Synovus Financial Corp. (SNV) Shares Bought by Citigroup Inc.

Citigroup Inc. raised its holdings in Synovus Financial Corp. (NYSE:SNV) by 4.6% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 521,527 shares of the bank’s stock after purchasing an additional 23,073 shares during the quarter. Citigroup Inc. owned approximately 0.43% of Synovus Financial Corp. worth $23,073,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Balentine LLC raised its position in shares of Synovus Financial Corp. by 0.3% during the first quarter. Balentine LLC now owns 3,108 shares of the bank’s stock worth $128,000 after acquiring an additional 9 shares during the last quarter. Meeder Asset Management Inc. bought a new stake in shares of Synovus Financial Corp. during the first quarter worth $135,000. PNC Financial Services Group Inc. raised its position in shares of Synovus Financial Corp. by 21.3% during the first quarter. PNC Financial Services Group Inc. now owns 3,537 shares of the bank’s stock worth $145,000 after acquiring an additional 622 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Synovus Financial Corp. by 11.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,608 shares of the bank’s stock worth $204,000 after acquiring an additional 474 shares during the last quarter. Finally, Two Sigma Securities LLC bought a new stake in shares of Synovus Financial Corp. during the first quarter worth $216,000. Hedge funds and other institutional investors own 77.86% of the company’s stock.

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In related news, EVP Curtis J. Perry sold 7,062 shares of the firm’s stock in a transaction 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 completion of the transaction, the executive vice president now directly owns 60,038 shares of the company’s stock, valued at approximately $2,633,266.68. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Kevin Joseph Howard sold 7,000 shares of the firm’s stock in a transaction on Friday, July 21st. The stock was sold at an average price of $43.37, for a total value of $303,590.00. Following the transaction, the executive vice president now directly owns 46,490 shares of the company’s stock, valued at $2,016,271.30. The disclosure for this sale can be found here. 1.50% of the stock is owned by company insiders.

SNV has been the subject of a number of recent research reports. Jefferies Group LLC restated a “hold” rating and set a $47.00 target price on shares of Synovus Financial Corp. in a research report on Sunday, June 11th. Robert W. Baird restated a “hold” rating and set a $40.00 target price on shares of Synovus Financial Corp. in a research report on Friday, August 25th. Zacks Investment Research downgraded Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research report on Thursday, September 14th. BidaskClub downgraded Synovus Financial Corp. from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Finally, Sanford C. Bernstein restated a “market perform” rating and set a $42.00 target price (up previously from $41.00) on shares of Synovus Financial Corp. in a research report on Saturday. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $42.36.

Shares of Synovus Financial Corp. (NYSE:SNV) traded up 0.12% during midday trading on Wednesday, hitting $43.46. The company had a trading volume of 206,242 shares. Synovus Financial Corp. has a one year low of $31.41 and a one year high of $45.38. The stock’s 50-day moving average price is $42.51 and its 200-day moving average price is $42.35. The stock has a market capitalization of $5.28 billion, a price-to-earnings ratio of 19.74 and a beta of 1.12.

Synovus Financial Corp. (NYSE:SNV) last announced its quarterly earnings results on Tuesday, July 18th. The bank reported $0.60 EPS for the quarter, beating the Zacks’ consensus estimate 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 company had revenue of $319.80 million during the quarter, compared to analysts’ expectations of $317.81 million. During the same period in the prior year, the company earned $0.46 EPS. Synovus Financial Corp.’s revenue was up 10.5% compared to the same quarter last year. Analysts predict that Synovus Financial Corp. will post $2.46 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Thursday, September 21st will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.38%. The ex-dividend date of this dividend is Wednesday, September 20th. Synovus Financial Corp.’s dividend payout ratio is currently 27.15%.

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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Institutional Ownership by Quarter for Synovus Financial Corp. (NYSE:SNV)

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