North Reef Capital Management LP Sells 2,046,500 Shares of Synovus Financial Corp. (NYSE:SNV)

North Reef Capital Management LP reduced its stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 46.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,321,000 shares of the bank's stock after selling 2,046,500 shares during the period. Synovus Financial accounts for approximately 5.3% of North Reef Capital Management LP's portfolio, making the stock its 6th biggest holding. North Reef Capital Management LP owned 1.64% of Synovus Financial worth $118,905,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in SNV. Sanctuary Advisors LLC bought a new position in Synovus Financial in the 3rd quarter worth $217,000. Franklin Resources Inc. grew its position in shares of Synovus Financial by 4.0% in the third quarter. Franklin Resources Inc. now owns 22,964 shares of the bank's stock valued at $1,069,000 after purchasing an additional 885 shares during the last quarter. Oddo BHF Asset Management Sas bought a new position in shares of Synovus Financial in the third quarter worth about $753,000. Nordea Investment Management AB increased its stake in shares of Synovus Financial by 3.8% in the fourth quarter. Nordea Investment Management AB now owns 276,863 shares of the bank's stock worth $14,261,000 after purchasing an additional 10,109 shares during the period. 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 worth $758,000 after purchasing an additional 302 shares during the last quarter. Institutional investors and hedge funds own 83.85% of the company's stock.

Synovus Financial Stock Performance

NYSE SNV opened at $43.27 on Friday. Synovus Financial Corp. has a 1-year low of $35.74 and a 1-year high of $59.92. The company has a 50 day moving average of $45.64 and a 200-day moving average of $50.64. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. The firm has a market cap of $6.10 billion, a price-to-earnings ratio of 14.19, a PEG ratio of 1.11 and a beta of 1.16.

Synovus Financial (NYSE:SNV - Get Free Report) last posted its quarterly earnings data on Wednesday, April 16th. The bank reported $1.30 EPS for the quarter, topping analysts' consensus estimates of $1.11 by $0.19. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The company had revenue of $573.24 million for the quarter, compared to analyst estimates of $572.35 million. On average, equities analysts forecast 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. Shareholders of record on Thursday, March 20th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 3.61%. The ex-dividend date of this dividend was Thursday, March 20th. This is a boost from Synovus Financial's previous quarterly dividend of $0.38. Synovus Financial's dividend payout ratio (DPR) is presently 43.70%.

Wall Street Analysts Forecast Growth

SNV has been the topic of several recent analyst reports. Royal Bank of Canada dropped their price target on Synovus Financial from $64.00 to $52.00 and set an "outperform" rating on the stock in a research report on Monday. Stephens dropped their target price on shares of Synovus Financial from $52.00 to $46.00 and set an "equal weight" rating on the stock in a research report on Monday. DA Davidson reduced their price target on shares of Synovus Financial from $65.00 to $60.00 and set a "buy" rating for the company in a report on Monday. Barclays dropped their price objective on shares of Synovus Financial from $66.00 to $60.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Finally, Morgan Stanley reduced their target price on shares of Synovus Financial from $67.00 to $59.00 and set an "equal weight" rating for the company in a research note on Thursday, March 13th. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $56.17.

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.

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