Basswood Capital Management L.L.C. boosted its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 161.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 761,780 shares of the bank’s stock after purchasing an additional 470,294 shares during the quarter. Synovus Financial comprises about 1.4% of Basswood Capital Management L.L.C.’s investment portfolio, making the stock its 18th largest position. Basswood Capital Management L.L.C. owned about 0.65% of Synovus Financial worth $24,369,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. QS Investors LLC grew its holdings in shares of Synovus Financial by 201.5% in the fourth quarter. QS Investors LLC now owns 62,096 shares of the bank’s stock worth $1,987,000 after purchasing an additional 41,502 shares during the last quarter. Mendon Capital Advisors Corp bought a new position in shares of Synovus Financial in the fourth quarter worth about $1,599,000. Geode Capital Management LLC grew its holdings in shares of Synovus Financial by 48.5% in the fourth quarter. Geode Capital Management LLC now owns 1,615,735 shares of the bank’s stock worth $51,686,000 after purchasing an additional 528,022 shares during the last quarter. EJF Capital LLC grew its holdings in shares of Synovus Financial by 34.2% in the fourth quarter. EJF Capital LLC now owns 1,796,253 shares of the bank’s stock worth $57,462,000 after purchasing an additional 457,730 shares during the last quarter. Finally, Magnus Financial Group LLC bought a new position in shares of Synovus Financial in the fourth quarter worth about $301,000. Institutional investors and hedge funds own 92.35% of the company’s stock.
Shares of Synovus Financial stock opened at $38.79 on Friday. 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 Corp. has a 1 year low of $29.93 and a 1 year high of $57.40. The stock has a market cap of $6.17 billion, a price-to-earnings ratio of 10.66, a price-to-earnings-growth ratio of 1.22 and a beta of 1.27.
Synovus Financial (NYSE:SNV) last issued its earnings results on Tuesday, January 15th. The bank reported $0.92 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.94 by ($0.02). Synovus Financial had a return on equity of 15.68% and a net margin of 26.38%. The business had revenue of $365.90 million for the quarter, compared to the consensus estimate of $370.64 million. During the same quarter in the previous year, the company earned $0.70 earnings per share. The firm’s revenue was up 7.9% on a year-over-year basis. As a group, equities research analysts forecast that Synovus Financial Corp. will post 3.94 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Thursday, March 21st will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 3.09%. This is a boost from Synovus Financial’s previous quarterly dividend of $0.25. The ex-dividend date is Wednesday, March 20th. Synovus Financial’s dividend payout ratio is presently 27.47%.
SNV has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods restated a “buy” rating and issued a $49.00 price target on shares of Synovus Financial in a report on Sunday, February 24th. Piper Jaffray Companies restated a “hold” rating and issued a $43.00 price target on shares of Synovus Financial in a report on Tuesday, November 27th. Sandler O’Neill set a $45.00 price target on shares of Synovus Financial and gave the stock a “buy” rating in a report on Wednesday, January 16th. Stephens restated a “hold” rating and issued a $40.00 price target on shares of Synovus Financial in a report on Tuesday, January 15th. Finally, Bank of America restated a “buy” rating and issued a $48.00 price target (up from $40.00) on shares of Synovus Financial in a report on Tuesday, March 12th. One analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company. Synovus Financial presently has a consensus rating of “Buy” and a consensus price target of $45.98.
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Synovus Financial Profile
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 cash management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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