AlphaQuest LLC Has $388,000 Stock Position in Synovus Financial Corp. (NYSE:SNV)

AlphaQuest LLC lowered its position in Synovus Financial Corp. (NYSE:SNV) by 73.3% during the fourth quarter, HoldingsChannel.com reports. The firm owned 7,579 shares of the bank’s stock after selling 20,844 shares during the quarter. AlphaQuest LLC’s holdings in Synovus Financial were worth $388,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Keystone Financial Group Inc. acquired a new position in Synovus Financial in the 4th quarter worth about $37,000. Quarry LP acquired a new position in Synovus Financial in the 3rd quarter worth about $41,000. Jones Financial Companies Lllp increased its position in Synovus Financial by 72.7% in the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock worth $56,000 after purchasing an additional 461 shares during the last quarter. V Square Quantitative Management LLC increased its position in 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 purchasing an additional 466 shares during the last quarter. Finally, Brooklyn Investment Group acquired a new position in Synovus Financial in the 3rd quarter worth about $56,000. 83.85% of the stock is owned by institutional investors and hedge funds.

Synovus Financial Price Performance

Shares of NYSE:SNV opened at $44.17 on Friday. The business has a 50 day moving average price of $52.95 and a 200 day moving average price of $50.92. Synovus Financial Corp. has a twelve month low of $33.44 and a twelve month high of $59.92. The company has a market cap of $6.22 billion, a price-to-earnings ratio of 14.48, a PEG ratio of 1.11 and a beta of 1.36. 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 (NYSE:SNV) last announced its earnings results 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. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The firm had revenue of $580.58 million during the quarter, compared to the consensus estimate of $566.83 million. During the same quarter in the prior year, the company earned $0.80 EPS. The firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. Research analysts predict that Synovus Financial Corp. will post 4.89 earnings per share for the current year.

Synovus Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Thursday, March 20th will be given a $0.39 dividend. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.53%. This is an increase from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s dividend payout ratio (DPR) is currently 51.15%.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Wells Fargo & Company upped their target price on Synovus Financial from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $64.00 target price on shares of Synovus Financial in a research report on Thursday, December 12th. Citigroup upped their price target on Synovus Financial from $59.00 to $62.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Piper Sandler upped their price target on Synovus Financial from $56.00 to $64.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 11th. Finally, The Goldman Sachs Group upped their price target on Synovus Financial from $52.00 to $62.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus 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.