Quantbot Technologies LP Lowers Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

Quantbot Technologies LP lowered its holdings in Synovus Financial Corp. (NYSE:SNV) by 13.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 67,150 shares of the bank’s stock after selling 10,402 shares during the period. Quantbot Technologies LP’s holdings in Synovus Financial were worth $3,440,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. FMR LLC grew its position in shares of Synovus Financial by 5.4% in the third quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock valued at $517,027,000 after purchasing an additional 598,644 shares during the period. Wellington Management Group LLP grew its position in shares of Synovus Financial by 12.8% in the third quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock valued at $430,213,000 after purchasing an additional 1,095,557 shares during the period. State Street Corp grew its position in shares of Synovus Financial by 3.2% in the third quarter. State Street Corp now owns 6,561,056 shares of the bank’s stock valued at $294,255,000 after purchasing an additional 201,362 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Synovus Financial by 2.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,109,856 shares of the bank’s stock valued at $261,778,000 after purchasing an additional 117,242 shares during the period. Finally, Geode Capital Management LLC grew its position in shares of Synovus Financial by 0.9% in the third quarter. Geode Capital Management LLC now owns 2,419,737 shares of the bank’s stock valued at $107,633,000 after purchasing an additional 22,549 shares during the period. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Synovus Financial Trading Up 0.1 %

NYSE:SNV opened at $47.35 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 0.88. Synovus Financial Corp. has a one year low of $33.44 and a one year high of $59.92. The business’s 50-day simple moving average is $52.18 and its 200 day simple moving average is $50.91. The stock has a market cap of $6.68 billion, a price-to-earnings ratio of 15.53, a price-to-earnings-growth ratio of 1.11 and a beta of 1.36.

Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, topping 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 business had revenue of $580.58 million for the quarter, compared to analysts’ expectations of $566.83 million. During the same quarter in the previous year, the firm posted $0.80 earnings per share. The company’s revenue was up 18.8% compared to the same quarter last year. As a group, sell-side 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. Investors of record on Thursday, March 20th will be issued a $0.39 dividend. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a yield of 3.29%. The ex-dividend date is Thursday, March 20th. Synovus Financial’s payout ratio is currently 51.15%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on SNV shares. 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. JPMorgan Chase & Co. boosted their price target on Synovus Financial from $60.50 to $62.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. The Goldman Sachs Group boosted their price target on Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Citigroup boosted their price target on Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Finally, Wells Fargo & Company boosted their price target on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 3rd. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $58.67.

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.