Merit Financial Group LLC Purchases Shares of 4,378 Synovus Financial Corp. (NYSE:SNV)

Merit Financial Group LLC acquired a new position in Synovus Financial Corp. (NYSE:SNV – Free Report) in the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 4,378 shares of the bank’s stock, valued at approximately $224,000.

Several other large investors have also modified their holdings of SNV. Hsbc Holdings PLC lifted its position in Synovus Financial by 27.4% during the 2nd quarter. Hsbc Holdings PLC now owns 12,018 shares of the bank’s stock worth $480,000 after acquiring an additional 2,586 shares during the last quarter. ProShare Advisors LLC lifted its position in shares of Synovus Financial by 93.4% during the 2nd quarter. ProShare Advisors LLC now owns 13,810 shares of the bank’s stock worth $555,000 after purchasing an additional 6,671 shares during the last quarter. Millennium Management LLC boosted its stake in Synovus Financial by 181.0% during the 2nd quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock valued at $52,343,000 after purchasing an additional 838,932 shares during the period. Algert Global LLC grew its holdings in Synovus Financial by 5.2% in the 2nd quarter. Algert Global LLC now owns 172,216 shares of the bank’s stock valued at $6,921,000 after buying an additional 8,436 shares during the last quarter. Finally, Creative Planning increased its position in Synovus Financial by 18.3% in the 2nd quarter. Creative Planning now owns 43,392 shares of the bank’s stock worth $1,744,000 after buying an additional 6,710 shares during the period. 83.85% of the stock is owned by institutional investors.

Synovus Financial Stock Up 0.2 %

Shares of NYSE:SNV opened at $55.28 on Monday. The company’s fifty day moving average is $54.04 and its 200-day moving average is $48.94. 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 52 week low of $33.44 and a 52 week high of $59.92. The company has a market capitalization of $7.83 billion, a PE ratio of 18.13, a P/E/G ratio of 1.14 and a beta of 1.39.

Synovus Financial (NYSE:SNV – Get Free Report) last released its quarterly earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. The firm had revenue of $580.58 million for the quarter, compared to analyst estimates of $566.83 million. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.80 earnings per share. Equities research analysts predict that Synovus Financial Corp. will post 4.86 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Thursday, December 19th were given a dividend of $0.38 per share. The ex-dividend date was Thursday, December 19th. This represents a $1.52 dividend on an annualized basis and a yield of 2.75%. Synovus Financial’s dividend payout ratio (DPR) is presently 49.84%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on SNV shares. Evercore ISI increased their price objective on Synovus Financial from $48.00 to $54.00 and gave the company an “in-line” rating in a research report on Wednesday, October 30th. Citigroup increased their price target on shares of Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a report on Friday, January 17th. Morgan Stanley boosted their price objective on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a report on Monday, October 21st. Stephens reiterated an “equal weight” rating and issued a $58.00 target price on shares of Synovus Financial in a research note on Thursday, January 16th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $64.00 price target on shares of Synovus Financial in a research note on Thursday, December 12th. 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 data from MarketBeat.com, Synovus Financial currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.44.

View Our Latest Report on SNV

Synovus Financial Profile

(Free Report)

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.

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