Wolverine Asset Management LLC Raises Holdings in Synovus Financial Corp. (NYSE:SNV)

Wolverine Asset Management LLC lifted its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 114.9% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 24,568 shares of the bank’s stock after acquiring an additional 13,138 shares during the period. Wolverine Asset Management LLC’s holdings in Synovus Financial were worth $925,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of SNV. North Reef Capital Management LP grew its stake in shares of Synovus Financial by 52.7% during the third quarter. North Reef Capital Management LP now owns 4,485,000 shares of the bank’s stock worth $124,683,000 after acquiring an additional 1,548,370 shares during the last quarter. FMR LLC boosted its position in Synovus Financial by 10.0% in the third quarter. FMR LLC now owns 10,702,534 shares of the bank’s stock valued at $297,530,000 after buying an additional 977,155 shares during the last quarter. New York State Common Retirement Fund boosted its position in Synovus Financial by 346.6% in the fourth quarter. New York State Common Retirement Fund now owns 570,880 shares of the bank’s stock valued at $21,494,000 after buying an additional 443,056 shares during the last quarter. Strs Ohio purchased a new stake in Synovus Financial in the fourth quarter valued at approximately $16,415,000. Finally, Qube Research & Technologies Ltd boosted its position in Synovus Financial by 1,020.1% in the third quarter. Qube Research & Technologies Ltd now owns 448,010 shares of the bank’s stock valued at $12,455,000 after buying an additional 408,014 shares during the last quarter. Hedge funds and other institutional investors own 83.85% of the company’s stock.

Synovus Financial Trading Down 0.6 %

Shares of SNV stock opened at $36.59 on Friday. The stock has a 50 day simple moving average of $37.92 and a 200-day simple moving average of $34.79. 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 company has a market cap of $5.36 billion, a price-to-earnings ratio of 12.53, a PEG ratio of 4.21 and a beta of 1.40. Synovus Financial Corp. has a 1-year low of $24.40 and a 1-year high of $40.92.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data 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 firm had revenue of $537.73 million during the quarter, compared to analysts’ expectations of $547.62 million. Synovus Financial had a net margin of 13.29% and a return on equity of 12.93%. The company’s revenue for the quarter was down 12.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.33 EPS. On average, equities research analysts expect that Synovus Financial Corp. will post 3.8 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were issued a $0.38 dividend. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $1.52 dividend on an annualized basis and a yield of 4.15%. Synovus Financial’s payout ratio is currently 52.05%.

Analysts Set New Price Targets

A number of brokerages recently commented on SNV. Bank of America dropped their target price on Synovus Financial from $44.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday, April 19th. UBS Group upped their target price on Synovus Financial from $42.00 to $44.00 and gave the company a “buy” rating in a research report on Tuesday, January 23rd. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $38.00 target price (down previously from $46.00) on shares of Synovus Financial in a research report on Friday, April 19th. Morgan Stanley restated an “equal weight” rating and issued a $37.00 price objective on shares of Synovus Financial in a research report on Monday. Finally, JPMorgan Chase & Co. lowered their price objective on Synovus Financial from $50.00 to $48.00 and set an “overweight” rating on the stock in a research report on Friday, April 19th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $41.38.

About Synovus Financial

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.