Quantbot Technologies LP Has $3.45 Million Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

Quantbot Technologies LP lifted its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 15,076.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 77,552 shares of the bank’s stock after purchasing an additional 77,041 shares during the quarter. Quantbot Technologies LP’s holdings in Synovus Financial were worth $3,449,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of SNV. FMR LLC lifted its holdings in Synovus Financial by 5.4% in the 3rd quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock worth $517,027,000 after purchasing an additional 598,644 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Synovus Financial by 9.3% in the second quarter. Dimensional Fund Advisors LP now owns 5,762,983 shares of the bank’s stock worth $231,597,000 after buying an additional 491,036 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Synovus Financial by 3.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank’s stock worth $222,022,000 after buying an additional 147,599 shares during the period. Millennium Management LLC grew its stake in Synovus Financial by 181.0% in the 2nd quarter. Millennium Management LLC now owns 1,302,379 shares of the bank’s stock valued at $52,343,000 after buying an additional 838,932 shares during the last quarter. Finally, Wedge Capital Management L L P NC raised its holdings in Synovus Financial by 14.9% in the 2nd quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock worth $46,025,000 after acquiring an additional 148,842 shares during the period. Institutional investors own 83.85% of the company’s stock.

Synovus Financial Trading Down 0.9 %

Shares of NYSE SNV opened at $57.45 on Thursday. Synovus Financial Corp. has a 1-year low of $29.48 and a 1-year high of $59.92. The company has a 50-day moving average of $49.60 and a two-hundred day moving average of $44.42. The company has a market cap of $8.14 billion, a PE ratio of 26.00, a P/E/G ratio of 2.09 and a beta of 1.37. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, October 16th. The bank reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.14. The business had revenue of $564.72 million for the quarter, compared to analyst estimates of $557.64 million. Synovus Financial had a return on equity of 13.43% and a net margin of 10.82%. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.84 earnings per share. As a group, equities analysts expect that Synovus Financial Corp. will post 4.37 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.65%. The ex-dividend date was Thursday, September 19th. Synovus Financial’s dividend payout ratio (DPR) is presently 68.78%.

Analysts Set New Price Targets

A number of research firms have issued reports on SNV. JPMorgan Chase & Co. upped their price target 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 Synovus Financial in a research note on Friday, October 18th. StockNews.com raised Synovus Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Bank of America increased their price objective on Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Finally, Royal Bank of Canada boosted their target price on shares of Synovus Financial from $49.00 to $57.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Synovus Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.94.

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.