34,259 Shares in Synovus Financial Corp. (NYSE:SNV) Bought by Healthcare of Ontario Pension Plan Trust Fund

Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Synovus Financial Corp. (NYSE:SNV) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 34,259 shares of the bank’s stock, valued at approximately $1,523,000.

Several other institutional investors have also recently added to or reduced their stakes in SNV. BNP Paribas Financial Markets boosted its holdings in shares of Synovus Financial by 980.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 58,558 shares of the bank’s stock valued at $2,604,000 after buying an additional 53,140 shares during the period. Brooklyn Investment Group bought a new position in Synovus Financial in the third quarter worth about $56,000. Quantbot Technologies LP grew its holdings in shares of Synovus Financial by 15,076.5% during the third quarter. Quantbot Technologies LP now owns 77,552 shares of the bank’s stock valued at $3,449,000 after purchasing an additional 77,041 shares during the last quarter. FMR LLC raised its position in shares of Synovus Financial by 5.4% during the 3rd quarter. FMR LLC now owns 11,626,424 shares of the bank’s stock worth $517,027,000 after purchasing an additional 598,644 shares during the period. Finally, Patton Albertson Miller Group LLC bought a new stake in shares of Synovus Financial in the 3rd quarter worth approximately $259,000. Institutional investors own 83.85% of the company’s stock.

Synovus Financial Price Performance

Shares of Synovus Financial stock opened at $57.07 on Monday. Synovus Financial Corp. has a 52 week low of $30.52 and a 52 week high of $59.92. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.42. The company’s 50-day moving average price is $50.33 and its two-hundred day moving average price is $44.76. The stock has a market cap of $8.08 billion, a PE ratio of 25.82, a price-to-earnings-growth ratio of 2.06 and a beta of 1.37.

Synovus Financial (NYSE:SNV) last released its earnings results on Wednesday, October 16th. The bank reported $1.23 EPS for the quarter, beating the consensus estimate of $1.09 by $0.14. The business had revenue of $564.72 million during the quarter, compared to analyst estimates of $557.64 million. Synovus Financial had a net margin of 10.82% and a return on equity of 13.43%. The business’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.84 earnings per share. As a group, sell-side analysts anticipate that Synovus Financial Corp. will post 4.37 EPS for the current fiscal year.

Synovus Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date of this dividend was Thursday, September 19th. Synovus Financial’s dividend payout ratio (DPR) is presently 68.78%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. JPMorgan Chase & Co. upped their price objective on Synovus Financial from $52.00 to $59.00 and gave the stock an “overweight” rating in a research note on Friday, October 18th. Bank of America increased their price objective on shares of Synovus Financial from $48.00 to $57.00 and gave the stock a “buy” rating in a report on Friday, October 18th. DA Davidson lifted their price objective on shares of Synovus Financial from $53.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Raymond James upgraded shares of Synovus Financial from a “market perform” rating to an “outperform” rating and set a $49.00 target price for the company in a research report on Tuesday, September 17th. Finally, Morgan Stanley lifted their price target on Synovus Financial from $51.00 to $55.00 and gave the company an “equal weight” rating in a report on Monday, October 21st. Seven investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $53.94.

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.