KLP Kapitalforvaltning AS Takes Position in Synovus Financial Corp. (NYSE:SNV)

KLP Kapitalforvaltning AS acquired a new stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 29,181 shares of the bank's stock, valued at approximately $1,504,000.

Other large investors also recently modified their holdings of the company. Wellington Management Group LLP boosted its position in Synovus Financial by 12.8% in the third quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank's stock valued at $430,213,000 after buying an additional 1,095,557 shares in the last quarter. FMR LLC raised its stake in shares of Synovus Financial by 5.4% in the third quarter. FMR LLC now owns 11,626,424 shares of the bank's stock valued at $517,027,000 after acquiring an additional 598,644 shares during the last quarter. TruWealth Advisors LLC acquired a new position in shares of Synovus Financial in the 4th quarter worth approximately $12,350,000. Blue Trust Inc. grew its position in Synovus Financial by 934.0% during the 4th quarter. Blue Trust Inc. now owns 246,686 shares of the bank's stock worth $12,638,000 after acquiring an additional 222,828 shares during the last quarter. Finally, State Street Corp increased its holdings in Synovus Financial by 3.2% during the 3rd quarter. State Street Corp now owns 6,561,056 shares of the bank's stock valued at $294,255,000 after purchasing an additional 201,362 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors.

Synovus Financial Trading Up 2.2 %

NYSE:SNV traded up $1.02 during mid-day trading on Wednesday, hitting $46.78. The company had a trading volume of 1,148,442 shares, compared to its average volume of 1,399,085. 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 Corp. has a fifty-two week low of $33.44 and a fifty-two week high of $59.92. The firm has a market cap of $6.59 billion, a P/E ratio of 15.34, a P/E/G ratio of 1.11 and a beta of 1.36. The business's fifty day moving average is $51.05 and its two-hundred day moving average is $51.17.

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Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share 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 business had revenue of $580.58 million for the quarter, compared to the consensus estimate of $566.83 million. During the same period last year, the company posted $0.80 EPS. Synovus Financial's revenue for the quarter was up 18.8% on a year-over-year basis. As a group, research analysts expect that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders 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. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $1.56 annualized dividend and a dividend yield of 3.33%. Synovus Financial's payout ratio is 51.15%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on SNV shares. JPMorgan Chase & Co. boosted their price objective on Synovus Financial from $60.50 to $62.00 and gave the stock an "overweight" rating in a research note on Friday, January 17th. Citigroup upped their price target on shares of Synovus Financial from $59.00 to $62.00 and gave the stock a "buy" rating in a research report on Friday, January 17th. Raymond James cut shares of Synovus Financial from an "outperform" rating to a "market perform" rating in a research report on Wednesday. UBS Group began coverage on shares of Synovus Financial in a research note on Tuesday, December 17th. They issued a "buy" rating and a $76.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Synovus Financial in a research note on Monday, December 9th. They set a "buy" rating and a $64.00 price target on the stock. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $58.67.

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.