Algebris UK Ltd Purchases 20,299 Shares of Synovus Financial Corp. (NYSE:SNV)

Algebris UK Ltd lifted its stake in Synovus Financial Corp. (NYSE:SNV) by 20.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 120,424 shares of the bank’s stock after buying an additional 20,299 shares during the period. Synovus Financial comprises 1.5% of Algebris UK Ltd’s portfolio, making the stock its 22nd biggest holding. Algebris UK Ltd owned approximately 0.09% of Synovus Financial worth $5,958,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in SNV. Atria Investments Inc lifted its stake in shares of Synovus Financial by 42.1% in the third quarter. Atria Investments Inc now owns 7,198 shares of the bank’s stock valued at $320,000 after buying an additional 2,132 shares during the period. KBC Group NV lifted its stake in shares of Synovus Financial by 15.9% in the third quarter. KBC Group NV now owns 4,460 shares of the bank’s stock valued at $198,000 after buying an additional 612 shares during the period. Thrivent Financial for Lutherans lifted its stake in shares of Synovus Financial by 7.6% in the third 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 period. Quest Partners LLC bought a new stake in shares of Synovus Financial in the third quarter valued at about $1,264,000. Finally, Pathstone Holdings LLC lifted its stake in shares of Synovus Financial by 1.9% in the third quarter. Pathstone Holdings LLC now owns 52,416 shares of the bank’s stock valued at $2,331,000 after buying an additional 980 shares during the period. Institutional investors own 83.85% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on SNV. UBS Group began coverage on shares of Synovus Financial in a research report on Tuesday, December 17th. They issued a “buy” rating and a $76.00 price target for the company. Morgan Stanley dropped their price target on shares of Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating for the company in a research report on Thursday, March 13th. Wells Fargo & Company increased their price target on shares of 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 began coverage on shares of Synovus Financial in a research report on Monday, December 9th. They issued a “buy” rating and a $64.00 price target for the company. Finally, 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 report on Tuesday, November 26th. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $58.67.

Synovus Financial Price Performance

SNV opened at $46.59 on Wednesday. Synovus Financial Corp. has a one year low of $33.44 and a one year 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 company’s 50 day simple moving average is $52.45 and its 200-day simple moving average is $50.95. The stock has a market capitalization of $6.57 billion, a P/E ratio of 15.28, a price-to-earnings-growth ratio of 1.11 and a beta of 1.36.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 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 business had revenue of $580.58 million for the quarter, compared to analysts’ expectations of $566.83 million. During the same period in the prior year, the firm earned $0.80 earnings per share. Synovus Financial’s revenue was up 18.8% compared to the same quarter last year. Sell-side analysts anticipate that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th will be paid a $0.39 dividend. 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. This represents a $1.56 dividend on an annualized basis and a yield of 3.35%. Synovus Financial’s dividend payout ratio (DPR) is presently 51.15%.

Synovus Financial Profile

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.