Algebris UK Ltd Acquires 20,299 Shares of Synovus Financial Corp. (NYSE:SNV)

Algebris UK Ltd lifted its stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 20.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 120,424 shares of the bank's stock after purchasing an additional 20,299 shares during the quarter. Synovus Financial accounts for about 1.5% of Algebris UK Ltd's holdings, making the stock its 22nd largest position. Algebris UK Ltd owned about 0.09% of Synovus Financial worth $5,958,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SNV. Atria Investments Inc raised its stake in shares of Synovus Financial by 42.1% during the 3rd quarter. Atria Investments Inc now owns 7,198 shares of the bank's stock valued at $320,000 after purchasing an additional 2,132 shares during the period. KBC Group NV raised its stake in shares of Synovus Financial by 15.9% during the 3rd quarter. KBC Group NV now owns 4,460 shares of the bank's stock valued at $198,000 after purchasing an additional 612 shares during the period. Thrivent Financial for Lutherans raised its stake in shares of Synovus Financial by 7.6% during 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. Quest Partners LLC bought a new position in Synovus Financial in the 3rd quarter worth about $1,264,000. Finally, Pathstone Holdings LLC increased its stake in Synovus Financial by 1.9% in the 3rd quarter. Pathstone Holdings LLC now owns 52,416 shares of the bank's stock worth $2,331,000 after acquiring an additional 980 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors.

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Synovus Financial Trading Up 0.1 %

SNV stock traded up $0.05 during trading on Friday, hitting $47.35. 11,509,677 shares of the company traded hands, compared to its average volume of 1,343,606. The firm has a market capitalization of $6.68 billion, a PE ratio of 15.53, a P/E/G ratio of 1.11 and a beta of 1.36. Synovus Financial Corp. has a 1 year low of $33.44 and a 1 year high of $59.92. The company has a 50-day moving average of $52.18 and a 200-day moving average of $51.01. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88.

Synovus Financial (NYSE:SNV - Get Free Report) last posted 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. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The firm had revenue of $580.58 million during the quarter, compared to analysts' expectations of $566.83 million. During the same quarter in the previous year, the business earned $0.80 earnings per share. The company's revenue was up 18.8% on a year-over-year basis. Analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal 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 issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 3.29%. The ex-dividend date is Thursday, March 20th. This is a positive change from Synovus Financial's previous quarterly dividend of $0.38. Synovus Financial's payout ratio is currently 51.15%.

Analyst Ratings Changes

A number of equities analysts have weighed in on SNV shares. JPMorgan Chase & Co. upped their target price on Synovus Financial from $60.50 to $62.00 and gave the stock an "overweight" rating in a research note on Friday, January 17th. Deutsche Bank Aktiengesellschaft started coverage on Synovus Financial in a research note on Monday, December 9th. They issued a "buy" rating and a $64.00 target price on the stock. Citigroup upped their target price on Synovus Financial from $59.00 to $62.00 and gave the stock a "buy" rating in a research note on Friday, January 17th. Piper Sandler upped their target price on Synovus Financial from $56.00 to $64.00 and gave the stock an "overweight" rating in a research note on Wednesday, December 11th. Finally, Royal Bank of Canada restated an "outperform" rating and issued a $64.00 target price on shares of Synovus Financial in a research note on Thursday, December 12th. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, Synovus Financial presently has a consensus rating of "Moderate Buy" and an average target price of $58.67.

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.