UBS Asset Management Americas Inc. cut its position in Synovus Financial Corp. (NYSE:SNV) by 9.5% during the second quarter, Holdings Channel reports. The institutional investor owned 94,413 shares of the company’s stock after selling 9,912 shares during the period. UBS Asset Management Americas Inc. owned about 0.08% of Synovus Financial Corp. worth $2,737,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in the company. Norges Bank bought a new position in shares of Synovus Financial Corp. during the fourth quarter worth approximately $34,418,000. Teachers Advisors Inc. boosted its position in shares of Synovus Financial Corp. by 0.6% in the first quarter. Teachers Advisors Inc. now owns 912,768 shares of the company’s stock worth $26,388,000 after buying an additional 5,102 shares in the last quarter. Royal Bank of Canada boosted its position in shares of Synovus Financial Corp. by 28.3% in the first quarter. Royal Bank of Canada now owns 911,171 shares of the company’s stock worth $26,342,000 after buying an additional 201,008 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Synovus Financial Corp. by 17.2% in the first quarter. Renaissance Technologies LLC now owns 633,200 shares of the company’s stock worth $18,306,000 after buying an additional 92,900 shares in the last quarter. Finally, Mendon Capital Advisors Corp boosted its position in shares of Synovus Financial Corp. by 18.2% in the second quarter. Mendon Capital Advisors Corp now owns 325,000 shares of the company’s stock worth $9,422,000 after buying an additional 50,000 shares in the last quarter. 76.68% of the stock is currently owned by institutional investors.
Shares of Synovus Financial Corp. (NYSE:SNV) traded down 0.48% on Thursday, hitting $33.12. The stock had a trading volume of 295,467 shares. Synovus Financial Corp. has a 12 month low of $25.48 and a 12 month high of $33.80. The firm’s 50-day moving average price is $32.55 and its 200 day moving average price is $30.82. The firm has a market cap of $4.07 billion, a P/E ratio of 19.60 and a beta of 1.72.
Synovus Financial Corp. (NYSE:SNV) last posted its quarterly earnings data on Tuesday, July 19th. The company reported $0.49 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.47 by $0.02. The firm earned $289.30 million during the quarter, compared to analysts’ expectations of $288.06 million. Synovus Financial Corp. had a net margin of 18.39% and a return on equity of 8.42%. During the same quarter last year, the company posted $0.40 EPS. Analysts anticipate that Synovus Financial Corp. will post $1.86 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Thursday, September 15th were given a dividend of $0.12 per share. The ex-dividend date was Tuesday, September 13th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.44%. Synovus Financial Corp.’s payout ratio is currently 28.24%.
SNV has been the subject of a number of analyst reports. Zacks Investment Research upgraded Synovus Financial Corp. from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a research note on Friday, June 24th. Bank of America Corp. lowered Synovus Financial Corp. from a “buy” rating to a “neutral” rating in a research note on Wednesday, June 29th. JPMorgan Chase & Co. cut their price target on Synovus Financial Corp. from $32.00 to $30.50 and set a “neutral” rating for the company in a research note on Thursday, July 7th. Barclays PLC increased their price target on Synovus Financial Corp. from $29.00 to $31.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 20th. Finally, Hovde Group increased their price target on Synovus Financial Corp. from $34.00 to $35.50 and gave the stock an “outperform” rating in a research note on Friday, August 19th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $31.44.
About Synovus Financial Corp.
Synovus Financial Corp. is a financial services and a bank holding company. The Company provides integrated financial services, including commercial and retail banking, financial management, insurance and mortgage services to its customers through over 30 locally branded banking divisions of its subsidiary bank, Synovus Bank, and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.
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