Proficio Capital Partners LLC Takes $3.80 Million Position in Synovus Financial Corp. (NYSE:SNV)

Proficio Capital Partners LLC purchased 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 and Exchange Commission (SEC). The fund purchased 74,130 shares of the bank's stock, valued at approximately $3,798,000. Proficio Capital Partners LLC owned approximately 0.05% of Synovus Financial as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of SNV. Atria Investments Inc boosted its position in shares of Synovus Financial by 42.1% in the third quarter. Atria Investments Inc now owns 7,198 shares of the bank's stock worth $320,000 after buying an additional 2,132 shares during the period. KBC Group NV boosted its holdings in Synovus Financial by 15.9% in the 3rd quarter. KBC Group NV now owns 4,460 shares of the bank's stock worth $198,000 after acquiring an additional 612 shares during the period. Huntington National Bank boosted its holdings in Synovus Financial by 53.6% in the 3rd quarter. Huntington National Bank now owns 2,712 shares of the bank's stock worth $121,000 after acquiring an additional 946 shares during the period. Thrivent Financial for Lutherans grew its position in Synovus Financial by 7.6% in the third quarter. Thrivent Financial for Lutherans now owns 146,734 shares of the bank's stock valued at $6,525,000 after acquiring an additional 10,346 shares in the last quarter. Finally, Quest Partners LLC purchased a new stake in shares of Synovus Financial during the third quarter valued at approximately $1,264,000. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Synovus Financial Stock Performance

Synovus Financial stock traded up $0.05 during mid-day trading on Friday, hitting $47.35. 11,483,288 shares of the company's stock traded hands, compared to its average volume of 1,350,591. Synovus Financial Corp. has a one year low of $33.44 and a one year high of $59.92. The company has a market cap of $6.68 billion, a PE ratio of 15.53, a price-to-earnings-growth ratio of 1.11 and a beta of 1.36. The firm has a 50 day moving average price of $52.25 and a 200 day moving average price of $50.91. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37.

Remove Ads

Synovus Financial (NYSE:SNV - Get Free Report) last announced its earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) 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 firm had revenue of $580.58 million during the quarter, compared to analyst estimates of $566.83 million. During the same quarter in the prior year, the firm posted $0.80 EPS. Synovus Financial's revenue was up 18.8% compared to the same quarter last year. On average, equities analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th will be given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 3.29%. This is an increase from Synovus Financial's previous quarterly dividend of $0.38. The ex-dividend date is Thursday, March 20th. Synovus Financial's dividend payout ratio is 51.15%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on SNV shares. Morgan Stanley lowered 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 report on Thursday, March 13th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $64.00 target price on shares of Synovus Financial in a research report on Thursday, December 12th. JPMorgan Chase & Co. raised their price objective on Synovus Financial from $60.50 to $62.00 and gave the company an "overweight" rating in a research note on Friday, January 17th. Citigroup increased their target price on Synovus Financial from $59.00 to $62.00 and gave the company a "buy" rating in a research note on Friday, January 17th. Finally, Stephens reiterated an "equal weight" rating and set a $58.00 price objective on shares of Synovus Financial in a research note on Thursday, January 16th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, Synovus Financial has an average rating of "Moderate Buy" and an average price target of $58.67.

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.