SG Americas Securities LLC decreased its holdings in Synovus Financial Corp. (NYSE:SNV – Free Report) by 62.8% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 16,714 shares of the bank’s stock after selling 28,164 shares during the period. SG Americas Securities LLC’s holdings in Synovus Financial were worth $629,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of SNV. Lazard Asset Management LLC raised its holdings in Synovus Financial by 64.8% in the fourth quarter. Lazard Asset Management LLC now owns 809 shares of the bank’s stock valued at $30,000 after buying an additional 318 shares during the period. First Command Advisory Services Inc. purchased a new stake in shares of Synovus Financial during the third quarter valued at approximately $33,000. Belpointe Asset Management LLC raised its stake in shares of Synovus Financial by 138.0% during the first quarter. Belpointe Asset Management LLC now owns 1,095 shares of the bank’s stock valued at $34,000 after purchasing an additional 635 shares during the period. Venturi Wealth Management LLC purchased a new stake in shares of Synovus Financial during the third quarter valued at approximately $48,000. Finally, Neo Ivy Capital Management purchased a new stake in shares of Synovus Financial during the second quarter valued at approximately $48,000. Hedge funds and other institutional investors own 83.85% of the company’s stock.
Insider Activity
In other news, EVP Thomas T. Dierdorff sold 2,045 shares of the business’s stock in a transaction on Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total transaction of $78,180.35. Following the completion of the transaction, the executive vice president now owns 11,086 shares of the company’s stock, valued at $423,817.78. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Director Tim E. Bentsen sold 4,671 shares of Synovus Financial stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $38.62, for a total transaction of $180,394.02. Following the sale, the director now directly owns 33,144 shares in the company, valued at $1,280,021.28. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Thomas T. Dierdorff sold 2,045 shares of Synovus Financial stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $38.23, for a total transaction of $78,180.35. Following the sale, the executive vice president now owns 11,086 shares in the company, valued at $423,817.78. The disclosure for this sale can be found here. Corporate insiders own 0.81% of the company’s stock.
Synovus Financial Stock Performance
Synovus Financial stock opened at $38.01 on Thursday. The company has a market cap of $5.57 billion, a PE ratio of 10.99 and a beta of 1.40. The company has a fifty day moving average price of $37.90 and a two-hundred day moving average price of $33.80. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.89 and a quick ratio of 0.89. Synovus Financial Corp. has a 12 month low of $24.40 and a 12 month high of $40.92.
Synovus Financial (NYSE:SNV – Get Free Report) last released its quarterly earnings data on Wednesday, January 17th. The bank reported $0.80 EPS for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.14). The business had revenue of $488.68 million during the quarter, compared to analyst estimates of $527.60 million. Synovus Financial had a return on equity of 14.95% and a net margin of 15.74%. Research analysts expect that Synovus Financial Corp. will post 4.03 earnings per share for the current year.
Synovus Financial Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Thursday, March 21st were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 4.00%. The ex-dividend date of this dividend was Wednesday, March 20th. Synovus Financial’s dividend payout ratio (DPR) is 43.93%.
Wall Street Analysts Forecast Growth
A number of analysts have recently issued reports on SNV shares. DA Davidson reiterated a “buy” rating on shares of Synovus Financial in a research note on Monday, January 15th. Royal Bank of Canada reiterated an “outperform” rating and set a $42.00 price objective on shares of Synovus Financial in a research note on Friday, January 19th. The Goldman Sachs Group lifted their price objective on shares of Synovus Financial from $33.00 to $37.00 and gave the company a “neutral” rating in a research note on Monday, December 18th. Keefe, Bruyette & Woods raised their price target on shares of Synovus Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Friday, January 19th. Finally, Evercore ISI raised their price target on shares of Synovus Financial from $40.00 to $42.00 and gave the stock an “in-line” rating in a research report on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $39.06.
Check Out Our Latest Stock Analysis on Synovus Financial
About Synovus Financial
Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides commercial and consumer banking products and services. It operates through four segments: Community Banking, Wholesale Banking, Consumer Banking, and Financial Management Services. The company’s commercial banking services include treasury and asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate lending services.
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