Elizabeth Park Capital Advisors Ltd. Takes $2.30 Million Position in Synovus Financial Corp. (NYSE:SNV)

Elizabeth Park Capital Advisors Ltd. purchased a new stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 44,900 shares of the bank's stock, valued at approximately $2,300,000.

Other hedge funds have also recently modified their holdings of the company. Keystone Financial Group Inc. bought a new position in Synovus Financial during the 4th quarter valued at about $37,000. Quarry LP purchased a new stake in shares of Synovus Financial during the 3rd quarter valued at $41,000. Jones Financial Companies Lllp boosted its stake in Synovus Financial by 72.7% in the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank's stock worth $56,000 after purchasing an additional 461 shares in the last quarter. V Square Quantitative Management LLC lifted its holdings in shares of Synovus Financial by 69.3% during the fourth quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank's stock worth $58,000 after purchasing an additional 466 shares during the period. Finally, Millstone Evans Group LLC purchased a new stake in shares of Synovus Financial in the fourth quarter worth about $59,000. Hedge funds and other institutional investors own 83.85% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. JPMorgan Chase & Co. increased their target price on Synovus Financial from $60.50 to $62.00 and gave the company an "overweight" rating in a research report on Friday, January 17th. Raymond James downgraded Synovus Financial from an "outperform" rating to a "market perform" rating in a research report on Wednesday, April 2nd. UBS Group initiated coverage on Synovus Financial in a research note on Tuesday, December 17th. They issued a "buy" rating and a $76.00 price objective on the stock. Wells Fargo & Company lowered their target price on Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating for the company in a research note on Wednesday. Finally, Citigroup upped their price target on Synovus Financial from $59.00 to $62.00 and gave the stock a "buy" rating in a report on Friday, January 17th. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $58.17.

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Synovus Financial Stock Down 0.7 %

Shares of NYSE SNV traded down $0.29 during mid-day trading on Friday, reaching $39.28. The company had a trading volume of 792,108 shares, compared to its average volume of 1,431,084. Synovus Financial Corp. has a 52-week low of $33.44 and a 52-week high of $59.92. The stock has a market cap of $5.54 billion, a P/E ratio of 12.78, a PEG ratio of 1.11 and a beta of 1.16. 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 firm has a 50 day simple moving average of $48.53 and a two-hundred day simple moving average of $50.85.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, topping analysts' consensus estimates 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 return on equity of 14.70% and a net margin of 14.05%. The business's revenue was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.80 earnings per share. Sell-side analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th were issued a $0.39 dividend. This is an increase from Synovus Financial's previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a dividend yield of 3.97%. The ex-dividend date of this dividend was Thursday, March 20th. Synovus Financial's dividend payout ratio is presently 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.