Quantinno Capital Management LP Buys 9,852 Shares of Synovus Financial Corp. (NYSE:SNV)

Quantinno Capital Management LP lifted its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 25.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 49,099 shares of the bank’s stock after purchasing an additional 9,852 shares during the period. Quantinno Capital Management LP’s holdings in Synovus Financial were worth $2,183,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. V Square Quantitative Management LLC bought a new stake in Synovus Financial during the third quarter worth $30,000. UMB Bank n.a. raised its holdings in shares of Synovus Financial by 87.2% in the 3rd quarter. UMB Bank n.a. now owns 747 shares of the bank’s stock valued at $33,000 after purchasing an additional 348 shares during the period. Quarry LP acquired a new stake in Synovus Financial in the 3rd quarter valued at about $41,000. Innealta Capital LLC acquired a new position in Synovus Financial during the second quarter worth approximately $43,000. Finally, Brooklyn Investment Group acquired a new position in Synovus Financial during the third quarter worth approximately $56,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on SNV. Morgan Stanley lifted their target price on Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. JPMorgan Chase & Co. upped their price objective on shares of Synovus Financial from $52.00 to $59.00 and gave the company an “overweight” rating in a report on Friday, October 18th. Citigroup set a $59.00 target price on shares of Synovus Financial in a research note on Friday, October 18th. Evercore ISI upped their price target on shares of Synovus Financial from $48.00 to $54.00 and gave the company an “in-line” rating in a research note on Wednesday, October 30th. Finally, StockNews.com raised shares of Synovus Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $55.00.

Synovus Financial Stock Up 0.6 %

Shares of SNV opened at $55.18 on Wednesday. The firm has a 50 day simple moving average of $52.00 and a two-hundred day simple moving average of $45.59. The company has a market cap of $7.82 billion, a P/E ratio of 24.97, a P/E/G ratio of 2.01 and a beta of 1.38. 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 0.42, a current ratio of 0.89 and a quick ratio of 0.88.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.14. The business had revenue of $564.72 million during the quarter, compared to the consensus estimate of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. Synovus Financial’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.84 EPS. Research analysts forecast that Synovus Financial Corp. will post 4.37 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th will be paid a $0.38 dividend. The ex-dividend date of this dividend is Thursday, December 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.75%. Synovus Financial’s payout ratio is currently 68.78%.

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.