BNP Paribas Financial Markets Purchases 53,140 Shares of Synovus Financial Corp. (NYSE:SNV)

BNP Paribas Financial Markets lifted its position in shares of Synovus Financial Corp. (NYSE:SNV) by 980.8% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 58,558 shares of the bank’s stock after acquiring an additional 53,140 shares during the quarter. BNP Paribas Financial Markets’ holdings in Synovus Financial were worth $2,604,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. &PARTNERS bought a new position in Synovus Financial during the second quarter worth about $284,000. Texas Permanent School Fund Corp boosted its holdings in Synovus Financial by 19.6% in the 2nd quarter. Texas Permanent School Fund Corp now owns 153,017 shares of the bank’s stock worth $6,150,000 after buying an additional 25,028 shares during the period. Private Capital Management LLC grew its stake in Synovus Financial by 6.2% in the 1st quarter. Private Capital Management LLC now owns 365,557 shares of the bank’s stock valued at $14,644,000 after buying an additional 21,456 shares in the last quarter. Thrivent Financial for Lutherans raised its holdings in Synovus Financial by 7.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 146,734 shares of the bank’s stock valued at $6,525,000 after acquiring an additional 10,346 shares during the period. Finally, Wedge Capital Management L L P NC lifted its position in shares of Synovus Financial by 14.9% during the second quarter. Wedge Capital Management L L P NC now owns 1,145,174 shares of the bank’s stock worth $46,025,000 after acquiring an additional 148,842 shares in the last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Synovus Financial Stock Performance

NYSE:SNV opened at $55.76 on Friday. The company has a market capitalization of $7.90 billion, a price-to-earnings ratio of 25.23, a PEG ratio of 2.01 and a beta of 1.38. The business has a 50 day moving average of $51.54 and a 200 day moving average of $45.28. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.88. Synovus Financial Corp. has a 1-year low of $33.44 and a 1-year high of $59.92.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, October 16th. The bank reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.14. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The firm had revenue of $564.72 million during the quarter, compared to analyst estimates of $557.64 million. During the same period in the previous year, the business posted $0.84 EPS. The business’s quarterly revenue was up 2.6% on a year-over-year basis. On average, sell-side analysts predict that Synovus Financial Corp. will post 4.37 earnings per share for the current fiscal year.

Synovus Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th will be paid a dividend of $0.38 per share. The ex-dividend date is Thursday, December 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.73%. Synovus Financial’s dividend payout ratio (DPR) is currently 68.78%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Royal Bank of Canada lifted their price target on Synovus Financial from $49.00 to $57.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. JPMorgan Chase & Co. increased their price target on shares of Synovus Financial from $52.00 to $59.00 and gave the stock an “overweight” rating in a report on Friday, October 18th. Bank of America boosted their price objective on shares of Synovus Financial from $48.00 to $57.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Evercore ISI increased their target price on shares of Synovus Financial from $48.00 to $54.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 30th. Finally, The Goldman Sachs Group boosted their price target on shares of Synovus Financial from $52.00 to $62.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Seven equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Synovus Financial currently has a consensus rating of “Moderate Buy” and an average target price of $54.47.

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.