Norges Bank Invests $38.06 Million in Synovus Financial Corp. (SNV)
Norges Bank bought a new position in shares of Synovus Financial Corp. (NYSE:SNV) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 1,189,605 shares of the bank’s stock, valued at approximately $38,056,000. Norges Bank owned 1.02% of Synovus Financial as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also recently bought and sold shares of SNV. GAM Holding AG grew its stake in shares of Synovus Financial by 3.7% in the 4th quarter. GAM Holding AG now owns 8,065 shares of the bank’s stock worth $258,000 after buying an additional 290 shares during the last quarter. First Allied Advisory Services Inc. grew its stake in shares of Synovus Financial by 3.8% in the 4th quarter. First Allied Advisory Services Inc. now owns 9,169 shares of the bank’s stock worth $292,000 after buying an additional 339 shares during the last quarter. Advisory Services Network LLC grew its stake in shares of Synovus Financial by 9.7% in the 4th quarter. Advisory Services Network LLC now owns 3,958 shares of the bank’s stock worth $127,000 after buying an additional 350 shares during the last quarter. ETF Managers Group LLC grew its stake in shares of Synovus Financial by 17.9% in the 4th quarter. ETF Managers Group LLC now owns 2,657 shares of the bank’s stock worth $85,000 after buying an additional 404 shares during the last quarter. Finally, Amalgamated Bank grew its stake in shares of Synovus Financial by 2.1% in the 4th quarter. Amalgamated Bank now owns 23,119 shares of the bank’s stock worth $740,000 after buying an additional 473 shares during the last quarter. Hedge funds and other institutional investors own 68.27% of the company’s stock.
Shares of SNV opened at $36.62 on Monday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.56. Synovus Financial Corp. has a 12 month low of $29.93 and a 12 month high of $57.40. The firm has a market cap of $5.67 billion, a price-to-earnings ratio of 10.06, a price-to-earnings-growth ratio of 1.14 and a beta of 1.24.
The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 3.28%. This is an increase from Synovus Financial’s previous quarterly dividend of $0.25. The ex-dividend date was Wednesday, March 20th. Synovus Financial’s dividend payout ratio (DPR) is currently 32.97%.
Several analysts recently weighed in on the company. SunTrust Banks cut their price target on Synovus Financial to $38.00 and set a “buy” rating on the stock in a research note on Friday, January 4th. They noted that the move was a valuation call. Raymond James restated a “buy” rating and issued a $44.00 price target on shares of Synovus Financial in a research note on Thursday, February 21st. TheStreet upgraded Synovus Financial from a “c+” rating to a “b-” rating in a research note on Thursday, February 28th. Stephens restated a “hold” rating and issued a $40.00 price target on shares of Synovus Financial in a research note on Tuesday, January 15th. Finally, Sandler O’Neill set a $45.00 price target on Synovus Financial and gave the stock a “buy” rating in a research note on Wednesday, January 16th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. Synovus Financial presently has an average rating of “Buy” and an average target price of $45.98.
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About Synovus Financial
Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides various financial products and services. It offers integrated financial services, including commercial and retail banking, financial management, insurance, and mortgage services. The company's commercial banking services comprise treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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