Black Maple Capital Management LP Acquires New Shares in Synovus Financial Corp. (NYSE:SNV)

Black Maple Capital Management LP bought a new position in shares of Synovus Financial Corp. (NYSE:SNV) during the 4th quarter, HoldingsChannel reports. The institutional investor bought 52,526 shares of the bank’s stock, valued at approximately $2,691,000. Synovus Financial comprises approximately 1.4% of Black Maple Capital Management LP’s investment portfolio, making the stock its 11th largest position.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SNV. FMR LLC increased its holdings in Synovus Financial by 3.6% during the 4th quarter. FMR LLC now owns 12,041,625 shares of the bank’s stock worth $616,892,000 after purchasing an additional 415,201 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Synovus Financial by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,109,856 shares of the bank’s stock worth $261,778,000 after buying an additional 117,242 shares in the last quarter. First Trust Advisors LP raised its position in Synovus Financial by 4.5% in the 4th quarter. First Trust Advisors LP now owns 1,827,247 shares of the bank’s stock valued at $93,610,000 after buying an additional 77,876 shares during the last quarter. Norges Bank bought a new stake in Synovus Financial in the 4th quarter valued at approximately $77,209,000. Finally, Northern Trust Corp boosted its position in Synovus Financial by 32.4% during the 4th quarter. Northern Trust Corp now owns 1,380,098 shares of the bank’s stock worth $70,702,000 after acquiring an additional 337,784 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors.

Synovus Financial Stock Up 2.8 %

Synovus Financial stock opened at $45.34 on Friday. The company’s 50-day moving average price is $44.50 and its two-hundred day moving average price is $50.60. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. The stock has a market cap of $6.39 billion, a P/E ratio of 14.87, a P/E/G ratio of 1.11 and a beta of 1.16. Synovus Financial Corp. has a twelve month low of $35.81 and a twelve month high of $59.92.

Synovus Financial (NYSE:SNV) last announced its earnings results on Wednesday, April 16th. The bank reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates of $1.11 by $0.19. The company had revenue of $573.24 million for the quarter, compared to analyst estimates of $572.35 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. As a group, analysts expect that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Thursday, March 20th were paid a $0.39 dividend. The ex-dividend date was Thursday, March 20th. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a dividend yield of 3.44%. Synovus Financial’s dividend payout ratio is 43.70%.

Wall Street Analyst Weigh In

SNV has been the topic of a number of recent research reports. Stephens lowered their price objective on shares of Synovus Financial from $52.00 to $46.00 and set an “equal weight” rating on the stock in a report on Monday, April 21st. Royal Bank of Canada reduced their price objective on shares of Synovus Financial from $64.00 to $52.00 and set an “outperform” rating for the company in a research note on Monday, April 21st. Citigroup lifted their target price on Synovus Financial from $59.00 to $62.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Raymond James downgraded Synovus Financial from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 2nd. Finally, Barclays lowered their price target on Synovus Financial from $66.00 to $60.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Eight research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, Synovus Financial currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.17.

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.