Renaissance Technologies LLC Lowers Holdings in Synovus Financial Corp. (SNV)

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Renaissance Technologies LLC decreased its position in shares of Synovus Financial Corp. (NYSE:SNV) by 58.1% during the second quarter, HoldingsChannel reports. The firm owned 114,073 shares of the bank’s stock after selling 158,354 shares during the period. Renaissance Technologies LLC’s holdings in Synovus Financial were worth $6,026,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Itau Unibanco Holding S.A. purchased a new stake in Synovus Financial during the second quarter valued at about $128,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Synovus Financial in the second quarter worth about $214,000. Silvercrest Asset Management Group LLC purchased a new position in shares of Synovus Financial in the first quarter worth about $226,000. RFG Advisory Group LLC purchased a new position in shares of Synovus Financial in the second quarter worth about $241,000. Finally, FTB Advisors Inc. increased its holdings in shares of Synovus Financial by 363.5% in the second quarter. FTB Advisors Inc. now owns 5,465 shares of the bank’s stock worth $288,000 after buying an additional 4,286 shares during the period. Institutional investors and hedge funds own 81.01% of the company’s stock.

In other Synovus Financial news, EVP Allan E. Kamensky purchased 1,000 shares of Synovus Financial stock in a transaction that occurred on Friday, July 27th. The shares were bought at an average price of $50.06 per share, for a total transaction of $50,060.00. Following the acquisition, the executive vice president now directly owns 66,166 shares in the company, valued at $3,312,269.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Kevin S. Blair purchased 1,310 shares of Synovus Financial stock in a transaction that occurred on Thursday, August 2nd. The shares were acquired at an average price of $49.43 per share, for a total transaction of $64,753.30. Following the acquisition, the chief financial officer now owns 54,387 shares in the company, valued at $2,688,349.41. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 4,310 shares of company stock worth $214,173. 1.50% of the stock is owned by company insiders.

Several research analysts have recently commented on the company. Stephens reiterated an “equal weight” rating and issued a $31.00 price objective on shares of Synovus Financial in a report on Tuesday, July 24th. Zacks Investment Research upgraded Synovus Financial from a “hold” rating to a “buy” rating and set a $55.00 price objective on the stock in a report on Wednesday, August 1st. Wells Fargo & Co set a $51.00 price objective on Synovus Financial and gave the stock a “hold” rating in a report on Tuesday, October 2nd. Morgan Stanley decreased their price objective on Synovus Financial from $57.00 to $56.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 31st. Finally, Barclays decreased their price objective on Synovus Financial from $57.00 to $55.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 3rd. One analyst has rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $51.58.

SNV opened at $42.86 on Friday. The stock has a market capitalization of $5.37 billion, a PE ratio of 16.68, a P/E/G ratio of 1.58 and a beta of 0.96. The company has a current ratio of 0.98, a quick ratio of 0.97 and a debt-to-equity ratio of 0.58. Synovus Financial Corp. has a 12 month low of $41.90 and a 12 month high of $57.40.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Tuesday, July 24th. The bank reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. Synovus Financial had a return on equity of 13.61% and a net margin of 21.47%. The company had revenue of $359.30 million for the quarter, compared to the consensus estimate of $356.60 million. During the same quarter in the previous year, the business earned $0.61 EPS. Synovus Financial’s revenue was up 12.4% compared to the same quarter last year. On average, analysts predict that Synovus Financial Corp. will post 3.63 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, October 1st. Investors of record on Thursday, September 20th were issued a dividend of $0.25 per share. The ex-dividend date was Wednesday, September 19th. This represents a $1.00 dividend on an annualized basis and a yield of 2.33%. Synovus Financial’s dividend payout ratio is presently 39.53%.

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

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