Northern Trust Corp Raises Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

Northern Trust Corp boosted its position in shares of Synovus Financial Corp. (NYSE:SNV) by 32.4% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 1,380,098 shares of the bank’s stock after acquiring an additional 337,784 shares during the quarter. Northern Trust Corp’s holdings in Synovus Financial were worth $70,702,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Proficio Capital Partners LLC bought a new position in shares of Synovus Financial during the fourth quarter valued at about $3,798,000. Nordea Investment Management AB increased its holdings in Synovus Financial by 3.8% during the 4th quarter. Nordea Investment Management AB now owns 276,863 shares of the bank’s stock valued at $14,261,000 after purchasing an additional 10,109 shares during the period. KLP Kapitalforvaltning AS purchased a new position in Synovus Financial during the 4th quarter valued at about $1,504,000. SG Americas Securities LLC raised its position in Synovus Financial by 11.0% during the 4th quarter. SG Americas Securities LLC now owns 12,547 shares of the bank’s stock valued at $643,000 after purchasing an additional 1,240 shares during the last quarter. Finally, Janney Montgomery Scott LLC lifted its holdings in Synovus Financial by 4.4% in the 4th quarter. Janney Montgomery Scott LLC now owns 51,357 shares of the bank’s stock worth $2,631,000 after buying an additional 2,166 shares during the period. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Barclays decreased their target price on Synovus Financial from $66.00 to $60.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. DA Davidson dropped their target price on shares of Synovus Financial from $65.00 to $60.00 and set a “buy” rating for the company in a research report on Monday, April 21st. Citigroup boosted their price target 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. JPMorgan Chase & Co. lowered their price objective on shares of Synovus Financial from $54.00 to $50.00 and set an “overweight” rating for the company in a report on Monday, April 21st. Finally, Raymond James lowered Synovus Financial from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 2nd. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, Synovus Financial currently has an average rating of “Moderate Buy” and an average price target of $56.17.

Synovus Financial Trading Down 0.2 %

NYSE SNV opened at $45.24 on Tuesday. Synovus Financial Corp. has a 12 month low of $35.81 and a 12 month high of $59.92. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. The stock’s fifty day moving average price is $44.38 and its 200-day moving average price is $50.56. The stock has a market cap of $6.38 billion, a P/E ratio of 14.83, a P/E/G ratio of 1.11 and a beta of 1.13.

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

Synovus Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Thursday, March 20th were given a $0.39 dividend. The ex-dividend date of this dividend was Thursday, March 20th. This is a boost from Synovus Financial’s previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a yield of 3.45%. Synovus Financial’s dividend payout ratio is 43.70%.

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.