Evergreen Capital Management LLC Increases Stake in Synovus Financial Corp. (NYSE:SNV)

Evergreen Capital Management LLC lifted its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 35.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 10,372 shares of the bank’s stock after purchasing an additional 2,731 shares during the period. Evergreen Capital Management LLC’s holdings in Synovus Financial were worth $534,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in SNV. Norges Bank bought a new position in Synovus Financial during the 4th quarter worth approximately $77,209,000. FMR LLC increased its stake in shares of Synovus Financial by 3.6% in the fourth quarter. FMR LLC now owns 12,041,625 shares of the bank’s stock worth $616,892,000 after buying an additional 415,201 shares during the period. Prudential Financial Inc. increased its stake in shares of Synovus Financial by 349.4% in the fourth quarter. Prudential Financial Inc. now owns 529,147 shares of the bank’s stock worth $27,108,000 after buying an additional 411,411 shares during the period. TruWealth Advisors LLC bought a new stake in Synovus Financial during the 4th quarter valued at $12,350,000. Finally, Trexquant Investment LP boosted its position in Synovus Financial by 478.5% during the 4th quarter. Trexquant Investment LP now owns 270,732 shares of the bank’s stock valued at $13,870,000 after buying an additional 223,929 shares during the period. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on SNV shares. Raymond James lowered shares of Synovus Financial from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 2nd. Wells Fargo & Company dropped their price objective on Synovus Financial from $60.00 to $50.00 and set an “equal weight” rating for the company in a report on Wednesday, April 9th. Citigroup upped their target price on Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a report on Friday, January 17th. Barclays cut their price target on shares of Synovus Financial from $66.00 to $60.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Finally, JPMorgan Chase & Co. raised their target price on shares of Synovus Financial from $60.50 to $62.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.17.

Synovus Financial Stock Up 1.8 %

SNV stock opened at $41.24 on Friday. The business has a 50 day moving average of $46.67 and a 200 day moving average of $50.67. The firm has a market cap of $5.81 billion, a PE ratio of 13.52, a price-to-earnings-growth ratio of 1.11 and a beta of 1.16. Synovus Financial Corp. has a twelve month low of $33.44 and a twelve month high of $59.92. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.19. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The firm had revenue of $573.24 million during the quarter, compared to the consensus estimate of $572.35 million. On average, research analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Thursday, March 20th were issued a dividend of $0.39 per share. This is a boost from Synovus Financial’s previous quarterly dividend of $0.38. The ex-dividend date was Thursday, March 20th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.78%. Synovus Financial’s dividend payout ratio is presently 51.15%.

Synovus Financial Company 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.