Charles Schwab Investment Management Inc. Acquires 117,242 Shares of Synovus Financial Corp. (NYSE:SNV)

Charles Schwab Investment Management Inc. grew its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 2.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,109,856 shares of the bank’s stock after acquiring an additional 117,242 shares during the period. Charles Schwab Investment Management Inc. owned about 3.61% of Synovus Financial worth $261,778,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Keystone Financial Group Inc. purchased a new position in Synovus Financial during the fourth quarter valued at $37,000. Quarry LP bought a new position in shares of Synovus Financial in the third quarter worth about $41,000. Jones Financial Companies Lllp lifted its position in shares of Synovus Financial by 72.7% during the 4th quarter. Jones Financial Companies Lllp now owns 1,095 shares of the bank’s stock valued at $56,000 after buying an additional 461 shares in the last quarter. V Square Quantitative Management LLC grew its stake in shares of Synovus Financial by 69.3% during the 4th quarter. V Square Quantitative Management LLC now owns 1,138 shares of the bank’s stock valued at $58,000 after acquiring an additional 466 shares during the period. Finally, Brooklyn Investment Group purchased a new stake in Synovus Financial in the 3rd quarter worth approximately $56,000. Institutional investors own 83.85% of the company’s stock.

Synovus Financial Stock Performance

Shares of NYSE:SNV opened at $48.36 on Thursday. The firm has a fifty day simple moving average of $53.62 and a two-hundred day simple moving average of $50.90. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $6.81 billion, a P/E ratio of 15.86, a PEG ratio of 1.11 and a beta of 1.36. Synovus Financial Corp. has a 52 week low of $33.44 and a 52 week high of $59.92.

Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Wednesday, January 15th. The bank reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.09. The company had revenue of $580.58 million for the quarter, compared to analysts’ expectations of $566.83 million. Synovus Financial had a return on equity of 14.70% and a net margin of 14.05%. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.80 earnings per share. On average, analysts expect that Synovus Financial Corp. will post 4.89 earnings per share for the current fiscal year.

Synovus Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Thursday, March 20th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 3.23%. The ex-dividend date of this dividend is Thursday, March 20th. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.38. Synovus Financial’s dividend payout ratio is presently 51.15%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on SNV shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $64.00 price target on shares of Synovus Financial in a report on Thursday, December 12th. JPMorgan Chase & Co. lifted their target price on shares of Synovus Financial from $60.50 to $62.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Deutsche Bank Aktiengesellschaft assumed coverage on Synovus Financial in a research note on Monday, December 9th. They issued a “buy” rating and a $64.00 price target for the company. UBS Group assumed coverage on Synovus Financial in a research report on Tuesday, December 17th. They issued a “buy” rating and a $76.00 price objective on the stock. Finally, Stephens reiterated an “equal weight” rating and set a $58.00 target price on shares of Synovus Financial in a research report on Thursday, January 16th. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.44.

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.