Nisa Investment Advisors LLC Sells 1,071 Shares of Synovus Financial Corp. (NYSE:SNV)

Nisa Investment Advisors LLC lowered its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 4.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,179 shares of the bank’s stock after selling 1,071 shares during the quarter. Nisa Investment Advisors LLC’s holdings in Synovus Financial were worth $910,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. Raymond James Financial Services Advisors Inc. raised its holdings in Synovus Financial by 10.4% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 14,877 shares of the bank’s stock worth $729,000 after buying an additional 1,401 shares during the period. Private Advisor Group LLC acquired a new stake in shares of Synovus Financial during the first quarter worth $419,000. PNC Financial Services Group Inc. raised its holdings in shares of Synovus Financial by 10.8% during the first quarter. PNC Financial Services Group Inc. now owns 11,420 shares of the bank’s stock worth $561,000 after acquiring an additional 1,109 shares during the period. Great West Life Assurance Co. Can boosted its stake in Synovus Financial by 10.3% in the 1st quarter. Great West Life Assurance Co. Can now owns 82,348 shares of the bank’s stock worth $4,147,000 after purchasing an additional 7,682 shares during the period. Finally, Canada Pension Plan Investment Board bought a new position in Synovus Financial during the 1st quarter worth about $74,000. Institutional investors own 83.85% of the company’s stock.

Insider Activity at Synovus Financial

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 2,045 shares of the firm’s stock in a transaction that occurred 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 sale, the executive vice president now directly owns 11,086 shares in the company, valued at $423,817.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Synovus Financial news, Director Tim E. Bentsen sold 4,671 shares of the company’s stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $38.62, for a total value of $180,394.02. Following the transaction, the director now directly owns 33,144 shares of the company’s stock, valued at approximately $1,280,021.28. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Thomas T. Dierdorff sold 2,045 shares of the stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $38.23, for a total value of $78,180.35. Following the transaction, the executive vice president now owns 11,086 shares in the company, valued at approximately $423,817.78. The disclosure for this sale can be found here. 0.81% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on SNV. Wells Fargo & Company boosted their price target on Synovus Financial from $40.00 to $42.00 and gave the company an “overweight” rating in a report on Wednesday, April 10th. JPMorgan Chase & Co. raised their price target on shares of Synovus Financial from $46.00 to $50.00 and gave the stock an “overweight” rating in a research note on Thursday, April 4th. Keefe, Bruyette & Woods boosted their price objective 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. DA Davidson reaffirmed a “buy” rating on shares of Synovus Financial in a research report on Monday, January 15th. Finally, Evercore ISI boosted 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 investment analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Synovus Financial currently has an average rating of “Moderate Buy” and a consensus price target of $41.50.

Synovus Financial Stock Performance

Shares of NYSE SNV opened at $36.76 on Tuesday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $5.38 billion, a P/E ratio of 10.62, a P/E/G ratio of 3.96 and a beta of 1.40. Synovus Financial Corp. has a 12 month low of $24.40 and a 12 month high of $40.92. The stock has a 50 day moving average of $37.91 and a 200-day moving average of $34.38.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings results on Wednesday, January 17th. The bank reported $0.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.94 by ($0.14). Synovus Financial had a net margin of 15.74% and a return on equity of 14.95%. The business had revenue of $488.68 million for the quarter, compared to analyst estimates of $527.60 million. As a group, equities research analysts predict that Synovus Financial Corp. will post 4.05 EPS for the current year.

Synovus Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors 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 4.13%. The ex-dividend date was Wednesday, March 20th. Synovus Financial’s payout ratio is 43.93%.

Synovus Financial Company Profile

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.