Treasurer of the State of North Carolina cut its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 5.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 73,022 shares of the bank’s stock after selling 4,011 shares during the period. Treasurer of the State of North Carolina’s holdings in Synovus Financial were worth $2,556,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. DekaBank Deutsche Girozentrale acquired a new position in shares of Synovus Financial in the first quarter worth about $749,000. Swiss National Bank grew its stake in Synovus Financial by 45.2% during the 1st quarter. Swiss National Bank now owns 302,019 shares of the bank’s stock valued at $10,377,000 after acquiring an additional 94,048 shares in the last quarter. Xact Kapitalforvaltning AB grew its stake in Synovus Financial by 29.9% during the 1st quarter. Xact Kapitalforvaltning AB now owns 32,272 shares of the bank’s stock valued at $1,109,000 after acquiring an additional 7,419 shares in the last quarter. Rockefeller Capital Management L.P. purchased a new stake in Synovus Financial during the 1st quarter valued at about $546,000. Finally, State of Tennessee Treasury Department grew its stake in Synovus Financial by 364.3% during the 1st quarter. State of Tennessee Treasury Department now owns 165,689 shares of the bank’s stock valued at $5,693,000 after acquiring an additional 130,000 shares in the last quarter. Institutional investors own 83.51% of the company’s stock.
Several analysts recently issued reports on the stock. Hovde Group raised shares of Synovus Financial from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $40.00 to $42.00 in a research note on Tuesday, August 27th. SunTrust Banks dropped their price objective on shares of Synovus Financial from $42.00 to $41.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Morgan Stanley dropped their price objective on shares of Synovus Financial from $44.00 to $43.00 and set an “overweight” rating for the company in a research note on Thursday, October 3rd. Raymond James dropped their price objective on shares of Synovus Financial from $44.00 to $42.00 and set a “strong-buy” rating for the company in a research note on Tuesday, June 18th. Finally, DA Davidson assumed coverage on shares of Synovus Financial in a research note on Tuesday, August 20th. They set a “buy” rating and a $41.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $42.59.
Shares of SNV stock traded up $0.18 during trading hours on Wednesday, hitting $33.19. The company had a trading volume of 1,417 shares, compared to its average volume of 1,801,013. The company’s fifty day moving average is $35.69 and its 200 day moving average is $35.24. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.94 and a quick ratio of 0.94. Synovus Financial Corp. has a fifty-two week low of $29.93 and a fifty-two week high of $46.00. The stock has a market capitalization of $5.04 billion, a PE ratio of 9.10, a price-to-earnings-growth ratio of 1.08 and a beta of 1.34.
Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Tuesday, July 16th. The bank reported $1.00 EPS for the quarter, topping the consensus estimate of $0.99 by $0.01. Synovus Financial had a net margin of 24.15% and a return on equity of 15.11%. The firm had revenue of $487.90 million for the quarter, compared to analyst estimates of $482.13 million. During the same period in the prior year, the business posted $0.92 EPS. The business’s revenue for the quarter was up 36.2% compared to the same quarter last year. Equities analysts forecast that Synovus Financial Corp. will post 4 earnings per share for the current year.
The business also recently disclosed a — dividend, which was paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th were issued a $0.30 dividend. The ex-dividend date was Wednesday, September 18th. This represents a dividend yield of 3.3%. Synovus Financial’s dividend payout ratio is currently 32.97%.
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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