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

Summit Global Investments bought a new position in Synovus Financial Corp. (NYSE:SNV - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 24,316 shares of the bank's stock, valued at approximately $1,246,000.

Several other hedge funds and other institutional investors have also bought and sold shares of SNV. Keystone Financial Group Inc. bought a new stake in shares of Synovus Financial in the 4th quarter worth approximately $37,000. Quarry LP bought a new stake in Synovus Financial in the third quarter worth $41,000. Brooklyn Investment Group purchased a new position in shares of Synovus Financial in the third quarter worth about $56,000. Jones Financial Companies Lllp lifted its stake 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 acquiring an additional 461 shares during the last quarter. Finally, V Square Quantitative Management LLC boosted its holdings in Synovus Financial by 69.3% during the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank's stock valued at $58,000 after acquiring an additional 466 shares during the period. Hedge funds and other institutional investors own 83.85% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. JPMorgan Chase & Co. boosted their price objective on Synovus Financial from $60.50 to $62.00 and gave the company an "overweight" rating in a research report on Friday, January 17th. Morgan Stanley dropped their price target on shares of Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating for the company in a research report on Thursday, March 13th. Deutsche Bank Aktiengesellschaft began coverage on shares of Synovus Financial in a research report on Monday, December 9th. They issued a "buy" rating and a $64.00 price objective on the stock. Royal Bank of Canada reiterated an "outperform" rating and set a $64.00 target price on shares of Synovus Financial in a report on Thursday, December 12th. Finally, Citigroup boosted their price target on Synovus Financial from $59.00 to $62.00 and gave the company a "buy" rating in a report on Friday, January 17th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $58.67.

Synovus Financial Stock Down 1.8 %

SNV stock traded down $0.88 on Thursday, reaching $47.47. 1,313,205 shares of the company traded hands, compared to its average volume of 1,344,997. The firm has a fifty day simple moving average of $51.87 and a 200-day simple moving average of $51.07. The company has a market cap of $6.69 billion, a P/E ratio of 15.56, a price-to-earnings-growth ratio of 1.11 and a beta of 1.36. Synovus Financial Corp. has a one year low of $33.44 and a one year 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.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.09. The firm had revenue of $580.58 million during the quarter, compared to the consensus estimate of $566.83 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The company's revenue was up 18.8% on a year-over-year basis. During the same period last year, the company earned $0.80 earnings per share. Research analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 3.29%. The ex-dividend date is Thursday, March 20th. This is an increase from Synovus Financial's previous quarterly dividend of $0.38. Synovus Financial's dividend payout ratio is currently 51.15%.

About Synovus Financial

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.