Zurcher Kantonalbank Zurich Cantonalbank Purchases 10,039 Shares of Synovus Financial Corp. (NYSE:SNV)

Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Synovus Financial Corp. (NYSE:SNV - Free Report) by 34.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 39,548 shares of the bank's stock after purchasing an additional 10,039 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Synovus Financial were worth $2,026,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Keystone Financial Group Inc. bought a new position in shares of Synovus Financial during the fourth quarter worth $37,000. Quarry LP acquired a new stake in shares of Synovus Financial during the third quarter worth $41,000. Brooklyn Investment Group acquired a new stake in shares of Synovus Financial during the third quarter worth $56,000. Jones Financial Companies Lllp raised its holdings in shares of Synovus Financial by 72.7% during the fourth quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank's stock worth $56,000 after acquiring an additional 461 shares during the period. Finally, V Square Quantitative Management LLC raised its holdings in shares of Synovus Financial by 69.3% during the fourth quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank's stock worth $58,000 after acquiring an additional 466 shares during the period. 83.85% of the stock is owned by institutional investors.

Synovus Financial Price Performance

SNV stock traded down $0.07 during trading on Thursday, reaching $47.33. 1,884,457 shares of the company were exchanged, compared to its average volume of 1,311,478. The company has a 50-day moving average of $52.35 and a two-hundred day moving average of $50.93. The company has a market capitalization of $6.67 billion, a price-to-earnings ratio of 15.52, a P/E/G ratio of 1.11 and a beta of 1.36. Synovus Financial Corp. has a twelve month low of $33.44 and a twelve month high of $59.92. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88.

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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 (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.09. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The firm had revenue of $580.58 million during the quarter, compared to analysts' expectations of $566.83 million. During the same period in the prior year, the company posted $0.80 EPS. The company's revenue was up 18.8% on a year-over-year basis. As a group, equities analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th will be given 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 yield of 3.30%. The ex-dividend date of this dividend is Thursday, March 20th. Synovus Financial's dividend payout ratio is 51.15%.

Analyst Ratings Changes

A number of brokerages recently commented on SNV. Deutsche Bank Aktiengesellschaft began coverage on shares of Synovus Financial in a report on Monday, December 9th. They set a "buy" rating and a $64.00 price objective on the stock. Stephens restated an "equal weight" rating and set a $58.00 price objective on shares of Synovus Financial in a report on Thursday, January 16th. The Goldman Sachs Group lifted their price target on shares of Synovus Financial from $52.00 to $62.00 and gave the company a "neutral" rating in a research note on Tuesday, November 26th. Wells Fargo & Company lifted their price target 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. Finally, Citigroup lifted their price target 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. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, Synovus Financial has an average rating of "Moderate Buy" and an average price target of $58.67.

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.