UBS Asset Management Americas Inc. grew its stake in Synovus Financial Corp. (NYSE:SNV) by 16.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 88,496 shares of the bank’s stock after buying an additional 12,528 shares during the quarter. UBS Asset Management Americas Inc. owned approximately 0.07% of Synovus Financial Corp. worth $3,915,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. Capital Analysts LLC increased its position in Synovus Financial Corp. by 10.3% in the second quarter. Capital Analysts LLC now owns 20,248 shares of the bank’s stock worth $896,000 after buying an additional 1,893 shares in the last quarter. TD Asset Management Inc. increased its position in Synovus Financial Corp. by 11.5% in the second quarter. TD Asset Management Inc. now owns 31,135 shares of the bank’s stock worth $1,377,000 after buying an additional 3,200 shares in the last quarter. OppenheimerFunds Inc. increased its position in Synovus Financial Corp. by 34.9% in the first quarter. OppenheimerFunds Inc. now owns 7,726 shares of the bank’s stock worth $317,000 after buying an additional 1,998 shares in the last quarter. Schwab Charles Investment Management Inc. increased its position in Synovus Financial Corp. by 1.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 635,793 shares of the bank’s stock worth $28,128,000 after buying an additional 10,009 shares in the last quarter. Finally, California Public Employees Retirement System increased its position in Synovus Financial Corp. by 9.1% in the first quarter. California Public Employees Retirement System now owns 350,057 shares of the bank’s stock worth $14,359,000 after buying an additional 29,100 shares in the last quarter. Institutional investors and hedge funds own 77.87% of the company’s stock.
SNV has been the subject of a number of analyst reports. ValuEngine upgraded Synovus Financial Corp. from a “hold” rating to a “buy” rating in a research report on Thursday, June 15th. Barclays PLC restated an “equal weight” rating and issued a $46.00 price target (up previously from $44.00) on shares of Synovus Financial Corp. in a research report on Wednesday, July 12th. Zacks Investment Research cut Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research report on Thursday, July 13th. Jefferies Group LLC restated a “hold” rating and issued a $47.00 price target on shares of Synovus Financial Corp. in a research report on Friday, July 14th. Finally, BidaskClub cut Synovus Financial Corp. from a “buy” rating to a “hold” rating in a research report on Sunday, July 16th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and five have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $43.30.
Synovus Financial Corp. (SNV) opened at 47.11 on Wednesday. Synovus Financial Corp. has a 1-year low of $31.41 and a 1-year high of $47.32. The company has a market cap of $5.72 billion, a price-to-earnings ratio of 21.39 and a beta of 1.10. The stock has a 50 day moving average price of $43.65 and a 200-day moving average price of $42.80.
Synovus Financial Corp. (NYSE:SNV) last announced its quarterly earnings results on Tuesday, July 18th. The bank reported $0.60 earnings per share for the quarter, beating the Thomson Reuters’ 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 firm had revenue of $319.80 million during the quarter, compared to analyst estimates of $317.81 million. During the same quarter in the previous year, the business earned $0.46 EPS. Synovus Financial Corp.’s revenue for the quarter was up 10.5% compared to the same quarter last year. On average, equities research analysts forecast that Synovus Financial Corp. will post $2.47 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Thursday, September 21st were paid a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, September 20th. This represents a $0.60 annualized dividend and a dividend yield of 1.27%. Synovus Financial Corp.’s dividend payout ratio is presently 27.15%.
In other Synovus Financial Corp. news, EVP Curtis J. Perry sold 7,062 shares of the business’s stock in a transaction that occurred 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 sale, the executive vice president now directly owns 60,038 shares in the company, valued at approximately $2,633,266.68. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Kevin Joseph Howard sold 7,000 shares of the business’s stock in a transaction that occurred 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 sale, the executive vice president now 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 insiders.
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About Synovus Financial Corp.
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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