Two Sigma Investments LP cut its holdings in Synovus Financial Corp. (NYSE:SNV) by 18.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 125,060 shares of the bank’s stock after selling 28,909 shares during the period. Two Sigma Investments LP owned approximately 0.11% of Synovus Financial worth $5,995,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also bought and sold shares of the company. Eagle Asset Management Inc. raised its position in shares of Synovus Financial by 25.0% in the 3rd quarter. Eagle Asset Management Inc. now owns 3,362,104 shares of the bank’s stock worth $156,270,000 after acquiring an additional 671,971 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of Synovus Financial by 0.7% in the 4th quarter. Victory Capital Management Inc. now owns 2,797,611 shares of the bank’s stock worth $134,118,000 after acquiring an additional 19,351 shares in the last quarter. Carillon Tower Advisers Inc. bought a new position in shares of Synovus Financial in the 4th quarter worth about $107,998,000. Bank of New York Mellon Corp raised its position in shares of Synovus Financial by 0.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,651,364 shares of the bank’s stock worth $76,061,000 after acquiring an additional 11,162 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Synovus Financial by 3.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,228,056 shares of the bank’s stock worth $55,963,000 after acquiring an additional 35,637 shares in the last quarter. 81.01% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have recently weighed in on SNV shares. SunTrust Banks reissued a “buy” rating and issued a $54.00 price objective on shares of Synovus Financial in a research report on Wednesday, November 29th. Zacks Investment Research raised Synovus Financial from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a research report on Tuesday, December 26th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $53.00 price objective on shares of Synovus Financial in a research report on Friday, December 22nd. Barclays lifted their price objective on Synovus Financial from $49.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 2nd. Finally, Robert W. Baird reissued an “average” rating and issued a $47.00 price objective on shares of Synovus Financial in a research report on Wednesday, January 3rd. One analyst has rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $52.08.
Shares of Synovus Financial Corp. (NYSE:SNV) opened at $49.87 on Friday. Synovus Financial Corp. has a 12-month low of $37.95 and a 12-month high of $53.14. The company has a market capitalization of $6,135.82, a PE ratio of 20.35, a P/E/G ratio of 1.90 and a beta of 1.11. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.97 and a quick ratio of 0.97.
Synovus Financial (NYSE:SNV) last issued its earnings results on Tuesday, January 23rd. The bank reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.05. Synovus Financial had a return on equity of 11.20% and a net margin of 18.27%. The business had revenue of $339.07 million during the quarter, compared to analyst estimates of $338.60 million. During the same period in the previous year, the company posted $0.54 EPS. The firm’s revenue was up 10.3% compared to the same quarter last year. equities analysts anticipate that Synovus Financial Corp. will post 3.41 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 2nd. Investors of record on Thursday, March 15th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.01%. This is a positive change from Synovus Financial’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Wednesday, March 14th. Synovus Financial’s payout ratio is presently 46.08%.
Synovus Financial declared that its board has initiated a share repurchase plan on Tuesday, January 23rd that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the bank to buy shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its shares are undervalued.
In related news, VP Mark G. Holladay sold 5,000 shares of the business’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $50.16, for a total value of $250,800.00. Following the completion of the sale, the vice president now directly owns 52,063 shares of the company’s stock, valued at approximately $2,611,480.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Allen J. Gula sold 2,450 shares of the business’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $50.22, for a total value of $123,039.00. Following the completion of the sale, the chief operating officer now directly owns 70,111 shares of the company’s stock, valued at $3,520,974.42. The disclosure for this sale can be found here. Insiders own 1.50% of the company’s stock.
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About Synovus Financial
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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