NBC Securities Inc. Boosts Stock Holdings in Synovus Financial Corp. (NYSE:SNV)

NBC Securities Inc. boosted its position in shares of Synovus Financial Corp. (NYSE:SNV) by 115,985.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,126 shares of the bank’s stock after buying an additional 8,119 shares during the period. NBC Securities Inc.’s holdings in Synovus Financial were worth $379,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of SNV. Norges Bank purchased a new stake in shares of Synovus Financial during the fourth quarter worth $77,209,000. AQR Capital Management LLC increased its holdings in Synovus Financial by 226.5% in the fourth quarter. AQR Capital Management LLC now owns 1,065,249 shares of the bank’s stock valued at $54,573,000 after buying an additional 738,983 shares during the last quarter. FMR LLC increased its holdings in Synovus Financial by 3.6% in the fourth quarter. FMR LLC now owns 12,041,625 shares of the bank’s stock valued at $616,892,000 after buying an additional 415,201 shares during the last quarter. Prudential Financial Inc. grew its holdings in shares of Synovus Financial by 349.4% during the fourth quarter. Prudential Financial Inc. now owns 529,147 shares of the bank’s stock worth $27,108,000 after purchasing an additional 411,411 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its holdings in shares of Synovus Financial by 5,495.2% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 349,866 shares of the bank’s stock worth $17,924,000 after purchasing an additional 343,613 shares during the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

Synovus Financial Trading Up 3.1%

Shares of Synovus Financial stock opened at $49.07 on Friday. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.88 and a quick ratio of 0.88. Synovus Financial Corp. has a 1 year low of $35.81 and a 1 year high of $59.92. The company has a market capitalization of $6.82 billion, a P/E ratio of 16.09, a P/E/G ratio of 1.11 and a beta of 1.18. The business has a 50 day moving average price of $44.63 and a 200 day moving average price of $49.78.

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

Synovus Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Thursday, June 19th will be paid a $0.39 dividend. The ex-dividend date is Wednesday, June 18th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.18%. Synovus Financial’s dividend payout ratio (DPR) is presently 43.70%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Raymond James lowered Synovus Financial from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 2nd. Barclays dropped their price objective on Synovus Financial from $66.00 to $60.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Stephens dropped their price objective on Synovus Financial from $52.00 to $46.00 and set an “equal weight” rating on the stock in a report on Monday, April 21st. Morgan Stanley dropped their price objective on Synovus Financial from $67.00 to $59.00 and set an “equal weight” rating on the stock in a report on Thursday, March 13th. Finally, Royal Bank of Canada dropped their price objective on Synovus Financial from $64.00 to $52.00 and set an “outperform” rating on the stock in a report on Monday, April 21st. Nine analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $56.56.

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.