Cubist Systematic Strategies LLC purchased a new position in shares of Synovus Financial Corp. (NYSE:SNV) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm purchased 18,706 shares of the bank’s stock, valued at approximately $862,000.
A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Balentine LLC boosted its position in shares of Synovus Financial by 0.4% during the second quarter. Balentine LLC now owns 3,120 shares of the bank’s stock valued at $138,000 after purchasing an additional 12 shares in the last quarter. TLP Group LLC bought a new stake in shares of Synovus Financial during the second quarter valued at approximately $145,000. Advisory Services Network LLC boosted its position in shares of Synovus Financial by 17.8% during the second quarter. Advisory Services Network LLC now owns 3,435 shares of the bank’s stock valued at $152,000 after purchasing an additional 519 shares in the last quarter. Patten Group Inc. boosted its position in shares of Synovus Financial by 61.1% during the third quarter. Patten Group Inc. now owns 5,729 shares of the bank’s stock valued at $164,000 after purchasing an additional 2,172 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in Synovus Financial by 16.5% during the second quarter. PNC Financial Services Group Inc. now owns 4,120 shares of the bank’s stock valued at $182,000 after buying an additional 583 shares during the last quarter. Institutional investors and hedge funds own 77.81% of the company’s stock.
Synovus Financial Corp. (SNV) traded up $0.40 during trading hours on Friday, reaching $50.96. The company’s stock had a trading volume of 639,061 shares, compared to its average volume of 777,055. Synovus Financial Corp. has a twelve month low of $37.95 and a twelve month high of $51.18. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.66. The company has a market capitalization of $6,090.00, a price-to-earnings ratio of 20.55, a PEG ratio of 1.91 and a beta of 1.13.
Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Tuesday, October 17th. The bank reported $0.65 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.64 by $0.01. Synovus Financial had a return on equity of 10.44% and a net margin of 21.39%. The business had revenue of $398.01 million during the quarter, compared to analyst estimates of $331.27 million. During the same quarter in the previous year, the company posted $0.65 earnings per share. equities analysts anticipate that Synovus Financial Corp. will post 2.46 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, January 2nd. Shareholders of record on Thursday, December 21st were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.18%. The ex-dividend date of this dividend was Wednesday, December 20th. Synovus Financial’s dividend payout ratio is presently 24.19%.
A number of research analysts have issued reports on the company. Robert W. Baird reiterated an “average” rating and set a $47.00 price objective on shares of Synovus Financial in a research note on Wednesday, January 3rd. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $53.00 price objective on shares of Synovus Financial in a research note on Friday, December 22nd. Barclays lifted their price objective on Synovus Financial from $49.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 2nd. Zacks Investment Research upgraded Synovus Financial from a “hold” rating to a “buy” rating and set a $55.00 price target for the company in a research note on Tuesday, December 26th. Finally, ValuEngine cut Synovus Financial from a “buy” rating to a “hold” rating in a research note on Friday, November 10th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the stock. Synovus Financial has a consensus rating of “Hold” and an average target price of $47.30.
In related news, COO Allen J. Gula sold 2,125 shares of the business’s stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $47.11, for a total value of $100,108.75. Following the sale, the chief operating officer now directly owns 72,561 shares in the company, valued at $3,418,348.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP R Dallis Copeland, Jr. sold 10,000 shares of the business’s stock in a transaction dated Thursday, October 19th. The stock was sold at an average price of $46.29, for a total value of $462,900.00. Following the completion of the sale, the executive vice president now owns 43,488 shares in the company, valued at $2,013,059.52. The disclosure for this sale can be found here. In the last ninety days, insiders sold 13,177 shares of company stock valued at $614,367. Corporate insiders own 1.50% of the company’s stock.
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Synovus Financial Company Profile
Synovus Financial Corp. is a financial services company and a bank holding company. The Company provides integrated financial services, including commercial and retail banking, financial management, insurance and mortgage services, to its customers through locally branded banking divisions of its subsidiary bank, Synovus Bank (the Bank), and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.
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