Synovus Financial Corp. (NYSE:SNV) Shares Acquired by Nordea Investment Management AB

Nordea Investment Management AB lifted its position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 3.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 276,863 shares of the bank's stock after purchasing an additional 10,109 shares during the period. Nordea Investment Management AB owned about 0.20% of Synovus Financial worth $14,261,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Oddo BHF Asset Management Sas purchased a new stake in Synovus Financial during the 3rd quarter worth about $753,000. Franklin Resources Inc. raised its position in shares of 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 acquiring an additional 885 shares in the last quarter. Sanctuary Advisors LLC purchased a new stake in Synovus Financial during the third quarter worth approximately $217,000. Teachers Retirement System of The State of Kentucky boosted its holdings in Synovus Financial by 6.6% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 120,386 shares of the bank's stock valued at $5,353,000 after purchasing an additional 7,449 shares in the last quarter. Finally, Coldstream Capital Management Inc. purchased a new position in Synovus Financial in the third quarter valued at approximately $220,000. 83.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on SNV shares. DA Davidson boosted their price objective on shares of Synovus Financial from $53.00 to $60.00 and gave the stock a "buy" rating in a research report on Friday, October 18th. UBS Group started coverage on shares of Synovus Financial in a research note on Tuesday, December 17th. They issued a "buy" rating and a $76.00 price objective for the company. Raymond James raised Synovus Financial from a "market perform" rating to an "outperform" rating and set a $49.00 price objective on the stock in a report on Tuesday, September 17th. The Goldman Sachs Group boosted their target price on Synovus Financial from $52.00 to $62.00 and gave the company a "neutral" rating in a report on Tuesday, November 26th. Finally, Barclays raised their price target on Synovus Financial from $56.00 to $64.00 and gave the stock an "overweight" rating in a research note on Friday, November 8th. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $57.86.

Synovus Financial Stock Performance

NYSE:SNV traded up $0.01 during mid-day trading on Thursday, reaching $52.43. The stock had a trading volume of 974,627 shares, compared to its average volume of 1,050,885. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.88 and a current ratio of 0.89. The business has a 50 day simple moving average of $54.19 and a 200 day simple moving average of $47.68. Synovus Financial Corp. has a twelve month low of $33.44 and a twelve month high of $59.92. The firm has a market capitalization of $7.43 billion, a price-to-earnings ratio of 23.72, a PEG ratio of 1.58 and a beta of 1.39.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, beating the consensus estimate of $1.09 by $0.14. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The business had revenue of $564.72 million during the quarter, compared to analysts' expectations of $557.64 million. During the same period last year, the firm earned $0.84 EPS. The company's quarterly revenue was up 2.6% compared to the same quarter last year. On average, analysts expect that Synovus Financial Corp. will post 4.37 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th were issued a $0.38 dividend. The ex-dividend date was Thursday, December 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.90%. Synovus Financial's dividend payout ratio is presently 68.78%.

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.