Interval Partners LP Trims Position in Synovus Financial Corp. (NYSE:SNV)

Interval Partners LP lessened its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 10.7% in the fourth quarter, Holdings Channel.com reports. The fund owned 323,761 shares of the bank’s stock after selling 38,761 shares during the period. Interval Partners LP’s holdings in Synovus Financial were worth $16,586,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Norges Bank bought a new position in Synovus Financial in the 4th quarter worth $77,209,000. AQR Capital Management LLC increased its position in shares of Synovus Financial by 226.5% during the fourth quarter. AQR Capital Management LLC now owns 1,065,249 shares of the bank’s stock valued at $54,573,000 after buying an additional 738,983 shares during the period. FMR LLC lifted its holdings in Synovus Financial by 3.6% in the fourth quarter. FMR LLC now owns 12,041,625 shares of the bank’s stock worth $616,892,000 after buying an additional 415,201 shares during the period. Prudential Financial Inc. boosted its position in Synovus Financial by 349.4% during the 4th quarter. Prudential Financial Inc. now owns 529,147 shares of the bank’s stock valued at $27,108,000 after acquiring an additional 411,411 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its holdings in shares of Synovus Financial by 5,495.2% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 349,866 shares of the bank’s stock worth $17,924,000 after acquiring an additional 343,613 shares during the period. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Synovus Financial Stock Down 0.7 %

SNV stock opened at $46.09 on Friday. The company has a market cap of $6.41 billion, a price-to-earnings ratio of 15.11, a P/E/G ratio of 1.11 and a beta of 1.13. 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 business’s 50-day moving average is $43.97 and its two-hundred day moving average is $50.46. Synovus Financial Corp. has a fifty-two week low of $35.81 and a fifty-two week high of $59.92.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, April 16th. The bank reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.19. The firm had revenue of $573.24 million for the quarter, compared to analysts’ expectations of $572.35 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. As a group, analysts forecast that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 3.38%. The ex-dividend date was Thursday, March 20th. This is a boost from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s dividend payout ratio (DPR) is currently 43.70%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Barclays lowered their target price on Synovus Financial from $66.00 to $60.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. JPMorgan Chase & Co. dropped their target price on shares of Synovus Financial from $54.00 to $50.00 and set an “overweight” rating on the stock in a report on Monday, April 21st. Stephens reduced their target price on shares of Synovus Financial from $52.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Monday, April 21st. Citigroup lifted their price target on shares of Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Finally, DA Davidson cut their price objective on shares of Synovus Financial from $65.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, April 21st. Eight research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Synovus Financial has an average rating of “Moderate Buy” and an average target price of $56.17.

Synovus Financial Company 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.