Profund Advisors LLC reduced its stake in Synovus Financial Corp. (NYSE:SNV) by 8.3% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,143 shares of the bank’s stock after selling 1,284 shares during the period. Profund Advisors LLC’s holdings in Synovus Financial were worth $495,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of the business. Synovus Financial Corp boosted its stake in Synovus Financial by 1.4% in the first quarter. Synovus Financial Corp now owns 6,081,527 shares of the bank’s stock valued at $208,973,000 after acquiring an additional 85,903 shares during the period. Dimensional Fund Advisors LP boosted its stake in Synovus Financial by 32.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,190,184 shares of the bank’s stock valued at $70,065,000 after acquiring an additional 530,991 shares during the period. Geode Capital Management LLC boosted its stake in Synovus Financial by 48.5% in the fourth quarter. Geode Capital Management LLC now owns 1,615,735 shares of the bank’s stock valued at $51,686,000 after acquiring an additional 528,022 shares during the period. The Manufacturers Life Insurance Company boosted its stake in Synovus Financial by 427.9% in the first quarter. The Manufacturers Life Insurance Company now owns 1,474,364 shares of the bank’s stock valued at $50,659,000 after acquiring an additional 1,195,084 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Synovus Financial by 2.2% during the second quarter. Charles Schwab Investment Management Inc. now owns 1,229,167 shares of the bank’s stock worth $43,021,000 after buying an additional 26,950 shares during the period. Institutional investors own 83.51% of the company’s stock.
Several brokerages have recently issued reports on SNV. Evercore ISI upgraded Synovus Financial from an “in-line” rating to an “outperform” rating in a research report on Thursday, August 8th. ValuEngine upgraded shares of Synovus Financial from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 27th. Raymond James reduced their price target on shares of Synovus Financial from $44.00 to $42.00 and set a “strong-buy” rating for the company in a research report on Tuesday, June 18th. SunTrust Banks reduced their price target on shares of Synovus Financial from $42.00 to $41.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. Finally, DA Davidson assumed coverage on shares of Synovus Financial in a research report on Tuesday, August 20th. They set a “buy” rating and a $41.00 price target for the company. One analyst has rated the stock with a sell rating, one has assigned a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $44.32.
Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Tuesday, July 16th. The bank reported $1.00 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.99 by $0.01. Synovus Financial had a return on equity of 15.11% and a net margin of 24.15%. The business had revenue of $487.90 million during the quarter, compared to the consensus estimate of $482.13 million. During the same period in the prior year, the company posted $0.92 EPS. The firm’s revenue for the quarter was up 36.2% compared to the same quarter last year. Equities analysts predict that Synovus Financial Corp. will post 4.01 earnings per share for the current year.
The business also recently disclosed a — dividend, which will be paid on Tuesday, October 1st. Investors of record on Thursday, September 19th will be given a dividend of $0.30 per share. This represents a yield of 3.3%. The ex-dividend date is Wednesday, September 18th. Synovus Financial’s payout ratio is currently 32.97%.
In other news, VP Mark G. Holladay sold 5,000 shares of the firm’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $35.72, for a total value of $178,600.00. Following the completion of the transaction, the vice president now directly owns 60,289 shares in the company, valued at $2,153,523.08. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 1.00% of the stock is currently owned by company insiders.
Synovus Financial Company 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 treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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