Mesirow Institutional Investment Management Inc. Takes $14.99 Million Position in Synovus Financial Corp. (NYSE:SNV)

Mesirow Institutional Investment Management Inc. purchased a new position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 292,615 shares of the bank's stock, valued at approximately $14,991,000. Mesirow Institutional Investment Management Inc. owned about 0.21% of Synovus Financial at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SNV. Sanctuary Advisors LLC acquired a new stake in shares of Synovus Financial during the third quarter worth about $217,000. Franklin Resources Inc. increased its position in Synovus Financial by 4.0% during the 3rd quarter. Franklin Resources Inc. now owns 22,964 shares of the bank's stock worth $1,069,000 after purchasing an additional 885 shares during the period. Oddo BHF Asset Management Sas purchased a new position in Synovus Financial in the third quarter worth $753,000. Nordea Investment Management AB boosted its holdings in Synovus Financial by 3.8% during the fourth quarter. Nordea Investment Management AB now owns 276,863 shares of the bank's stock worth $14,261,000 after buying an additional 10,109 shares in the last quarter. Finally, Harbor Capital Advisors Inc. lifted its position in shares of Synovus Financial by 2.1% during the 4th quarter. Harbor Capital Advisors Inc. now owns 14,800 shares of the bank's stock valued at $758,000 after acquiring an additional 302 shares during the period. 83.85% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have commented on SNV shares. Citigroup lifted their target price on shares of Synovus Financial from $59.00 to $62.00 and gave the stock a "buy" rating in a research note on Friday, January 17th. Wells Fargo & Company dropped their price objective on Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating for the company in a report on Wednesday, April 9th. Morgan Stanley lowered their price target on Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating for the company in a research report on Thursday, March 13th. Raymond James downgraded shares of Synovus Financial from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 2nd. Finally, Barclays reduced their target price on shares of Synovus Financial from $66.00 to $60.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $56.17.

Synovus Financial Stock Performance

SNV stock traded up $0.89 during trading on Wednesday, reaching $42.45. 1,316,219 shares of the company's stock were exchanged, compared to its average volume of 1,420,285. The firm has a market cap of $5.98 billion, a PE ratio of 13.92, a P/E/G ratio of 1.11 and a beta of 1.16. 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 1-year low of $35.74 and a 1-year high of $59.92. The company's fifty day moving average price is $45.87 and its 200-day moving average price is $50.64.

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

Synovus Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Thursday, March 20th were issued a dividend of $0.39 per share. This is a boost from Synovus Financial's previous quarterly dividend of $0.38. The ex-dividend date was Thursday, March 20th. This represents a $1.56 annualized dividend and a yield of 3.68%. Synovus Financial's payout ratio is presently 43.70%.

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.