44,900 Shares in Synovus Financial Corp. (NYSE:SNV) Purchased by Elizabeth Park Capital Advisors Ltd.

Elizabeth Park Capital Advisors Ltd. acquired a new stake in shares of Synovus Financial Corp. (NYSE:SNV) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 44,900 shares of the bank’s stock, valued at approximately $2,300,000.

Several other hedge funds have also recently added to or reduced their stakes in SNV. Norges Bank bought a new stake in Synovus Financial during the 4th quarter worth about $77,209,000. Wellington Management Group LLP boosted its stake in Synovus Financial by 12.8% in the 3rd quarter. Wellington Management Group LLP now owns 9,674,226 shares of the bank’s stock worth $430,213,000 after purchasing an additional 1,095,557 shares during the period. FMR LLC increased its holdings in Synovus Financial by 3.6% during the 4th quarter. FMR LLC now owns 12,041,625 shares of the bank’s stock worth $616,892,000 after purchasing an additional 415,201 shares in the last quarter. Prudential Financial Inc. raised its stake in shares of Synovus Financial by 349.4% in the 4th quarter. Prudential Financial Inc. now owns 529,147 shares of the bank’s stock valued at $27,108,000 after purchasing an additional 411,411 shares during the period. Finally, TruWealth Advisors LLC bought a new stake in shares of Synovus Financial in the fourth quarter valued at about $12,350,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

Synovus Financial Price Performance

Shares of Synovus Financial stock opened at $38.21 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $5.39 billion, a price-to-earnings ratio of 12.53, a price-to-earnings-growth ratio of 1.11 and a beta of 1.16. Synovus Financial Corp. has a twelve month low of $33.44 and a twelve month high of $59.92. The company has a 50-day simple moving average of $50.40 and a two-hundred day simple moving average of $51.09.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 earnings per share (EPS) 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 business had revenue of $580.58 million during the quarter, compared to analysts’ expectations of $566.83 million. During the same period in the previous year, the company posted $0.80 earnings per share. The firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. Analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Thursday, March 20th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 4.08%. The ex-dividend date was Thursday, March 20th. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s payout ratio is 51.15%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on SNV shares. Citigroup boosted their target price on Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Stephens restated an “equal weight” rating and set a $58.00 target price on shares of Synovus Financial in a report on Thursday, January 16th. Raymond James downgraded shares of Synovus Financial from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Piper Sandler boosted their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. Finally, Morgan Stanley lowered their target price on Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 13th. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus 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.