Healthcare of Ontario Pension Plan Trust Fund Makes New Investment in Synovus Financial Corp. (NYSE:SNV)

Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 34,259 shares of the bank's stock, valued at approximately $1,523,000.

A number of other large investors have also modified their holdings of the company. &PARTNERS bought a new position in shares of Synovus Financial during the 2nd quarter worth about $284,000. Texas Permanent School Fund Corp lifted its stake in Synovus Financial by 19.6% during the second quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank's stock worth $6,150,000 after purchasing an additional 25,028 shares during the period. Private Capital Management LLC boosted its holdings in Synovus Financial by 6.2% during the first quarter. Private Capital Management LLC now owns 365,557 shares of the bank's stock valued at $14,644,000 after purchasing an additional 21,456 shares in the last quarter. Thrivent Financial for Lutherans grew its stake in shares of Synovus Financial by 7.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 146,734 shares of the bank's stock valued at $6,525,000 after purchasing an additional 10,346 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Synovus Financial by 81.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 230,856 shares of the bank's stock worth $9,249,000 after buying an additional 103,891 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SNV has been the topic of a number of recent analyst reports. Stephens boosted their price target on shares of Synovus Financial from $46.00 to $52.00 and gave the company an "equal weight" rating in a research report on Friday, October 18th. Citigroup set a $59.00 price target on Synovus Financial in a research report on Friday, October 18th. Bank of America boosted their price objective on Synovus Financial from $48.00 to $57.00 and gave the stock a "buy" rating in a research note on Friday, October 18th. DA Davidson lifted their price target on Synovus Financial from $53.00 to $60.00 and gave the company a "buy" rating in a report on Friday, October 18th. Finally, Raymond James upgraded shares of Synovus Financial from a "market perform" rating to an "outperform" rating and set a $49.00 price objective for the company in a research report on Tuesday, September 17th. Seven investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, Synovus Financial has a consensus rating of "Moderate Buy" and a consensus price target of $53.94.

Synovus Financial Stock Down 0.7 %

Shares of NYSE:SNV traded down $0.42 during trading on Monday, hitting $56.65. 950,364 shares of the company's stock traded hands, compared to its average volume of 1,391,876. The company has a 50-day moving average price of $50.33 and a 200-day moving average price of $44.79. Synovus Financial Corp. has a 52 week low of $32.53 and a 52 week high of $59.92. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42. The company has a market cap of $8.03 billion, a price-to-earnings ratio of 25.82, a price-to-earnings-growth ratio of 2.06 and a beta of 1.38.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.14. The company had revenue of $564.72 million during the quarter, compared to the consensus estimate of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The firm's revenue was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.84 earnings per share. As a group, research analysts forecast that Synovus Financial Corp. will post 4.37 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were given a dividend of $0.38 per share. The ex-dividend date was Thursday, September 19th. This represents a $1.52 annualized dividend and a dividend yield of 2.68%. Synovus Financial's dividend payout ratio is currently 68.78%.

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.