Salzhauer Michael Has $10.45 Million Stock Position in Synovus Financial Corp. (NYSE:SNV)

Salzhauer Michael trimmed its holdings in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 6.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 203,926 shares of the bank's stock after selling 14,067 shares during the period. Synovus Financial comprises approximately 3.7% of Salzhauer Michael's portfolio, making the stock its 4th largest position. Salzhauer Michael owned about 0.14% of Synovus Financial worth $10,447,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Geode Capital Management LLC boosted its position in Synovus Financial by 0.9% during the third quarter. Geode Capital Management LLC now owns 2,419,737 shares of the bank's stock valued at $107,633,000 after buying an additional 22,549 shares during the period. Nordea Investment Management AB boosted its holdings in shares of Synovus Financial by 3.8% during 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. Blue Trust Inc. boosted its holdings in shares of Synovus Financial by 934.0% during the fourth quarter. Blue Trust Inc. now owns 246,686 shares of the bank's stock worth $12,638,000 after purchasing an additional 222,828 shares during the period. TruWealth Advisors LLC purchased a new stake in shares of Synovus Financial during the fourth quarter worth about $12,350,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Synovus Financial by 16.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 104,205 shares of the bank's stock worth $5,334,000 after purchasing an additional 14,910 shares during the period. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Synovus Financial Stock Up 0.5 %

Shares of SNV traded up $0.29 on Thursday, hitting $54.46. 841,489 shares of the stock traded hands, compared to its average volume of 1,294,858. The company has a market capitalization of $7.71 billion, a PE ratio of 17.86, a P/E/G ratio of 1.17 and a beta of 1.39. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88. The business has a 50 day simple moving average of $53.77 and a 200 day simple moving average of $49.91. Synovus Financial Corp. has a one year low of $33.44 and a one year high of $59.92.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.09. The company had revenue of $580.58 million during 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 firm's quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.80 earnings per share. As a group, equities analysts forecast that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Thursday, December 19th were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.79%. The ex-dividend date of this dividend was Thursday, December 19th. Synovus Financial's dividend payout ratio is currently 49.84%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on SNV. UBS Group began coverage on shares of Synovus Financial in a report on Tuesday, December 17th. They set a "buy" rating and a $76.00 target price for the company. Bank of America increased their target price on shares of Synovus Financial from $48.00 to $57.00 and gave the stock a "buy" rating in a report on Friday, October 18th. Royal Bank of Canada reiterated an "outperform" rating and set a $64.00 target price on shares of Synovus Financial in a report on Thursday, December 12th. JPMorgan Chase & Co. raised 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, Morgan Stanley raised their price objective on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an "equal weight" rating in a report on Monday, October 21st. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $58.44.

About Synovus Financial

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.