Intrust Bank NA Acquires 398 Shares of Synovus Financial Corp. (NYSE:SNV)

Intrust Bank NA increased its holdings in Synovus Financial Corp. (NYSE:SNV) by 3.1% in the 4th quarter, HoldingsChannel.com reports. The firm owned 13,113 shares of the bank’s stock after buying an additional 398 shares during the quarter. Intrust Bank NA’s holdings in Synovus Financial were worth $672,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Keystone Financial Group Inc. bought a new stake in shares of Synovus Financial in the 4th quarter valued at approximately $37,000. Quarry LP bought a new stake in Synovus Financial in the third quarter valued at $41,000. Jones Financial Companies Lllp raised its stake in Synovus Financial by 72.7% during the fourth quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock worth $56,000 after acquiring an additional 461 shares in the last quarter. V Square Quantitative Management LLC lifted its holdings in shares of Synovus Financial by 69.3% during the fourth quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock valued at $58,000 after acquiring an additional 466 shares during the period. Finally, Millstone Evans Group LLC bought a new stake in shares of Synovus Financial in the 4th quarter worth about $59,000. Institutional investors own 83.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on SNV shares. Wells Fargo & Company boosted their price target on shares of Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 3rd. Citigroup boosted their target price on Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Morgan Stanley dropped their price target on Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating for the company in a report on Thursday, March 13th. JPMorgan Chase & Co. boosted their price objective on Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $64.00 target price on shares of Synovus Financial in a research note on Thursday, December 12th. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, Synovus Financial currently has an average rating of “Moderate Buy” and a consensus price target of $58.67.

Synovus Financial Price Performance

Shares of SNV stock opened at $46.12 on Friday. Synovus Financial Corp. has a 52-week low of $33.44 and a 52-week high of $59.92. 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 stock has a market cap of $6.50 billion, a PE ratio of 15.12, a PEG ratio of 1.11 and a beta of 1.36. The firm’s 50 day moving average price is $51.56 and its two-hundred day moving average price is $51.11.

Synovus Financial (NYSE:SNV) last released its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.09. Synovus Financial had a net margin of 14.05% and a return on equity of 14.70%. The business had revenue of $580.58 million for the quarter, compared to analyst estimates of $566.83 million. During the same quarter last year, the firm earned $0.80 EPS. Synovus Financial’s quarterly revenue was up 18.8% compared to the same quarter last year. As a group, analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

The business also recently declared 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. This represents a $1.56 dividend on an annualized basis and a yield of 3.38%. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Thursday, March 20th. Synovus Financial’s dividend payout ratio (DPR) 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.