Keybank National Association OH lessened its position in shares of Synovus Financial Corp. (NYSE:SNV) by 40.3% in the third quarter, Holdings Channel.com reports. The fund owned 13,308 shares of the bank’s stock after selling 8,967 shares during the quarter. Keybank National Association OH’s holdings in Synovus Financial were worth $584,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of SNV. Independent Advisor Alliance boosted its position in shares of Synovus Financial by 4.6% in the second quarter. Independent Advisor Alliance now owns 5,574 shares of the bank’s stock worth $245,000 after buying an additional 243 shares during the period. Great West Life Assurance Co. Can raised its stake in Synovus Financial by 0.6% during the second quarter. Great West Life Assurance Co. Can now owns 61,129 shares of the bank’s stock valued at $2,681,000 after buying an additional 345 shares in the last quarter. Goelzer Investment Management Inc. raised its stake in Synovus Financial by 0.6% during the third quarter. Goelzer Investment Management Inc. now owns 69,039 shares of the bank’s stock valued at $3,030,000 after buying an additional 415 shares in the last quarter. Wintrust Investments LLC raised its stake in Synovus Financial by 0.8% during the second quarter. Wintrust Investments LLC now owns 62,478 shares of the bank’s stock valued at $2,742,000 after buying an additional 483 shares in the last quarter. Finally, BNP Paribas Arbitrage SA raised its stake in Synovus Financial by 0.6% during the second quarter. BNP Paribas Arbitrage SA now owns 90,851 shares of the bank’s stock valued at $3,987,000 after buying an additional 511 shares in the last quarter. 75.30% of the stock is owned by hedge funds and other institutional investors.
Several analysts have issued reports on SNV shares. Royal Bank of Canada upped their price objective on Synovus Financial from $51.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, October 20th. JPMorgan Chase & Co. raised Synovus Financial from a “neutral” rating to an “overweight” rating and upped their target price for the company from $53.00 to $56.00 in a report on Wednesday, December 15th. Raymond James upped their target price on Synovus Financial from $54.00 to $56.00 and gave the company an “outperform” rating in a report on Thursday, November 4th. Stephens upped their target price on Synovus Financial from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Wednesday, October 20th. Finally, Morgan Stanley upped their target price on Synovus Financial from $60.00 to $68.00 and gave the company an “overweight” rating in a report on Monday, December 6th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $56.44.
In other news, EVP Mark G. Holladay sold 1,500 shares of the stock in a transaction on Wednesday, December 1st. The stock was sold at an average price of $46.60, for a total transaction of $69,900.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Kessel D. Stelling sold 50,000 shares of the stock in a transaction on Tuesday, October 19th. The shares were sold at an average price of $47.76, for a total value of $2,388,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 123,992 shares of company stock valued at $6,065,195. 1.11% of the stock is currently owned by corporate insiders.
Shares of NYSE SNV opened at $52.95 on Tuesday. The stock has a fifty day moving average price of $48.17 and a two-hundred day moving average price of $45.06. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.85 and a current ratio of 0.86. The firm has a market cap of $7.70 billion, a P/E ratio of 11.64, a PEG ratio of 0.49 and a beta of 1.53. Synovus Financial Corp. has a 1 year low of $35.20 and a 1 year high of $53.35.
Synovus Financial (NYSE:SNV) last issued its quarterly earnings results on Monday, October 18th. The bank reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.07 by $0.13. The firm had revenue of $499.87 million during the quarter, compared to analyst estimates of $491.33 million. Synovus Financial had a return on equity of 15.49% and a net margin of 33.57%. During the same period last year, the company posted $0.89 EPS. On average, research analysts predict that Synovus Financial Corp. will post 4.67 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, January 3rd. Shareholders of record on Thursday, December 16th were paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date was Wednesday, December 15th. Synovus Financial’s payout ratio is currently 29.01%.
Synovus Financial Company Profile
Synovus Financial Corp. is a bank holding company, which engages in the provision of financial services. The company operates through the following segments: Community Banking, Wholesale Banking, and Financial Management Services (FMS). The Community Banking business segment serves customers using a relationship-based approach through its branch, ATM, commercial, and private wealth network in addition to mobile, Internet, and telephone banking.
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