Sippican Capital Advisors lessened its position in Synovus Financial Corp. (NYSE:SNV) by 33.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,673 shares of the bank’s stock after selling 9,202 shares during the period. Sippican Capital Advisors’ holdings in Synovus Financial were worth $642,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently made changes to their positions in SNV. United Services Automobile Association grew its position in shares of Synovus Financial by 7.0% in the 3rd quarter. United Services Automobile Association now owns 73,274 shares of the bank’s stock valued at $3,355,000 after acquiring an additional 4,788 shares during the period. JPMorgan Chase & Co. grew its position in shares of Synovus Financial by 182.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,318,252 shares of the bank’s stock valued at $60,363,000 after acquiring an additional 852,158 shares during the period. Renaissance Technologies LLC grew its position in shares of Synovus Financial by 246.4% in the 3rd quarter. Renaissance Technologies LLC now owns 395,155 shares of the bank’s stock valued at $18,094,000 after acquiring an additional 281,082 shares during the period. Jane Street Group LLC bought a new position in shares of Synovus Financial in the 3rd quarter valued at about $316,000. Finally, The Manufacturers Life Insurance Company grew its position in shares of Synovus Financial by 3.0% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 194,385 shares of the bank’s stock valued at $8,901,000 after acquiring an additional 5,736 shares during the period. 68.32% of the stock is owned by institutional investors.
Shares of SNV stock traded down $0.21 during midday trading on Wednesday, hitting $36.32. 35,022 shares of the company were exchanged, compared to its average volume of 1,942,326. Synovus Financial Corp. has a 52 week low of $29.93 and a 52 week high of $57.40. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market capitalization of $5.66 billion, a price-to-earnings ratio of 10.00, a PEG ratio of 1.14 and a beta of 1.24.
Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Tuesday, January 15th. The bank reported $0.92 earnings per share for the quarter, missing the consensus estimate of $0.94 by ($0.02). Synovus Financial had a return on equity of 15.68% and a net margin of 26.38%. The business had revenue of $365.90 million during the quarter, compared to analyst estimates of $370.64 million. During the same quarter last year, the firm earned $0.70 EPS. Synovus Financial’s revenue for the quarter was up 7.9% compared to the same quarter last year. Sell-side analysts forecast that Synovus Financial Corp. will post 3.91 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 21st were paid a $0.30 dividend. This is a boost from Synovus Financial’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $1.20 annualized dividend and a yield of 3.30%. Synovus Financial’s payout ratio is 32.97%.
A number of research analysts have recently commented on the stock. TheStreet downgraded shares of Synovus Financial from a “b-” rating to a “c+” rating in a research report on Wednesday, January 2nd. Robert W. Baird raised shares of Synovus Financial from a “neutral” rating to an “outperform” rating and set a $30.73 target price for the company in a report on Wednesday, December 19th. Barclays raised shares of Synovus Financial from an “equal weight” rating to an “overweight” rating and reduced their target price for the stock from $47.00 to $45.00 in a report on Thursday, January 10th. Raymond James reaffirmed a “buy” rating and set a $44.00 target price on shares of Synovus Financial in a report on Thursday, February 21st. Finally, SunTrust Banks reduced their target price on shares of Synovus Financial to $38.00 and set a “buy” rating for the company in a report on Friday, January 4th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, three have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $45.98.
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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 treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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