BW Gestao de Investimentos Ltda. lowered its position in Synovus Financial Corp. (NYSE:SNV) by 4.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,431 shares of the bank’s stock after selling 1,120 shares during the quarter. BW Gestao de Investimentos Ltda.’s holdings in Synovus Financial Corp. were worth $1,037,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. BlackRock Inc. grew its stake in Synovus Financial Corp. by 3.6% in the second quarter. BlackRock Inc. now owns 10,607,093 shares of the bank’s stock valued at $469,257,000 after purchasing an additional 370,743 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Synovus Financial Corp. by 3.7% in the first quarter. Vanguard Group Inc. now owns 10,598,706 shares of the bank’s stock worth $434,759,000 after buying an additional 375,030 shares during the last quarter. Synovus Financial Corp lifted its position in shares of Synovus Financial Corp. by 0.7% in the second quarter. Synovus Financial Corp now owns 5,997,976 shares of the bank’s stock worth $265,347,000 after buying an additional 43,034 shares during the last quarter. Eagle Asset Management Inc. lifted its position in shares of Synovus Financial Corp. by 0.4% in the second quarter. Eagle Asset Management Inc. now owns 2,690,133 shares of the bank’s stock worth $119,011,000 after buying an additional 10,163 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its position in shares of Synovus Financial Corp. by 2.2% in the second quarter. Alliancebernstein L.P. now owns 2,311,113 shares of the bank’s stock worth $102,244,000 after buying an additional 49,041 shares during the last quarter. Hedge funds and other institutional investors own 77.87% of the company’s stock.
Synovus Financial Corp. (NYSE:SNV) traded down 0.34% during trading on Thursday, hitting $46.95. The company had a trading volume of 177,984 shares. The stock has a market capitalization of $5.70 billion, a PE ratio of 21.32 and a beta of 1.10. The stock has a 50-day moving average of $43.81 and a 200-day moving average of $42.83. Synovus Financial Corp. has a one year low of $31.41 and a one year high of $47.32.
Synovus Financial Corp. (NYSE:SNV) last posted its quarterly earnings results on Tuesday, July 18th. The bank reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.01. Synovus Financial Corp. had a return on equity of 9.88% and a net margin of 20.68%. The business had revenue of $319.80 million during the quarter, compared to analysts’ expectations of $317.81 million. During the same quarter last year, the company posted $0.46 earnings per share. Synovus Financial Corp.’s quarterly revenue was up 10.5% on a year-over-year basis. On average, equities analysts anticipate that Synovus Financial Corp. will post $2.47 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Thursday, September 21st were given a dividend of $0.15 per share. The ex-dividend date was Wednesday, September 20th. This represents a $0.60 annualized dividend and a yield of 1.27%. Synovus Financial Corp.’s dividend payout ratio (DPR) is presently 27.15%.
In other Synovus Financial Corp. news, EVP Kevin Joseph Howard sold 7,000 shares of the firm’s stock in a transaction that occurred on Friday, July 21st. The shares were sold at an average price of $43.37, for a total transaction of $303,590.00. Following the completion of the sale, the executive vice president now directly owns 46,490 shares in the company, valued at $2,016,271.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Curtis J. Perry sold 7,062 shares of the firm’s stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $43.86, for a total transaction of $309,739.32. Following the sale, the executive vice president now owns 60,038 shares of the company’s stock, valued at $2,633,266.68. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.
A number of analysts have weighed in on SNV shares. ValuEngine raised Synovus Financial Corp. from a “hold” rating to a “buy” rating in a research report on Thursday, June 15th. Zacks Investment Research cut Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research report on Thursday, September 14th. Stephens reaffirmed a “buy” rating and issued a $46.00 price target on shares of Synovus Financial Corp. in a research report on Wednesday, July 19th. BidaskClub cut Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research report on Sunday, July 16th. Finally, Robert W. Baird reaffirmed a “hold” rating and issued a $40.00 price target on shares of Synovus Financial Corp. in a research report on Friday, August 25th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and five have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $43.60.
Synovus Financial Corp. Profile
Synovus Financial Corp. is a financial services company 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 locally branded banking divisions of its subsidiary bank, Synovus Bank (the Bank), and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.
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