Sciencast Management LP acquired a new stake in shares of Synovus Financial Corp. (NYSE:SNV) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 40,363 shares of the bank’s stock, valued at approximately $1,425,000.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Retirement Systems of Alabama grew its stake in shares of Synovus Financial by 23.6% during the first quarter. Retirement Systems of Alabama now owns 440,568 shares of the bank’s stock valued at $15,138,000 after purchasing an additional 84,239 shares during the last quarter. Louisiana State Employees Retirement System grew its stake in shares of Synovus Financial by 37.9% during the first quarter. Louisiana State Employees Retirement System now owns 42,600 shares of the bank’s stock valued at $1,464,000 after purchasing an additional 11,700 shares during the last quarter. Valeo Financial Advisors LLC bought a new stake in shares of Synovus Financial during the first quarter valued at approximately $110,000. Chartwell Investment Partners LLC bought a new stake in shares of Synovus Financial during the first quarter valued at approximately $7,702,000. Finally, Hennessy Advisors Inc. bought a new stake in shares of Synovus Financial during the first quarter valued at approximately $2,062,000. 68.32% of the stock is owned by institutional investors and hedge funds.
SNV has been the topic of several research analyst reports. Robert W. Baird raised shares of Synovus Financial from a “neutral” rating to an “outperform” rating and set a $30.73 price target on the stock in a research note on Wednesday, December 19th. TheStreet cut shares of Synovus Financial from a “b-” rating to a “c+” rating in a research note on Wednesday, January 2nd. SunTrust Banks reduced their price objective on shares of Synovus Financial to $38.00 and set a “buy” rating on the stock in a research note on Friday, January 4th. They noted that the move was a valuation call. Barclays raised shares of Synovus Financial from an “equal weight” rating to an “overweight” rating and reduced their price objective for the company from $47.00 to $45.00 in a research note on Thursday, January 10th. Finally, Stephens reaffirmed a “hold” rating and issued a $40.00 price objective on shares of Synovus Financial in a research note on Tuesday, January 15th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $45.98.
Shares of SNV stock opened at $35.59 on Tuesday. The company has a market capitalization of $5.66 billion, a price-to-earnings ratio of 9.78, a price-to-earnings-growth ratio of 1.17 and a beta of 1.24. Synovus Financial Corp. has a 52-week low of $29.93 and a 52-week high of $57.40. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.56.
Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Tuesday, January 15th. The bank reported $0.92 earnings per share for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.02). The firm had revenue of $365.90 million for the quarter, compared to the consensus estimate of $370.64 million. Synovus Financial had a return on equity of 15.68% and a net margin of 26.38%. The company’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.70 earnings per share. As a group, equities analysts anticipate that Synovus Financial Corp. will post 3.91 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Thursday, March 21st were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.37%. This is a boost from Synovus Financial’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Wednesday, March 20th. Synovus Financial’s dividend payout ratio (DPR) is currently 32.97%.
About Synovus Financial
Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides various financial products and services. It offers integrated financial services, including commercial and retail banking, financial management, insurance, and mortgage services. The company's commercial banking services comprise treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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