Bessemer Group Inc. Acquires 14,079 Shares of Synovus Financial Corp. (NYSE:SNV)

Bessemer Group Inc. lifted its position in Synovus Financial Corp. (NYSE:SNV - Free Report) by 3.5% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 412,144 shares of the bank's stock after purchasing an additional 14,079 shares during the period. Bessemer Group Inc. owned 0.29% of Synovus Financial worth $21,113,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Raymond James Financial Inc. acquired a new stake in shares of Synovus Financial in the fourth quarter worth approximately $6,687,000. Advisory Services Network LLC acquired a new stake in shares of Synovus Financial during the fourth quarter worth about $207,000. Bank of Montreal Can boosted its stake in shares of Synovus Financial by 55.0% in the fourth quarter. Bank of Montreal Can now owns 39,807 shares of the bank's stock valued at $2,039,000 after buying an additional 14,124 shares in the last quarter. Polymer Capital Management US LLC acquired a new position in Synovus Financial during the fourth quarter worth $231,000. Finally, Cerity Partners LLC lifted its position in shares of Synovus Financial by 7.4% in the fourth quarter. Cerity Partners LLC now owns 15,820 shares of the bank's stock valued at $767,000 after acquiring an additional 1,092 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors.

Synovus Financial Price Performance

SNV stock traded down $0.03 during trading hours on Wednesday, hitting $40.93. 533,332 shares of the stock traded hands, compared to its average volume of 1,608,283. The stock has a 50-day simple moving average of $47.55 and a 200 day simple moving average of $50.78. 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 company has a market cap of $5.77 billion, a P/E ratio of 13.42, a P/E/G ratio of 1.11 and a beta of 1.16. Synovus Financial Corp. has a one year low of $33.44 and a one year high of $59.92.

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

Synovus Financial Increases Dividend

The firm 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. The ex-dividend date was Thursday, March 20th. This is an increase from Synovus Financial's previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.81%. Synovus Financial's dividend payout ratio (DPR) is 51.15%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on SNV shares. UBS Group started coverage on Synovus Financial in a research note on Tuesday, December 17th. They set a "buy" rating and a $76.00 target price for the company. Morgan Stanley reduced their price objective on shares of Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating for the company in a research note on Thursday, March 13th. 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. Citigroup raised their target price on shares of Synovus Financial from $59.00 to $62.00 and gave the company a "buy" rating in a research note on Friday, January 17th. Finally, Wells Fargo & Company reduced their target price on shares of Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 9th. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $58.17.

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.