Quest Partners LLC Purchases New Holdings in Synovus Financial Corp. (NYSE:SNV)

Quest Partners LLC acquired a new position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 28,423 shares of the bank's stock, valued at approximately $1,264,000.

Other hedge funds also recently modified their holdings of the company. Millennium Management LLC grew its holdings in Synovus Financial by 181.0% during the 2nd quarter. Millennium Management LLC now owns 1,302,379 shares of the bank's stock worth $52,343,000 after acquiring an additional 838,932 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Synovus Financial by 9.3% in the second quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank's stock valued at $231,597,000 after purchasing an additional 491,036 shares in the last quarter. Diamond Hill Capital Management Inc. bought a new position in Synovus Financial in the 2nd quarter worth approximately $19,434,000. Interval Partners LP lifted its holdings in Synovus Financial by 74.2% during the 1st quarter. Interval Partners LP now owns 388,674 shares of the bank's stock worth $15,570,000 after buying an additional 165,548 shares in the last quarter. Finally, Wedge Capital Management L L P NC boosted its holdings in Synovus Financial by 14.9% in the second quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank's stock valued at $46,025,000 after acquiring an additional 148,842 shares during the last quarter. Institutional investors and hedge funds own 83.85% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. JPMorgan Chase & Co. raised their price target on Synovus Financial from $52.00 to $59.00 and gave the stock an "overweight" rating in a research report on Friday, October 18th. Royal Bank of Canada upped their target price on shares of Synovus Financial from $49.00 to $57.00 and gave the company an "outperform" rating in a research note on Friday, October 18th. Morgan Stanley boosted their price target on shares of Synovus Financial from $51.00 to $55.00 and gave the company an "equal weight" rating in a report on Monday, October 21st. Raymond James raised Synovus Financial from a "market perform" rating to an "outperform" rating and set a $49.00 target price for the company in a research note on Tuesday, September 17th. Finally, Barclays increased their price objective on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an "overweight" rating in a research report on Friday, November 8th. Seven research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Synovus Financial currently has an average rating of "Moderate Buy" and an average target price of $52.71.

Synovus Financial Stock Performance

Shares of SNV traded down $0.17 during midday trading on Wednesday, reaching $55.02. The stock had a trading volume of 795,904 shares, compared to its average volume of 1,403,575. Synovus Financial Corp. has a one year low of $29.34 and a one year high of $59.79. The firm has a market cap of $7.79 billion, a PE ratio of 24.98, a P/E/G ratio of 2.02 and a beta of 1.37. The firm has a 50 day simple moving average of $48.31 and a 200-day simple moving average of $43.79. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (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 the consensus estimate of $557.64 million. During the same quarter last year, the firm posted $0.84 EPS. The company's quarterly revenue was up 2.6% on a year-over-year basis. 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 declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were paid a $0.38 dividend. The ex-dividend date was Thursday, September 19th. This represents a $1.52 annualized dividend and a yield of 2.76%. Synovus Financial's dividend payout ratio (DPR) is presently 68.78%.

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.