Swiss National Bank lessened its holdings in Synovus Financial Corp. (NYSE:SNV – Get Rating) by 0.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 342,519 shares of the bank’s stock after selling 1,600 shares during the quarter. Swiss National Bank’s holdings in Synovus Financial were worth $12,348,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of SNV. Private Capital Group LLC increased its holdings in Synovus Financial by 957.4% in the 2nd quarter. Private Capital Group LLC now owns 719 shares of the bank’s stock worth $26,000 after buying an additional 651 shares during the period. J.W. Cole Advisors Inc. acquired a new position in Synovus Financial in the 1st quarter worth approximately $30,000. Covestor Ltd increased its holdings in Synovus Financial by 76.7% in the 1st quarter. Covestor Ltd now owns 1,087 shares of the bank’s stock worth $53,000 after buying an additional 472 shares during the period. Fifth Third Bancorp increased its holdings in Synovus Financial by 38.3% in the 2nd quarter. Fifth Third Bancorp now owns 1,512 shares of the bank’s stock worth $55,000 after buying an additional 419 shares during the period. Finally, Canada Pension Plan Investment Board acquired a new position in Synovus Financial in the 1st quarter worth approximately $74,000. Institutional investors and hedge funds own 80.41% of the company’s stock.
Synovus Financial Trading Down 0.3 %
Shares of NYSE:SNV opened at $41.29 on Friday. Synovus Financial Corp. has a 1 year low of $34.15 and a 1 year high of $54.40. The firm has a market capitalization of $6.01 billion, a price-to-earnings ratio of 8.41, a price-to-earnings-growth ratio of 5.35 and a beta of 1.34. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.93 and a quick ratio of 0.92. The business’s 50 day moving average price is $39.85 and its 200-day moving average price is $39.70.
Synovus Financial Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th were issued a $0.34 dividend. The ex-dividend date was Wednesday, September 14th. This represents a $1.36 dividend on an annualized basis and a yield of 3.29%. Synovus Financial’s payout ratio is currently 27.70%.
Analyst Upgrades and Downgrades
A number of brokerages have recently commented on SNV. Wells Fargo & Company dropped their price objective on shares of Synovus Financial from $60.00 to $55.00 and set an “overweight” rating on the stock in a research note on Friday, October 21st. Royal Bank of Canada dropped their price objective on shares of Synovus Financial from $49.00 to $46.00 and set an “outperform” rating on the stock in a research note on Friday, October 21st. TheStreet raised shares of Synovus Financial from a “c+” rating to a “b” rating in a research note on Friday, November 4th. Raymond James dropped their price objective on shares of Synovus Financial from $48.00 to $45.00 and set an “outperform” rating on the stock in a research note on Friday, October 21st. Finally, Truist Financial dropped their price objective on shares of Synovus Financial to $49.00 in a research note on Thursday, September 15th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $50.50.
Insider Buying and Selling at Synovus Financial
In other Synovus Financial news, EVP Allan E. Kamensky sold 663 shares of the firm’s stock in a transaction on Monday, November 14th. The stock was sold at an average price of $43.80, for a total value of $29,039.40. Following the transaction, the executive vice president now owns 5,090 shares in the company, valued at approximately $222,942. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.55% of the stock is currently owned by insiders.
About Synovus Financial
Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides commercial and retail banking products and services. It operates through three segments: Community Banking, Wholesale Banking, and Financial Management Services. The company's commercial banking services include treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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