Cambridge Investment Research Advisors Inc. acquired a new position in shares of Synovus Financial Corp. (NYSE:SNV – Get Rating) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 5,446 shares of the bank’s stock, valued at approximately $204,000.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. FMR LLC lifted its position in Synovus Financial by 14.5% in the second quarter. FMR LLC now owns 4,289,529 shares of the bank’s stock worth $154,638,000 after buying an additional 541,698 shares during the last quarter. American Trust boosted its stake in shares of Synovus Financial by 96.8% during the 1st quarter. American Trust now owns 9,445 shares of the bank’s stock worth $463,000 after purchasing an additional 4,645 shares during the period. Y Intercept Hong Kong Ltd bought a new position in Synovus Financial during the 2nd quarter valued at about $712,000. Whittier Trust Co. of Nevada Inc. raised its position in Synovus Financial by 9.2% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 54,961 shares of the bank’s stock worth $1,980,000 after purchasing an additional 4,615 shares during the period. Finally, Janney Montgomery Scott LLC lifted its stake in Synovus Financial by 1.9% in the second quarter. Janney Montgomery Scott LLC now owns 30,616 shares of the bank’s stock worth $1,128,000 after purchasing an additional 572 shares during the last quarter. 79.89% of the stock is currently owned by hedge funds and other institutional investors.
Synovus Financial Stock Down 0.4 %
Shares of NYSE SNV opened at $39.58 on Monday. Synovus Financial Corp. has a 12-month low of $34.15 and a 12-month high of $54.40. The stock’s fifty day simple moving average is $39.52 and its two-hundred day simple moving average is $39.55. The stock has a market capitalization of $5.76 billion, a PE ratio of 8.06, a price-to-earnings-growth ratio of 6.16 and a beta of 1.35. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 1.20.
Synovus Financial (NYSE:SNV – Get Rating) last issued its quarterly earnings data on Thursday, October 20th. The bank reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.28 by $0.06. The company had revenue of $582.22 million for the quarter, compared to the consensus estimate of $570.52 million. Synovus Financial had a return on equity of 17.83% and a net margin of 33.25%. During the same quarter last year, the company earned $1.20 earnings per share. As a group, analysts expect that Synovus Financial Corp. will post 4.95 EPS for the current fiscal year.
Synovus Financial Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Tuesday, January 3rd. Shareholders of record on Thursday, December 15th were paid a $0.34 dividend. The ex-dividend date was Wednesday, December 14th. This represents a $1.36 annualized dividend and a yield of 3.44%. Synovus Financial’s dividend payout ratio (DPR) is 27.70%.
Insiders Place Their Bets
In other news, EVP Allan E. Kamensky sold 663 shares of the firm’s stock in a transaction on Monday, November 14th. The stock was sold at an average price of $43.80, for a total value of $29,039.40. Following the completion of the sale, the executive vice president now owns 5,090 shares of the company’s stock, valued at approximately $222,942. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.55% of the company’s stock.
Wall Street Analyst Weigh In
A number of research analysts have recently commented on the company. Morgan Stanley initiated coverage on Synovus Financial in a research note on Monday, December 5th. They set an “equal weight” rating and a $44.00 target price on the stock. Raymond James decreased their target price on Synovus Financial from $48.00 to $45.00 and set an “outperform” rating for the company in a research report on Friday, October 21st. JPMorgan Chase & Co. lowered their target price on shares of Synovus Financial from $45.00 to $43.00 and set an “overweight” rating for the company in a research note on Tuesday, December 13th. TheStreet raised shares of Synovus Financial from a “c+” rating to a “b” rating in a research note on Friday, November 4th. Finally, Wells Fargo & Company lowered their price objective on shares of Synovus Financial from $60.00 to $55.00 and set an “overweight” rating for the company in a research report on Friday, October 21st. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $47.30.
About Synovus Financial
Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides commercial and retail banking products and services. It operates through three segments: Community Banking, Wholesale Banking, and Financial Management Services. The company’s commercial banking services include treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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