Brooklyn Investment Group Buys New Stake in Synovus Financial Corp. (NYSE:SNV)

Brooklyn Investment Group bought a new stake in shares of Synovus Financial Corp. (NYSE:SNV) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,254 shares of the bank’s stock, valued at approximately $56,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. &PARTNERS purchased a new position in shares of Synovus Financial in the second quarter worth $284,000. Texas Permanent School Fund Corp raised its holdings in shares of Synovus Financial by 19.6% in the second quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank’s stock worth $6,150,000 after buying an additional 25,028 shares during the last quarter. Private Capital Management LLC raised its holdings in shares of Synovus Financial by 6.2% in the first quarter. Private Capital Management LLC now owns 365,557 shares of the bank’s stock worth $14,644,000 after buying an additional 21,456 shares during the last quarter. Thrivent Financial for Lutherans raised its holdings in shares of Synovus Financial by 7.6% in the third quarter. Thrivent Financial for Lutherans now owns 146,734 shares of the bank’s stock worth $6,525,000 after buying an additional 10,346 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Synovus Financial by 81.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 230,856 shares of the bank’s stock worth $9,249,000 after buying an additional 103,891 shares during the last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Synovus Financial Stock Down 0.6 %

SNV stock opened at $57.08 on Friday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.88 and a current ratio of 0.89. The firm has a market cap of $8.09 billion, a PE ratio of 25.83, a P/E/G ratio of 2.07 and a beta of 1.37. Synovus Financial Corp. has a one year low of $30.52 and a one year high of $59.92. The firm’s fifty day moving average is $50.09 and its 200 day moving average is $44.61.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings data 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 the consensus estimate of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The company’s revenue was up 2.6% compared to the same quarter last year. During the same period last year, the firm posted $0.84 earnings per share. On average, research analysts forecast that Synovus Financial Corp. will post 4.37 EPS for the current year.

Synovus Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.66%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial’s payout ratio is 68.78%.

Analysts Set New Price Targets

A number of research analysts have issued reports on SNV shares. Barclays raised their price target on shares of Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. JPMorgan Chase & Co. raised their price target on shares of Synovus Financial from $52.00 to $59.00 and gave the stock an “overweight” rating in a report on Friday, October 18th. Evercore ISI increased their price objective on shares of Synovus Financial from $48.00 to $54.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 30th. Wells Fargo & Company lowered shares of Synovus Financial from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $48.00 to $46.00 in a research note on Tuesday, October 1st. Finally, The Goldman Sachs Group increased their price objective on shares of Synovus Financial from $52.00 to $62.00 and gave the stock a “neutral” rating in a research note on Tuesday. Seven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $53.94.

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.