last year. Analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th will be paid a $0.39 dividend. The ex-dividend date is Thursday, March 20th. This represents a $1.56 dividend on an annualized basis and a yield of 3.19%. This is a boost from Synovus Financial's previous quarterly dividend of $0.38. Synovus Financial's payout ratio is currently 51.15%.

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.