Mitsubishi UFJ Trust & Banking Corp Acquires 307 Shares of Synovus Financial Corp. (NYSE:SNV)

Mitsubishi UFJ Trust & Banking Corp raised its holdings in shares of Synovus Financial Corp. (NYSE:SNVGet Rating) by 1.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,589 shares of the bank’s stock after purchasing an additional 307 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Synovus Financial were worth $598,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in SNV. American Century Companies Inc. increased its position in shares of Synovus Financial by 340.4% during the first quarter. American Century Companies Inc. now owns 751,682 shares of the bank’s stock worth $36,832,000 after purchasing an additional 581,004 shares in the last quarter. Alyeska Investment Group L.P. acquired a new position in shares of Synovus Financial during the first quarter worth $20,823,000. First Trust Advisors LP increased its position in shares of Synovus Financial by 78.8% during the first quarter. First Trust Advisors LP now owns 720,573 shares of the bank’s stock worth $35,308,000 after purchasing an additional 317,619 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Synovus Financial by 1.4% during the first quarter. Vanguard Group Inc. now owns 14,637,377 shares of the bank’s stock worth $717,232,000 after purchasing an additional 207,867 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its position in shares of Synovus Financial by 33.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 763,330 shares of the bank’s stock valued at $37,403,000 after acquiring an additional 190,146 shares during the period. 80.41% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SNV has been the topic of several research reports. Raymond James cut their target price on Synovus Financial from $48.00 to $45.00 and set an “outperform” rating on the stock in a research report on Friday, October 21st. Truist Financial cut their target price on Synovus Financial to $49.00 in a research report on Thursday, September 15th. TheStreet raised Synovus Financial from a “c+” rating to a “b” rating in a research report on Friday, November 4th. Royal Bank of Canada cut their target price on Synovus Financial from $49.00 to $46.00 and set an “outperform” rating on the stock in a research report on Friday, October 21st. Finally, StockNews.com began coverage on Synovus Financial in a research report on Wednesday, October 12th. They set a “hold” rating on the stock. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $50.50.

Synovus Financial Trading Up 1.4 %

Shares of Synovus Financial stock opened at $41.88 on Tuesday. The firm has a market capitalization of $6.09 billion, a PE ratio of 8.53, a P/E/G ratio of 5.35 and a beta of 1.34. Synovus Financial Corp. has a twelve month low of $34.15 and a twelve month high of $54.40. The firm’s 50-day moving average price is $39.85 and its 200 day moving average price is $39.66. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 1.20.

Synovus Financial (NYSE:SNVGet Rating) last issued its quarterly earnings results on Thursday, October 20th. The bank reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.28 by $0.06. Synovus Financial had a net margin of 33.25% and a return on equity of 17.83%. During the same period last year, the firm posted $1.20 EPS. On average, sell-side analysts predict that Synovus Financial Corp. will post 4.85 EPS for the current fiscal year.

Synovus Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date was Wednesday, September 14th. Synovus Financial’s dividend payout ratio (DPR) is 27.70%.

Insiders Place Their Bets

In other Synovus Financial news, EVP Allan E. Kamensky sold 663 shares of the firm’s stock in a transaction that occurred on Monday, November 14th. The shares were sold at an average price of $43.80, for a total value of $29,039.40. Following the transaction, the executive vice president now directly owns 5,090 shares of the company’s stock, valued at approximately $222,942. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.55% of the company’s stock.

Synovus Financial Company Profile

(Get Rating)

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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Institutional Ownership by Quarter for Synovus Financial (NYSE:SNV)

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