Synovus Financial Corp. (NYSE:SNV) Shares Purchased by Quantbot Technologies LP

Quantbot Technologies LP raised its stake in Synovus Financial Corp. (NYSE:SNV - Free Report) by 15,076.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 77,552 shares of the bank's stock after purchasing an additional 77,041 shares during the period. Quantbot Technologies LP owned about 0.05% of Synovus Financial worth $3,449,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of SNV. V Square Quantitative Management LLC acquired a new stake in Synovus Financial in the 3rd quarter valued at about $30,000. UMB Bank n.a. raised its position in shares of Synovus Financial by 87.2% during the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank's stock worth $33,000 after acquiring an additional 348 shares in the last quarter. Innealta Capital LLC acquired a new stake in shares of Synovus Financial during the 2nd quarter worth about $43,000. Abich Financial Wealth Management LLC raised its position in shares of Synovus Financial by 43.5% during the 1st quarter. Abich Financial Wealth Management LLC now owns 1,224 shares of the bank's stock worth $49,000 after acquiring an additional 371 shares in the last quarter. Finally, Headlands Technologies LLC raised its position in shares of Synovus Financial by 404.8% during the 2nd quarter. Headlands Technologies LLC now owns 1,378 shares of the bank's stock worth $55,000 after acquiring an additional 1,105 shares in the last quarter. Institutional investors and hedge funds own 83.85% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on SNV shares. Stephens raised their target price on Synovus Financial from $46.00 to $52.00 and gave the stock an "equal weight" rating in a research report on Friday, October 18th. Royal Bank of Canada raised their target price on Synovus Financial from $49.00 to $57.00 and gave the stock an "outperform" rating in a research report on Friday, October 18th. Evercore ISI raised their price target on Synovus Financial from $48.00 to $54.00 and gave the stock an "in-line" rating in a research note on Wednesday, October 30th. DA Davidson raised their price target on Synovus Financial from $53.00 to $60.00 and gave the stock a "buy" rating in a research note on Friday, October 18th. Finally, Raymond James upgraded Synovus Financial from a "market perform" rating to an "outperform" rating and set a $49.00 price target on the stock in a research note on Tuesday, September 17th. Seven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $53.94.

Synovus Financial Price Performance

Shares of Synovus Financial stock traded down $0.52 during trading on Thursday, reaching $57.45. The company's stock had a trading volume of 654,327 shares, compared to its average volume of 1,318,450. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.42. Synovus Financial Corp. has a 12-month low of $29.48 and a 12-month high of $59.92. The company has a market capitalization of $8.14 billion, a P/E ratio of 26.00, a price-to-earnings-growth ratio of 2.09 and a beta of 1.37. The business has a 50 day moving average price of $49.60 and a 200-day moving average price of $44.42.

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

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were issued a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $1.52 annualized dividend and a yield of 2.65%. Synovus Financial's dividend payout ratio is presently 68.78%.

Synovus Financial Company 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.