Synovus Financial (NYSE:SNV) Sets New 12-Month Low at $27.90

Synovus Financial Corp. (NYSE:SNV – Get Rating)’s share price hit a new 52-week low on Monday . The company traded as low as $27.90 and last traded at $28.47, with a volume of 1029403 shares changing hands. The stock had previously closed at $34.70.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on SNV shares. Raymond James increased their price objective on shares of Synovus Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Friday, January 20th. DA Davidson upped their target price on shares of Synovus Financial from $42.50 to $45.50 in a report on Friday, December 9th. JPMorgan Chase & Co. reduced their target price on shares of Synovus Financial from $45.00 to $43.00 and set an “overweight” rating for the company in a report on Tuesday, December 13th. Finally, Morgan Stanley started coverage on shares of Synovus Financial in a report on Monday, December 5th. They set an “equal weight” rating and a $44.00 target price for the company. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.40.

Synovus Financial Trading Down 2.1 %

The stock’s 50 day moving average price is $40.54 and its 200-day moving average price is $39.93. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $4.49 billion, a PE ratio of 6.21, a PEG ratio of 2.22 and a beta of 1.37.

Synovus Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 3rd. Stockholders of record on Thursday, March 16th will be paid a $0.38 dividend. The ex-dividend date is Wednesday, March 15th. This is a boost from Synovus Financial’s previous quarterly dividend of $0.34. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.94%. Synovus Financial’s dividend payout ratio is 30.71%.

Insider Transactions at Synovus Financial

In other news, EVP Thomas T. Dierdorff sold 1,947 shares of the stock in a transaction on Friday, February 10th. The shares were sold at an average price of $43.36, for a total value of $84,421.92. Following the completion of the sale, the executive vice president now directly owns 9,314 shares of the company’s stock, valued at $403,855.04. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.55% of the company’s stock.

Hedge Funds Weigh In On Synovus Financial

A number of hedge funds and other institutional investors have recently modified their holdings of SNV. Norges Bank bought a new position in shares of Synovus Financial during the fourth quarter worth $55,365,000. Assenagon Asset Management S.A. bought a new position in shares of Synovus Financial during the fourth quarter worth $34,299,000. Wedge Capital Management L L P NC bought a new position in shares of Synovus Financial during the third quarter worth $27,124,000. FMR LLC boosted its position in shares of Synovus Financial by 14.5% during the second quarter. FMR LLC now owns 4,289,529 shares of the bank’s stock worth $154,638,000 after acquiring an additional 541,698 shares during the last quarter. Finally, Alyeska Investment Group L.P. bought a new position in shares of Synovus Financial during the first quarter worth $20,823,000. Institutional investors own 79.89% of the company’s stock.

About Synovus Financial

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Synovus Financial Corp. is a bank holding company, which engages in the provision of financial services. The company operates through the following segments: Community Banking, Wholesale Banking, and Financial Management Services (FMS). The Community Banking business segment serves customers using a relationship-based approach through its branch, ATM, commercial, and private wealth network in addition to mobile, Internet, and telephone banking.