Synovus Financial Corp. (NYSE:SNV) Shares Bought by Knights of Columbus Asset Advisors LLC

Knights of Columbus Asset Advisors LLC grew its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 2.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 165,158 shares of the bank’s stock after acquiring an additional 3,766 shares during the period. Knights of Columbus Asset Advisors LLC owned about 0.12% of Synovus Financial worth $8,461,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. FMR LLC lifted its position in shares of Synovus Financial by 5.4% during the 3rd quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock valued at $517,027,000 after acquiring an additional 598,644 shares during the period. Wellington Management Group LLP lifted its position in shares of Synovus Financial by 12.8% during the 3rd quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock valued at $430,213,000 after acquiring an additional 1,095,557 shares during the period. State Street Corp lifted its position in shares of Synovus Financial by 3.2% during the 3rd quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock valued at $294,255,000 after acquiring an additional 201,362 shares during the period. Charles Schwab Investment Management Inc. lifted its position 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 valued at $261,778,000 after acquiring an additional 117,242 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of Synovus Financial by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 2,419,737 shares of the bank’s stock worth $107,633,000 after purchasing an additional 22,549 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently issued reports on SNV shares. Stephens restated an “equal weight” rating and set a $58.00 price objective on shares of Synovus Financial in a research report on Thursday, January 16th. The Goldman Sachs Group lifted their price objective on Synovus Financial from $52.00 to $62.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Wells Fargo & Company lifted their price objective on Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd. Deutsche Bank Aktiengesellschaft started coverage on Synovus Financial in a research report on Monday, December 9th. They set a “buy” rating and a $64.00 price objective for the company. Finally, Citigroup lifted their price objective on Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $58.67.

Synovus Financial Stock Performance

Shares of SNV stock opened at $47.35 on Friday. Synovus Financial Corp. has a 12 month low of $33.44 and a 12 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. The firm has a market capitalization of $6.68 billion, a P/E ratio of 15.53, a P/E/G ratio of 1.11 and a beta of 1.36. The company’s fifty day moving average price is $52.18 and its two-hundred day moving average price is $50.91.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $566.83 million. During the same quarter in the previous year, the business posted $0.80 EPS. The firm’s revenue was up 18.8% compared to the same quarter last year. On average, research analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date is Thursday, March 20th. This is a positive change 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.