Great West Life Assurance Co. Can lessened its stake in shares of Synovus Financial Corp. (NYSE:SNV) by 4.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 68,047 shares of the bank’s stock after selling 3,106 shares during the period. Great West Life Assurance Co. Can owned about 0.06% of Synovus Financial worth $3,593,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Summit Trail Advisors LLC increased its holdings in shares of Synovus Financial by 3,778.6% in the 1st quarter. Summit Trail Advisors LLC now owns 168,098 shares of the bank’s stock valued at $168,000 after purchasing an additional 163,764 shares during the period. CIBC Asset Management Inc acquired a new position in shares of Synovus Financial in the 1st quarter valued at about $201,000. Cigna Investments Inc. New acquired a new position in shares of Synovus Financial in the 1st quarter valued at about $207,000. Csenge Advisory Group acquired a new position in shares of Synovus Financial in the 1st quarter valued at about $209,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Synovus Financial in the 2nd quarter valued at about $214,000. Hedge funds and other institutional investors own 81.01% of the company’s stock.
SNV has been the topic of a number of research reports. Zacks Investment Research upgraded Synovus Financial from a “hold” rating to a “buy” rating and set a $60.00 target price on the stock in a report on Wednesday, July 18th. ValuEngine downgraded Synovus Financial from a “hold” rating to a “sell” rating in a report on Wednesday, September 26th. Barclays dropped their target price on Synovus Financial from $57.00 to $55.00 and set an “equal weight” rating on the stock in a report on Wednesday. Stephens downgraded Synovus Financial from an “overweight” rating to an “equal” rating and set a $31.00 target price on the stock. in a report on Tuesday, July 24th. Finally, Morgan Stanley reiterated a “hold” rating and issued a $55.00 target price (down previously from $56.00) on shares of Synovus Financial in a report on Tuesday, September 18th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $51.46.
Shares of NYSE SNV traded down $0.37 during trading hours on Friday, hitting $45.73. The stock had a trading volume of 1,180,669 shares, compared to its average volume of 1,056,074. The stock has a market cap of $5.37 billion, a price-to-earnings ratio of 18.08, a PEG ratio of 1.58 and a beta of 0.96. Synovus Financial Corp. has a 52 week low of $44.60 and a 52 week high of $57.40. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.97 and a current ratio of 0.98.
Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Tuesday, July 24th. The bank reported $0.92 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.88 by $0.04. The business had revenue of $359.30 million during the quarter, compared to analysts’ expectations of $356.60 million. Synovus Financial had a return on equity of 13.61% and a net margin of 21.47%. The firm’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.61 EPS. On average, analysts predict that Synovus Financial Corp. will post 3.63 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, October 1st. Investors of record on Thursday, September 20th were paid a $0.25 dividend. The ex-dividend date was Wednesday, September 19th. This represents a $1.00 annualized dividend and a dividend yield of 2.19%. Synovus Financial’s payout ratio is 39.53%.
In related news, EVP Allan E. Kamensky bought 1,000 shares of the firm’s stock in a transaction on Friday, July 27th. The stock was purchased at an average price of $50.06 per share, with a total value of $50,060.00. Following the completion of the transaction, the executive vice president now directly owns 66,166 shares of the company’s stock, valued at $3,312,269.96. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Diana M. Murphy bought 2,000 shares of the firm’s stock in a transaction on Friday, July 27th. The shares were bought at an average cost of $49.68 per share, with a total value of $99,360.00. Following the transaction, the director now directly owns 6,347 shares of the company’s stock, valued at $315,318.96. The disclosure for this purchase can be found here. In the last three months, insiders purchased 4,310 shares of company stock valued at $214,173. 1.50% of the stock is currently owned by company insiders.
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 cash management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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