8,662 Shares in Synovus Financial Corp. (NYSE:SNV) Purchased by Centiva Capital LP

Centiva Capital LP bought a new position in shares of Synovus Financial Corp. (NYSE:SNV) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 8,662 shares of the bank’s stock, valued at approximately $385,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SNV. SG Americas Securities LLC purchased a new position in shares of Synovus Financial in the 2nd quarter worth about $374,000. Wedge Capital Management L L P NC boosted its holdings in shares of Synovus Financial by 14.9% in the 2nd quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock worth $46,025,000 after purchasing an additional 148,842 shares in the last quarter. Welch Group LLC boosted its holdings in shares of Synovus Financial by 30.0% in the 2nd quarter. Welch Group LLC now owns 77,980 shares of the bank’s stock worth $3,134,000 after purchasing an additional 18,011 shares in the last quarter. Private Capital Management LLC boosted its holdings in shares of Synovus Financial by 6.2% in the 1st quarter. Private Capital Management LLC now owns 365,557 shares of the bank’s stock worth $14,644,000 after purchasing an additional 21,456 shares in the last quarter. Finally, Blue Trust Inc. lifted its stake in shares of Synovus Financial by 102.9% in the 2nd quarter. Blue Trust Inc. now owns 12,992 shares of the bank’s stock valued at $520,000 after acquiring an additional 6,588 shares during the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Synovus Financial Stock Down 1.7 %

Shares of NYSE:SNV opened at $54.84 on Tuesday. Synovus Financial Corp. has a 52-week low of $33.44 and a 52-week high of $59.92. The firm has a market capitalization of $7.77 billion, a P/E ratio of 24.81, a P/E/G ratio of 2.01 and a beta of 1.38. The stock has a 50 day moving average price of $51.74 and a 200-day moving average price of $45.47. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.88 and a current ratio of 0.89.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.14. The company had revenue of $564.72 million for the quarter, compared to the consensus estimate of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.84 EPS. As a group, equities research analysts anticipate that Synovus Financial Corp. will post 4.37 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Thursday, December 19th will be paid a $0.38 dividend. The ex-dividend date is Thursday, December 19th. This represents a $1.52 annualized dividend and a dividend yield of 2.77%. Synovus Financial’s payout ratio is currently 68.78%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Wells Fargo & Company boosted their target price on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Bank of America boosted their target price on Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Royal Bank of Canada boosted their target price on Synovus Financial from $49.00 to $57.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Stephens boosted their target price on Synovus Financial from $46.00 to $52.00 and gave the company an “equal weight” rating in a research note on Friday, October 18th. Finally, Evercore ISI boosted their target price on Synovus Financial from $48.00 to $54.00 and gave the company an “in-line” rating in a research note on Wednesday, October 30th. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $55.00.

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.