Proficio Capital Partners LLC Takes $3.80 Million Position in Synovus Financial Corp. (NYSE:SNV)

Proficio Capital Partners LLC bought a new position in shares of Synovus Financial Corp. (NYSE:SNV) during the fourth quarter, Holdings Channel.com reports. The fund bought 74,130 shares of the bank’s stock, valued at approximately $3,798,000.

Other large investors also recently modified their holdings of the company. Keystone Financial Group Inc. bought a new stake in Synovus Financial during the 4th quarter valued at $37,000. Quarry LP acquired a new position in shares of Synovus Financial during the third quarter valued at about $41,000. Jones Financial Companies Lllp increased its position in shares of Synovus Financial by 72.7% during the fourth quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock worth $56,000 after acquiring an additional 461 shares in the last quarter. V Square Quantitative Management LLC raised its holdings in shares of Synovus Financial by 69.3% in the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock worth $58,000 after acquiring an additional 466 shares during the last quarter. Finally, Brooklyn Investment Group acquired a new stake in shares of Synovus Financial in the 3rd quarter worth about $56,000. 83.85% of the stock is currently owned by institutional investors.

Synovus Financial Stock Up 1.6 %

Synovus Financial stock opened at $46.43 on Tuesday. The firm has a 50 day moving average price of $52.56 and a 200-day moving average price of $50.95. 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 Corp. has a twelve month low of $33.44 and a twelve month high of $59.92. The company has a market capitalization of $6.54 billion, a P/E ratio of 15.22, a P/E/G ratio of 1.11 and a beta of 1.36.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.09. The business had revenue of $580.58 million during the quarter, compared to analyst estimates of $566.83 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. Synovus Financial’s revenue was up 18.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.80 earnings per share. As a group, equities analysts predict that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Thursday, March 20th will be paid a $0.39 dividend. This is a boost from Synovus Financial’s previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a yield of 3.36%. The ex-dividend date of this dividend is Thursday, March 20th. Synovus Financial’s payout ratio is currently 51.15%.

Wall Street Analyst Weigh In

A number of brokerages have commented on SNV. Citigroup boosted their price objective on Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Morgan Stanley decreased their price target on Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating for the company in a report on Thursday, March 13th. UBS Group started coverage on Synovus Financial in a research report on Tuesday, December 17th. They issued a “buy” rating and a $76.00 price target for the company. Stephens reaffirmed an “equal weight” rating and set a $58.00 price objective on shares of Synovus Financial in a report on Thursday, January 16th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Synovus Financial in a report on Monday, December 9th. They issued a “buy” rating and a $64.00 target price for the company. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $58.67.

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.