Harvest Fund Management Co. Ltd Purchases Shares of 1,990 Synovus Financial Corp. (NYSE:SNV)

Harvest Fund Management Co. Ltd purchased a new stake in Synovus Financial Corp. (NYSE:SNV) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 1,990 shares of the bank’s stock, valued at approximately $102,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Thrivent Financial for Lutherans boosted its position in Synovus Financial by 7.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 146,734 shares of the bank’s stock valued at $6,525,000 after buying an additional 10,346 shares during the period. Nordea Investment Management AB boosted its position in Synovus Financial by 3.8% in the 4th quarter. Nordea Investment Management AB now owns 276,863 shares of the bank’s stock valued at $14,261,000 after buying an additional 10,109 shares during the period. Proficio Capital Partners LLC purchased a new position in Synovus Financial in the 4th quarter valued at approximately $3,798,000. Quantinno Capital Management LP boosted its position in Synovus Financial by 25.1% in the 3rd quarter. Quantinno Capital Management LP now owns 49,099 shares of the bank’s stock valued at $2,183,000 after buying an additional 9,852 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Synovus Financial by 3.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,992,614 shares of the bank’s stock valued at $222,022,000 after purchasing an additional 147,599 shares in the last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. UBS Group assumed coverage on shares of Synovus Financial in a report on Tuesday, December 17th. They issued a “buy” rating and a $76.00 price objective on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $64.00 price objective on shares of Synovus Financial in a report on Thursday, December 12th. Stephens restated an “equal weight” rating and issued a $58.00 price objective on shares of Synovus Financial in a report on Thursday, January 16th. The Goldman Sachs Group raised their price objective on shares of Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Synovus Financial from $60.50 to $62.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $58.67.

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. The firm has a market cap of $6.68 billion, a PE ratio of 15.53, a P/E/G ratio of 1.11 and a beta of 1.36. Synovus Financial Corp. has a one year low of $33.44 and a one year high of $59.92. The firm’s fifty day moving average is $52.18 and its two-hundred day moving average is $50.96.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. The company 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%. Synovus Financial’s quarterly revenue was up 18.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.80 earnings per share. Analysts expect that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th will be paid a $0.39 dividend. The ex-dividend date is Thursday, March 20th. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a yield of 3.29%. Synovus Financial’s payout ratio is currently 51.15%.

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.