Norges Bank Makes New $77.21 Million Investment in Synovus Financial Corp. (NYSE:SNV)

Norges Bank acquired a new stake in Synovus Financial Corp. (NYSE:SNV - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,507,096 shares of the bank's stock, valued at approximately $77,209,000. Norges Bank owned 1.06% of Synovus Financial at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of SNV. Cerity Partners LLC boosted its holdings in Synovus Financial by 138.4% in the 3rd quarter. Cerity Partners LLC now owns 14,728 shares of the bank's stock valued at $655,000 after purchasing an additional 8,549 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in Synovus Financial by 980.8% in the third quarter. BNP Paribas Financial Markets now owns 58,558 shares of the bank's stock valued at $2,604,000 after acquiring an additional 53,140 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Synovus Financial by 2.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,509 shares of the bank's stock worth $1,312,000 after acquiring an additional 712 shares during the period. Rockefeller Capital Management L.P. grew its position in Synovus Financial by 7.5% in the third quarter. Rockefeller Capital Management L.P. now owns 14,017 shares of the bank's stock worth $623,000 after acquiring an additional 978 shares during the period. Finally, Verition Fund Management LLC acquired a new stake in Synovus Financial during the third quarter worth $294,000. Hedge funds and other institutional investors own 83.85% of the company's stock.

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Analyst Ratings Changes

A number of equities analysts have recently weighed in on SNV shares. UBS Group assumed coverage on Synovus Financial in a report on Tuesday, December 17th. They set a "buy" rating and a $76.00 price target for the company. Raymond James lowered shares of Synovus Financial from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 2nd. Morgan Stanley dropped their price target on shares of 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. JPMorgan Chase & Co. upped their price objective on shares of Synovus Financial from $60.50 to $62.00 and gave the stock an "overweight" rating in a report on Friday, January 17th. Finally, Citigroup lifted their target price on shares of Synovus Financial from $59.00 to $62.00 and gave the company a "buy" rating in a report on Friday, January 17th. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $58.67.

Synovus Financial Stock Up 1.0 %

Shares of SNV stock traded up $0.40 during trading hours on Monday, reaching $38.69. 2,098,870 shares of the stock were exchanged, compared to its average volume of 1,413,501. The business's fifty day moving average is $50.07 and its two-hundred day moving average is $51.08. The firm has a market capitalization of $5.45 billion, a P/E ratio of 12.69, a P/E/G ratio of 1.11 and a beta of 1.16. Synovus Financial Corp. has a 12-month low of $33.44 and a 12-month high of $59.92. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, beating analysts' consensus estimates of $1.16 by $0.09. The company had revenue of $580.58 million for 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 company's quarterly revenue was up 18.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.80 EPS. As a group, research analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th were paid a $0.39 dividend. The ex-dividend date was Thursday, March 20th. This is a boost from Synovus Financial's previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a yield of 4.03%. Synovus Financial's dividend payout ratio (DPR) is currently 51.15%.

Synovus Financial 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.