Synovus Financial Corp. (NYSE:SNV) Shares Acquired by Edgestream Partners L.P.

Edgestream Partners L.P. grew its position in Synovus Financial Corp. (NYSE:SNV - Free Report) by 157.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 111,764 shares of the bank's stock after buying an additional 68,358 shares during the quarter. Edgestream Partners L.P. owned 0.08% of Synovus Financial worth $5,726,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in SNV. Montgomery Investment Management Inc. lifted its stake in Synovus Financial by 0.6% in the fourth quarter. Montgomery Investment Management Inc. now owns 42,493 shares of the bank's stock worth $2,177,000 after acquiring an additional 235 shares during the period. Deroy & Devereaux Private Investment Counsel Inc. lifted its position in shares of Synovus Financial by 0.3% in the 4th quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 103,480 shares of the bank's stock worth $5,301,000 after purchasing an additional 270 shares during the period. Wedmont Private Capital boosted its stake in shares of Synovus Financial by 3.3% during the fourth quarter. Wedmont Private Capital now owns 9,401 shares of the bank's stock valued at $479,000 after purchasing an additional 299 shares in the last quarter. Harbor Capital Advisors Inc. increased its holdings in Synovus Financial by 2.1% during the fourth quarter. Harbor Capital Advisors Inc. now owns 14,800 shares of the bank's stock valued at $758,000 after buying an additional 302 shares during the period. Finally, Savant Capital LLC increased its holdings in Synovus Financial by 2.7% during the fourth quarter. Savant Capital LLC now owns 11,923 shares of the bank's stock valued at $611,000 after buying an additional 314 shares during the period. Institutional investors own 83.85% of the company's stock.

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Synovus Financial Stock Performance

Shares of NYSE:SNV traded up $0.24 during trading on Tuesday, hitting $43.94. The stock had a trading volume of 1,842,920 shares, compared to its average volume of 1,319,862. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. Synovus Financial Corp. has a 12-month low of $33.44 and a 12-month high of $59.92. The stock has a market capitalization of $6.19 billion, a price-to-earnings ratio of 14.41, a price-to-earnings-growth ratio of 1.11 and a beta of 1.36. The stock has a 50-day simple moving average of $53.23 and a two-hundred day simple moving average of $50.98.

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

Synovus Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Thursday, March 20th will be issued a dividend of $0.39 per share. The ex-dividend date is 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 yield of 3.55%. Synovus Financial's dividend payout ratio is 51.15%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on SNV shares. Citigroup increased their target price on Synovus Financial from $59.00 to $62.00 and gave the company a "buy" rating in a research report on Friday, January 17th. The Goldman Sachs Group raised their price objective on Synovus Financial from $52.00 to $62.00 and gave the company a "neutral" rating in a research report on Tuesday, November 26th. UBS Group assumed coverage on shares of Synovus Financial in a report on Tuesday, December 17th. They issued a "buy" rating and a $76.00 target price for the company. Stephens reissued an "equal weight" rating and set a $58.00 price target on shares of Synovus Financial in a research report on Thursday, January 16th. Finally, Wells Fargo & Company lifted their price objective on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an "equal weight" rating in a research report on Tuesday, December 3rd. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, Synovus Financial presently has an average rating of "Moderate Buy" and an average price target of $58.44.

Synovus Financial Company 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.