Berkeley Capital Partners LLC Buys New Holdings in Synovus Financial Corp. (NYSE:SNV)

Berkeley Capital Partners LLC purchased a new position in shares of Synovus Financial Corp. (NYSE:SNV) in the fourth quarter, Holdings Channel.com reports. The institutional investor purchased 4,713 shares of the bank’s stock, valued at approximately $241,000.

Other institutional investors have also recently bought and sold shares of the company. Atria Investments Inc increased its holdings in shares of Synovus Financial by 42.1% in the third quarter. Atria Investments Inc now owns 7,198 shares of the bank’s stock valued at $320,000 after purchasing an additional 2,132 shares during the last quarter. KBC Group NV grew its stake in Synovus Financial by 15.9% in the 3rd quarter. KBC Group NV now owns 4,460 shares of the bank’s stock valued at $198,000 after buying an additional 612 shares during the last quarter. Thrivent Financial for Lutherans grew its stake 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 last quarter. Pathstone Holdings LLC raised its holdings in Synovus Financial by 1.9% in the 3rd quarter. Pathstone Holdings LLC now owns 52,416 shares of the bank’s stock valued at $2,331,000 after acquiring an additional 980 shares during the period. Finally, Advisors Asset Management Inc. lifted its position in Synovus Financial by 66.2% during the third quarter. Advisors Asset Management Inc. now owns 2,586 shares of the bank’s stock worth $115,000 after acquiring an additional 1,030 shares during the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. UBS Group started coverage on Synovus Financial in a research note on Tuesday, December 17th. They set a “buy” rating and a $76.00 target price on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on Synovus Financial in a research report on Monday, December 9th. They set a “buy” rating and a $64.00 price objective on the stock. Citigroup boosted their target price on shares of Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Wells Fargo & Company raised their price target on shares of Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $64.00 price objective on shares of Synovus Financial in a report on Thursday, December 12th. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Synovus Financial has an average rating of “Moderate Buy” and a consensus price target of $58.67.

Synovus Financial Trading Down 1.0 %

Shares of SNV opened at $47.33 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. Synovus Financial Corp. has a 52-week low of $33.44 and a 52-week high of $59.92. The firm has a market cap of $6.67 billion, a price-to-earnings ratio of 15.52, a PEG ratio of 1.11 and a beta of 1.36. The business’s fifty day moving average is $52.25 and its 200-day moving average is $50.91.

Synovus Financial (NYSE:SNV) last issued its earnings results on Wednesday, January 15th. The bank reported $1.25 EPS for the quarter, topping the consensus estimate of $1.16 by $0.09. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The firm had revenue of $580.58 million during the quarter, compared to the consensus estimate of $566.83 million. During the same quarter in the previous year, the firm earned $0.80 earnings per share. The business’s quarterly revenue was up 18.8% on a year-over-year basis. Equities analysts anticipate that Synovus Financial Corp. will post 4.89 EPS for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th will be given a $0.39 dividend. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $1.56 dividend on an annualized basis and a yield of 3.30%. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s dividend payout ratio (DPR) is currently 51.15%.

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.