Synovus Financial Corp. (NYSE:SNV) Shares Purchased by Pinebridge Investments L.P.

Pinebridge Investments L.P. grew its position in Synovus Financial Corp. (NYSE:SNV - Free Report) by 42.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 64,164 shares of the bank's stock after buying an additional 19,194 shares during the quarter. Pinebridge Investments L.P.'s holdings in Synovus Financial were worth $3,287,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. FMR LLC lifted its holdings in shares of Synovus Financial by 3.6% in the 4th quarter. FMR LLC now owns 12,041,625 shares of the bank's stock worth $616,892,000 after buying an additional 415,201 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Synovus Financial by 2.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,109,856 shares of the bank's stock worth $261,778,000 after purchasing an additional 117,242 shares during the last quarter. First Trust Advisors LP lifted its stake in shares of Synovus Financial by 4.5% during the 4th quarter. First Trust Advisors LP now owns 1,827,247 shares of the bank's stock worth $93,610,000 after purchasing an additional 77,876 shares during the last quarter. Norges Bank purchased a new stake in shares of Synovus Financial during the 4th quarter worth $77,209,000. Finally, Prudential Financial Inc. lifted its stake in shares of Synovus Financial by 349.4% during the 4th quarter. Prudential Financial Inc. now owns 529,147 shares of the bank's stock worth $27,108,000 after purchasing an additional 411,411 shares during the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Synovus Financial Stock Performance

NYSE SNV traded up $0.44 on Monday, hitting $43.50. 772,810 shares of the company's stock traded hands, compared to its average volume of 1,417,430. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. Synovus Financial Corp. has a 1-year low of $35.74 and a 1-year high of $59.92. The firm's 50-day moving average price is $45.15 and its two-hundred day moving average price is $50.72. The firm has a market capitalization of $6.13 billion, a PE ratio of 14.26, a P/E/G ratio of 1.11 and a beta of 1.16.

Synovus Financial (NYSE:SNV - Get Free Report) last announced its quarterly earnings data on Wednesday, April 16th. The bank reported $1.30 EPS for the quarter, beating the consensus estimate of $1.11 by $0.19. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The business had revenue of $573.24 million during the quarter, compared to analysts' expectations of $572.35 million. As a group, analysts expect 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 was paid on Tuesday, April 1st. Investors of record on Thursday, March 20th were paid a $0.39 dividend. This is a boost from Synovus Financial's previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a dividend yield of 3.59%. The ex-dividend date was Thursday, March 20th. Synovus Financial's payout ratio is currently 43.70%.

Wall Street Analysts Forecast Growth

SNV has been the subject of a number of analyst reports. Citigroup upped their price objective on Synovus Financial from $59.00 to $62.00 and gave the stock a "buy" rating in a research note on Friday, January 17th. Morgan Stanley decreased their price objective on 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. JPMorgan Chase & Co. decreased their price objective on Synovus Financial from $54.00 to $50.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Wells Fargo & Company decreased their price objective on Synovus Financial from $60.00 to $50.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 9th. Finally, Royal Bank of Canada decreased their price objective on Synovus Financial from $64.00 to $52.00 and set an "outperform" rating for the company in a research note on Monday, April 21st. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $56.17.

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.