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

Algebris UK Ltd raised its holdings in Synovus Financial Corp. (NYSE:SNV) by 20.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 120,424 shares of the bank’s stock after acquiring an additional 20,299 shares during the quarter. Synovus Financial comprises 1.5% of Algebris UK Ltd’s portfolio, making the stock its 22nd largest position. Algebris UK Ltd’s holdings in Synovus Financial were worth $5,958,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Keystone Financial Group Inc. bought a new position in shares of Synovus Financial during the fourth quarter worth $37,000. Quarry LP bought a new position in shares of Synovus Financial during the third quarter worth $41,000. Jones Financial Companies Lllp boosted its position in shares of Synovus Financial by 72.7% during the fourth quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock worth $56,000 after purchasing an additional 461 shares in the last quarter. V Square Quantitative Management LLC boosted its position in shares of Synovus Financial by 69.3% during the fourth quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock worth $58,000 after purchasing an additional 466 shares in the last quarter. Finally, Brooklyn Investment Group bought a new position in shares of Synovus Financial during the third quarter worth $56,000. 83.85% of the stock is owned by institutional investors.

Synovus Financial Stock Up 0.4 %

Shares of SNV stock opened at $46.59 on Wednesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88. The firm’s 50-day moving average is $52.45 and its 200-day moving average is $50.95. The stock has a market cap of $6.57 billion, a price-to-earnings ratio of 15.28, a PEG ratio of 1.11 and a beta of 1.36. Synovus Financial Corp. has a 52-week low of $33.44 and a 52-week high of $59.92.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. The company had revenue of $580.58 million for the quarter, compared to analysts’ expectations of $566.83 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. Synovus Financial’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.80 EPS. Sell-side analysts predict that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.35%. This is a boost from Synovus Financial’s previous quarterly dividend of $0.38. The ex-dividend date is Thursday, March 20th. Synovus Financial’s dividend payout ratio is presently 51.15%.

Wall Street Analysts Forecast Growth

SNV has been the topic of a number of recent analyst reports. Stephens reissued an “equal weight” rating and set a $58.00 price target on shares of Synovus Financial in a research report on Thursday, January 16th. Royal Bank of Canada reissued an “outperform” rating and set a $64.00 price target on shares of Synovus Financial in a research report on Thursday, December 12th. Citigroup raised their price objective on shares of Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, January 17th. The Goldman Sachs Group upped their target price 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. Finally, Wells Fargo & Company upped their target price on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 3rd. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $58.67.

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.