EJF Capital LLC reduced its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 9.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,501,146 shares of the bank’s stock after selling 155,467 shares during the quarter. Synovus Financial comprises approximately 6.5% of EJF Capital LLC’s holdings, making the stock its 2nd largest position. EJF Capital LLC owned about 0.97% of Synovus Financial worth $52,540,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. The Manufacturers Life Insurance Company grew its holdings in shares of Synovus Financial by 427.9% in the first quarter. The Manufacturers Life Insurance Company now owns 1,474,364 shares of the bank’s stock valued at $50,659,000 after purchasing an additional 1,195,084 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Synovus Financial by 32.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,190,184 shares of the bank’s stock valued at $70,065,000 after purchasing an additional 530,991 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Synovus Financial by 48.5% in the fourth quarter. Geode Capital Management LLC now owns 1,615,735 shares of the bank’s stock valued at $51,686,000 after purchasing an additional 528,022 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Synovus Financial by 81.3% in the second quarter. Invesco Ltd. now owns 1,007,177 shares of the bank’s stock valued at $35,252,000 after purchasing an additional 451,761 shares in the last quarter. Finally, Silvercrest Asset Management Group LLC grew its holdings in shares of Synovus Financial by 33.7% in the second quarter. Silvercrest Asset Management Group LLC now owns 1,762,723 shares of the bank’s stock valued at $61,695,000 after purchasing an additional 443,898 shares in the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.
A number of research analysts recently weighed in on the stock. DA Davidson assumed coverage on shares of Synovus Financial in a report on Tuesday, August 20th. They issued a “buy” rating and a $41.00 target price for the company. Evercore ISI upgraded Synovus Financial from an “in-line” rating to an “outperform” rating in a research report on Thursday, August 8th. Hovde Group upgraded Synovus Financial from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $40.00 to $42.00 in a research report on Tuesday, August 27th. Raymond James lowered their price target on Synovus Financial from $44.00 to $42.00 and set a “strong-buy” rating for the company in a research report on Tuesday, June 18th. Finally, Stephens upgraded Synovus Financial from an “equal weight” rating to an “overweight” rating in a research report on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $44.32.
Synovus Financial (NYSE:SNV) last released its earnings results on Tuesday, July 16th. The bank reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.01. Synovus Financial had a return on equity of 15.11% and a net margin of 24.15%. The business had revenue of $487.90 million during the quarter, compared to the consensus estimate of $482.13 million. During the same period last year, the company earned $0.92 earnings per share. The business’s revenue for the quarter was up 36.2% compared to the same quarter last year. Equities analysts forecast that Synovus Financial Corp. will post 4.01 EPS for the current fiscal year.
The company also recently declared a — dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th will be paid a dividend of $0.30 per share. The ex-dividend date is Wednesday, September 18th. This represents a dividend yield of 3.3%. Synovus Financial’s dividend payout ratio is currently 32.97%.
In other news, VP Mark G. Holladay sold 5,000 shares of the firm’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $35.72, for a total transaction of $178,600.00. Following the transaction, the vice president now owns 60,289 shares in the company, valued at $2,153,523.08. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.00% of the company’s stock.
Synovus Financial Profile
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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