Synovus Financial Corp. (NYSE:SNV) Shares Acquired by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Synovus Financial Corp. (NYSE:SNV) by 11.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 31,138 shares of the bank’s stock after purchasing an additional 3,164 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Synovus Financial were worth $1,172,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. AE Wealth Management LLC raised its position in Synovus Financial by 36.2% in the third quarter. AE Wealth Management LLC now owns 18,728 shares of the bank’s stock worth $521,000 after acquiring an additional 4,980 shares in the last quarter. Cambridge Investment Research Advisors Inc. bought a new stake in Synovus Financial in the third quarter worth about $214,000. Raymond James Financial Services Advisors Inc. raised its position in Synovus Financial by 11.2% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 22,867 shares of the bank’s stock worth $636,000 after acquiring an additional 2,305 shares in the last quarter. Sippican Capital Advisors raised its position in Synovus Financial by 7.2% in the third quarter. Sippican Capital Advisors now owns 7,400 shares of the bank’s stock worth $206,000 after acquiring an additional 500 shares in the last quarter. Finally, Brown Advisory Inc. raised its position in Synovus Financial by 6.4% in the third quarter. Brown Advisory Inc. now owns 11,443 shares of the bank’s stock worth $318,000 after acquiring an additional 685 shares in the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SNV. Barclays dropped their price target on shares of Synovus Financial from $42.00 to $39.00 and set an “equal weight” rating on the stock in a research report on Friday, April 19th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $38.00 price target (down from $46.00) on shares of Synovus Financial in a research report on Friday, April 19th. JPMorgan Chase & Co. cut their price objective on Synovus Financial from $50.00 to $48.00 and set an “overweight” rating on the stock in a report on Friday, April 19th. UBS Group boosted their price objective on Synovus Financial from $42.00 to $44.00 and gave the stock a “buy” rating in a report on Tuesday, January 23rd. Finally, Wells Fargo & Company cut their price objective on Synovus Financial from $42.00 to $40.00 and set an “overweight” rating on the stock in a report on Friday, April 19th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $41.38.

Synovus Financial Price Performance

Shares of SNV opened at $36.85 on Friday. The company has a market capitalization of $5.40 billion, a price-to-earnings ratio of 12.62, a P/E/G ratio of 4.22 and a beta of 1.40. Synovus Financial Corp. has a fifty-two week low of $24.40 and a fifty-two week high of $40.92. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.89 and a quick ratio of 0.89. The business’s 50-day moving average is $37.92 and its 200-day moving average is $34.86.

Synovus Financial (NYSE:SNV) last issued its earnings results on Thursday, April 18th. The bank reported $0.79 earnings per share for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.20). The business had revenue of $537.73 million during the quarter, compared to analyst estimates of $547.62 million. Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. Synovus Financial’s revenue for the quarter was down 12.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.33 EPS. Equities research analysts expect that Synovus Financial Corp. will post 3.77 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Thursday, March 21st were paid a $0.38 dividend. The ex-dividend date was Wednesday, March 20th. This represents a $1.52 annualized dividend and a dividend yield of 4.12%. Synovus Financial’s payout ratio is 52.05%.

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.