Wells Fargo & Company MN increased its position in Synovus Financial Corp. (NYSE:SNV) by 10.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 339,716 shares of the bank’s stock after purchasing an additional 32,310 shares during the period. Wells Fargo & Company MN owned approximately 0.28% of Synovus Financial worth $15,647,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Balentine LLC lifted its stake in Synovus Financial by 0.4% during the 2nd quarter. Balentine LLC now owns 3,120 shares of the bank’s stock valued at $138,000 after acquiring an additional 12 shares during the period. TLP Group LLC purchased a new stake in shares of Synovus Financial during the 2nd quarter valued at about $145,000. Advisory Services Network LLC increased its position in shares of Synovus Financial by 17.8% during the 2nd 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 during the last quarter. PNC Financial Services Group Inc. increased its position in shares of Synovus Financial by 16.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 4,120 shares of the bank’s stock valued at $182,000 after purchasing an additional 583 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Synovus Financial by 11.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,608 shares of the bank’s stock valued at $204,000 after purchasing an additional 474 shares during the last quarter. Institutional investors own 77.81% of the company’s stock.
In other news, Director Philip W. Tomlinson sold 1,052 shares of the firm’s stock in a transaction on Friday, December 8th. The stock was sold at an average price of $48.82, for a total transaction of $51,358.64. Following the transaction, the director now owns 27,139 shares in the company, valued at $1,324,925.98. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Allen J. Gula sold 2,125 shares of the firm’s stock in a transaction on Friday, October 27th. The shares were sold at an average price of $47.11, for a total value of $100,108.75. Following the transaction, the chief operating officer now owns 72,561 shares in the company, valued at approximately $3,418,348.71. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 13,177 shares of company stock valued at $614,367. Corporate insiders own 1.50% of the company’s stock.
Shares of Synovus Financial Corp. (NYSE SNV) traded up $0.40 on Friday, reaching $50.96. The company had a trading volume of 639,061 shares, compared to its average volume of 777,055. The company has a market capitalization of $6,090.00, a P/E ratio of 20.55, a PEG ratio of 1.91 and a beta of 1.13. Synovus Financial Corp. has a 12 month low of $37.95 and a 12 month high of $51.18. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.99 and a current ratio of 0.99.
Synovus Financial (NYSE:SNV) last released its earnings results on Tuesday, October 17th. The bank reported $0.65 earnings per share for the quarter, topping the 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 the consensus estimate of $331.27 million. During the same period last year, the company earned $0.65 earnings per share. sell-side analysts anticipate that Synovus Financial Corp. will post 2.46 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 2nd. Stockholders of record on Thursday, December 21st were given a dividend of $0.15 per share. The ex-dividend date was Wednesday, December 20th. This represents a $0.60 annualized dividend and a dividend yield of 1.18%. Synovus Financial’s dividend payout ratio (DPR) is 24.19%.
Several research firms recently issued reports on SNV. Sanford C. Bernstein reissued a “market perform” rating and issued a $42.00 target price (up from $41.00) on shares of Synovus Financial in a report on Saturday, September 16th. Zacks Investment Research raised shares of Synovus Financial from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a report on Tuesday, September 19th. Jefferies Group reissued a “hold” rating and issued a $50.00 target price on shares of Synovus Financial in a report on Thursday, October 12th. SunTrust Banks reaffirmed a “buy” rating and set a $51.00 price objective on shares of Synovus Financial in a report on Thursday, October 12th. Finally, Barclays set a $49.00 price objective on shares of Synovus Financial and gave the company a “hold” rating in a report on Wednesday, October 18th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company. Synovus Financial currently has a consensus rating of “Hold” and a consensus price target of $47.30.
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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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