Synovus Financial Corp. (NYSE:SNV) Holdings Cut by Inceptionr LLC

Inceptionr LLC decreased its stake in Synovus Financial Corp. (NYSE:SNV) by 53.1% in the fourth quarter, Holdings Channel reports. The institutional investor owned 11,812 shares of the bank’s stock after selling 13,395 shares during the quarter. Inceptionr LLC’s holdings in Synovus Financial were worth $605,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Keystone Financial Group Inc. purchased a new stake in Synovus Financial in the 4th quarter worth approximately $37,000. Quarry LP purchased a new stake in Synovus Financial in the 3rd quarter worth approximately $41,000. Jones Financial Companies Lllp lifted its position in Synovus Financial by 72.7% in the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock worth $56,000 after buying an additional 461 shares in the last quarter. V Square Quantitative Management LLC lifted its position in Synovus Financial by 69.3% in the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock worth $58,000 after buying an additional 466 shares in the last quarter. Finally, Brooklyn Investment Group purchased a new stake in Synovus Financial in the 3rd quarter worth approximately $56,000. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on SNV. Citigroup increased their price target on shares of Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. JPMorgan Chase & Co. increased their price target on shares of Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. The Goldman Sachs Group increased their price target on shares of Synovus Financial from $52.00 to $62.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Royal Bank of Canada restated an “outperform” rating and set a $64.00 price target on shares of Synovus Financial in a research note on Thursday, December 12th. Finally, UBS Group began coverage on shares of Synovus Financial in a research note on Tuesday, December 17th. They set a “buy” rating and a $76.00 price target on the stock. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $58.44.

Synovus Financial Price Performance

Shares of Synovus Financial stock opened at $46.81 on Friday. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. Synovus Financial Corp. has a fifty-two week low of $33.44 and a fifty-two week high of $59.92. The firm has a fifty day moving average price of $53.46 and a two-hundred day moving average price of $50.86. The company has a market cap of $6.59 billion, a PE ratio of 15.35, a price-to-earnings-growth ratio of 1.11 and a beta of 1.36.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $566.83 million. During the same period in the prior year, the firm earned $0.80 EPS. The business’s revenue was up 18.8% on a year-over-year basis. Analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.33%. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Thursday, March 20th. Synovus Financial’s dividend payout ratio (DPR) is presently 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.