Swiss National Bank Has $14.50 Million Position in Synovus Financial Corp. (NYSE:SNV)

Swiss National Bank decreased its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 0.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 283,119 shares of the bank’s stock after selling 2,700 shares during the quarter. Swiss National Bank owned approximately 0.20% of Synovus Financial worth $14,504,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SNV. Montgomery Investment Management Inc. boosted its holdings in shares of Synovus Financial by 0.6% during the 4th quarter. Montgomery Investment Management Inc. now owns 42,493 shares of the bank’s stock worth $2,177,000 after buying an additional 235 shares during the period. Sound View Wealth Advisors Group LLC lifted its position in Synovus Financial by 3.1% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 7,941 shares of the bank’s stock worth $407,000 after acquiring an additional 241 shares during the last quarter. Deroy & Devereaux Private Investment Counsel Inc. grew its position in shares of Synovus Financial by 0.3% in the fourth quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 103,480 shares of the bank’s stock valued at $5,301,000 after purchasing an additional 270 shares during the last quarter. Wedmont Private Capital increased its stake in shares of Synovus Financial by 3.3% during the fourth quarter. Wedmont Private Capital now owns 9,401 shares of the bank’s stock worth $479,000 after purchasing an additional 299 shares during the period. Finally, Harbor Capital Advisors Inc. increased its stake in shares of Synovus Financial by 2.1% during the fourth quarter. Harbor Capital Advisors Inc. now owns 14,800 shares of the bank’s stock worth $758,000 after purchasing an additional 302 shares during the period. 83.85% of the stock is owned by institutional investors.

Synovus Financial Price Performance

Shares of NYSE:SNV opened at $47.71 on Thursday. The firm has a 50 day simple moving average of $52.35 and a 200 day simple moving average of $50.93. The company has a market cap of $6.73 billion, a price-to-earnings ratio of 15.64, a PEG ratio of 1.11 and a beta of 1.36. 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.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.09. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The company had revenue of $580.58 million for the quarter, compared to the consensus estimate of $566.83 million. During the same quarter last year, the business posted $0.80 EPS. Synovus Financial’s revenue for the quarter was up 18.8% on a year-over-year basis. Research analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th will be paid a $0.39 dividend. The ex-dividend date is Thursday, March 20th. This represents a $1.56 annualized dividend and a dividend yield of 3.27%. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s dividend payout ratio is currently 51.15%.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Citigroup upped their price objective on Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a report on Friday, January 17th. Wells Fargo & Company raised 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 initiated coverage on shares of Synovus Financial in a report on Monday, December 9th. They issued a “buy” rating and a $64.00 price objective for the company. UBS Group initiated coverage on shares of Synovus Financial in a report on Tuesday, December 17th. They set a “buy” rating and a $76.00 target price on the stock. Finally, Stephens reiterated an “equal weight” rating and issued a $58.00 price target on shares of Synovus Financial in a research note on Thursday, January 16th. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, Synovus Financial presently has an average rating of “Moderate Buy” and an average price target of $58.67.

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.