18,124 Shares in Synovus Financial Corp. (NYSE:SNV) Bought by Dark Forest Capital Management LP

Dark Forest Capital Management LP purchased a new stake in Synovus Financial Corp. (NYSE:SNV - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 18,124 shares of the bank's stock, valued at approximately $928,000.

Several other large investors have also recently modified their holdings of the business. Proficio Capital Partners LLC acquired a new position in Synovus Financial during the 4th quarter worth about $3,798,000. Nordea Investment Management AB lifted its stake in shares of Synovus Financial by 3.8% in the fourth quarter. Nordea Investment Management AB now owns 276,863 shares of the bank's stock worth $14,261,000 after acquiring an additional 10,109 shares during the period. KLP Kapitalforvaltning AS bought a new stake in Synovus Financial in the fourth quarter valued at approximately $1,504,000. SG Americas Securities LLC boosted its holdings in Synovus Financial by 11.0% in the fourth quarter. SG Americas Securities LLC now owns 12,547 shares of the bank's stock valued at $643,000 after acquiring an additional 1,240 shares during the last quarter. Finally, Janney Montgomery Scott LLC increased its position in Synovus Financial by 4.4% during the 4th quarter. Janney Montgomery Scott LLC now owns 51,357 shares of the bank's stock valued at $2,631,000 after purchasing an additional 2,166 shares during the period. Institutional investors own 83.85% of the company's stock.

Synovus Financial Stock Performance

Shares of SNV traded up $0.44 during mid-day trading on Monday, hitting $43.50. The stock had a trading volume of 772,800 shares, compared to its average volume of 1,417,430. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. The firm has a market cap of $6.13 billion, a P/E ratio of 14.26, a PEG ratio of 1.11 and a beta of 1.16. Synovus Financial Corp. has a 52 week low of $35.74 and a 52 week high of $59.92. The business has a fifty day moving average price of $45.38 and a 200-day moving average price of $50.73.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.19. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The firm had revenue of $573.24 million for the quarter, compared to the consensus estimate of $572.35 million. On average, equities research analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th were issued a $0.39 dividend. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $1.56 annualized dividend and a dividend yield of 3.59%. This is a boost from Synovus Financial's previous quarterly dividend of $0.38. Synovus Financial's dividend payout ratio (DPR) is presently 43.70%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SNV. Wells Fargo & Company reduced their price objective on shares of Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 9th. Citigroup upped their price target on shares of Synovus Financial from $59.00 to $62.00 and gave the company a "buy" rating in a research report on Friday, January 17th. JPMorgan Chase & Co. dropped their price objective on Synovus Financial from $54.00 to $50.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Morgan Stanley dropped their price target on Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating on the stock in a research note on Thursday, March 13th. Finally, Barclays lowered their price objective on shares of Synovus Financial from $66.00 to $60.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Synovus Financial has an average rating of "Moderate Buy" and an average price target of $56.17.

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.