Y Intercept Hong Kong Ltd Takes Position in Synovus Financial Corp. (NYSE:SNV)

Y Intercept Hong Kong Ltd purchased a new stake in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 5,123 shares of the bank's stock, valued at approximately $262,000.

A number of other hedge funds and other institutional investors have also modified their holdings of SNV. Thrivent Financial for Lutherans grew its stake in Synovus Financial by 7.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 146,734 shares of the bank's stock valued at $6,525,000 after buying an additional 10,346 shares during the last quarter. Nordea Investment Management AB grew its stake in Synovus Financial by 3.8% in the 4th quarter. Nordea Investment Management AB now owns 276,863 shares of the bank's stock valued at $14,261,000 after buying an additional 10,109 shares during the last quarter. Quest Partners LLC acquired a new position in Synovus Financial in the 3rd quarter valued at $1,264,000. Quantinno Capital Management LP grew its stake in Synovus Financial by 25.1% in the 3rd quarter. Quantinno Capital Management LP now owns 49,099 shares of the bank's stock valued at $2,183,000 after buying an additional 9,852 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Synovus Financial by 3.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank's stock valued at $222,022,000 after buying an additional 147,599 shares during the last quarter. Institutional investors own 83.85% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on SNV shares. UBS Group started coverage on shares of Synovus Financial in a research note on Tuesday, December 17th. They issued a "buy" rating and a $76.00 target price on the stock. Citigroup raised their target price on shares of Synovus Financial from $59.00 to $62.00 and gave the company a "buy" rating in a research note on Friday, January 17th. Wells Fargo & Company raised their target price on shares of Synovus Financial from $51.00 to $55.00 and gave the company an "equal weight" rating in a research note on Tuesday, December 3rd. Piper Sandler raised their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an "overweight" rating in a research report on Wednesday, December 11th. Finally, The Goldman Sachs Group raised their price target on shares of Synovus Financial from $52.00 to $62.00 and gave the stock a "neutral" rating in a research report on Tuesday, November 26th. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat.com, Synovus Financial has an average rating of "Moderate Buy" and an average price target of $58.44.

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Synovus Financial Price Performance

SNV stock traded down $0.01 during trading on Friday, hitting $46.81. 2,018,951 shares of the stock traded hands, compared to its average volume of 1,312,737. The stock has a market cap of $6.59 billion, a price-to-earnings ratio of 15.35, a P/E/G ratio of 1.11 and a beta of 1.36. The company has a 50 day simple moving average of $53.46 and a 200 day simple moving average of $50.86. 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 one year low of $33.44 and a one year high of $59.92.

Synovus Financial (NYSE:SNV - Get Free Report) last issued its quarterly earnings data 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. The firm had revenue of $580.58 million during the quarter, compared to analysts' expectations of $566.83 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The business's revenue for the quarter was up 18.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.80 earnings per share. Equities analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 3.33%. The ex-dividend date of this dividend is Thursday, March 20th. This is a boost from Synovus Financial's previous quarterly dividend of $0.38. Synovus Financial's dividend payout ratio is 51.15%.

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.