Synovus Financial Corp. (NYSE:SNV) Shares Bought by JPMorgan Chase & Co.

JPMorgan Chase & Co. lifted its position in Synovus Financial Corp. (NYSE:SNV - Free Report) by 20.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 435,543 shares of the bank's stock after purchasing an additional 72,745 shares during the period. JPMorgan Chase & Co. owned about 0.31% of Synovus Financial worth $22,313,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Verition Fund Management LLC acquired a new position in shares of Synovus Financial in the third quarter worth about $294,000. Jacobs Levy Equity Management Inc. acquired a new position in Synovus Financial in the 3rd quarter worth about $278,000. Quarry LP purchased a new position in Synovus Financial during the third quarter worth approximately $41,000. Quantinno Capital Management LP grew its holdings in Synovus Financial by 25.1% in the third quarter. Quantinno Capital Management LP now owns 49,099 shares of the bank's stock valued at $2,183,000 after purchasing an additional 9,852 shares during the period. Finally, State Street Corp increased its position in shares of Synovus Financial by 3.2% in the third quarter. State Street Corp now owns 6,561,056 shares of the bank's stock valued at $294,255,000 after buying an additional 201,362 shares in the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. UBS Group assumed coverage on shares of Synovus Financial in a research note on Tuesday, December 17th. They issued a "buy" rating and a $76.00 price target on the stock. Raymond James cut shares of Synovus Financial from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 2nd. Barclays decreased their price target on shares of Synovus Financial from $66.00 to $60.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Morgan Stanley reduced their target price on Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating for the company in a report on Thursday, March 13th. Finally, Citigroup lifted their price target on Synovus Financial from $59.00 to $62.00 and gave the stock a "buy" rating in a research note on Friday, January 17th. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Synovus Financial has a consensus rating of "Moderate Buy" and an average target price of $58.17.

Synovus Financial Trading Up 2.8 %

NYSE:SNV traded up $1.11 on Tuesday, hitting $41.16. The stock had a trading volume of 149,004 shares, compared to its average volume of 1,606,487. The company has a fifty day moving average price of $47.87 and a two-hundred day moving average price of $50.84. Synovus Financial Corp. has a 1-year low of $33.44 and a 1-year high of $59.92. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. The stock has a market cap of $5.80 billion, a price-to-earnings ratio of 13.50, a PEG ratio of 1.11 and a beta of 1.16.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $580.58 million during the quarter, compared to analyst estimates of $566.83 million. During the same period in the prior year, the business posted $0.80 earnings per share. The firm's revenue for the quarter was up 18.8% compared to the same quarter last year. 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 business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Thursday, March 20th were issued a $0.39 dividend. This is a positive change from Synovus Financial's previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a yield of 3.79%. The ex-dividend date of this dividend was Thursday, March 20th. Synovus Financial's payout ratio is 51.15%.

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.