Boston Partners decreased its holdings in Synovus Financial Corp. (NYSE:SNV) by 7.0% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,018,066 shares of the bank’s stock after selling 76,281 shares during the quarter. Boston Partners owned 0.67% of Synovus Financial worth $35,585,000 as of its most recent filing with the SEC.
Several other hedge funds have also made changes to their positions in the company. Municipal Employees Retirement System of Michigan raised its stake in shares of Synovus Financial by 1.1% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 29,420 shares of the bank’s stock valued at $1,030,000 after buying an additional 310 shares in the last quarter. Magnus Financial Group LLC increased its position in shares of Synovus Financial by 3.5% during the 2nd quarter. Magnus Financial Group LLC now owns 12,293 shares of the bank’s stock worth $430,000 after purchasing an additional 410 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Synovus Financial by 4.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,429 shares of the bank’s stock worth $365,000 after purchasing an additional 436 shares in the last quarter. Toronto Dominion Bank increased its position in shares of Synovus Financial by 23.5% during the 2nd quarter. Toronto Dominion Bank now owns 2,616 shares of the bank’s stock worth $92,000 after purchasing an additional 498 shares in the last quarter. Finally, Crossmark Global Holdings Inc. increased its position in shares of Synovus Financial by 5.7% during the 2nd quarter. Crossmark Global Holdings Inc. now owns 12,549 shares of the bank’s stock worth $439,000 after purchasing an additional 678 shares in the last quarter. Institutional investors own 83.51% of the company’s stock.
A number of equities research analysts recently issued reports on the stock. Hovde Group upgraded shares of Synovus Financial from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $40.00 to $42.00 in a research report on Tuesday, August 27th. Raymond James dropped their target price on shares of Synovus Financial from $44.00 to $42.00 and set a “strong-buy” rating for the company in a research report on Tuesday, June 18th. Royal Bank of Canada assumed coverage on shares of Synovus Financial in a research report on Friday, July 12th. They set an “outperform” rating and a $42.00 target price for the company. Stephens upgraded shares of Synovus Financial from an “equal weight” rating to an “overweight” rating in a research report on Tuesday, August 6th. Finally, ValuEngine upgraded shares of Synovus Financial from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 27th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Synovus Financial currently has an average rating of “Buy” and a consensus price target of $44.32.
NYSE:SNV traded up $0.02 during mid-day trading on Thursday, reaching $37.30. 19,703 shares of the company were exchanged, compared to its average volume of 1,207,139. Synovus Financial Corp. has a 12 month low of $29.93 and a 12 month high of $48.38. The company has a fifty day moving average of $35.95 and a 200 day moving average of $35.59. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.51. The stock has a market cap of $5.77 billion, a PE ratio of 10.24, a PEG ratio of 1.18 and a beta of 1.34.
Synovus Financial (NYSE:SNV) last issued its quarterly earnings data on Tuesday, July 16th. The bank reported $1.00 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.01. The firm had revenue of $487.90 million for the quarter, compared to analyst estimates of $482.13 million. Synovus Financial had a net margin of 24.15% and a return on equity of 15.11%. The company’s revenue was up 36.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.92 EPS. On average, equities research analysts anticipate that Synovus Financial Corp. will post 4.01 EPS for the current fiscal year.
The firm also recently announced a — dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Thursday, September 19th will be paid a $0.30 dividend. This represents a dividend yield of 3.3%. The ex-dividend date is Wednesday, September 18th. Synovus Financial’s dividend payout ratio (DPR) is presently 32.97%.
In other news, VP Mark G. Holladay sold 5,000 shares of the firm’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $35.72, for a total value of $178,600.00. Following the transaction, the vice president now owns 60,289 shares of the company’s stock, valued at approximately $2,153,523.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.00% of the stock is currently owned by company insiders.
Synovus Financial Company Profile
Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides various financial products and services. It offers integrated financial services, including commercial and retail banking, financial management, insurance, and mortgage services. The company's commercial banking services comprise treasury management, asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate loans.
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