Morgan Stanley lifted its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 42.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 207,492 shares of the bank’s stock after acquiring an additional 61,844 shares during the quarter. Morgan Stanley owned approximately 0.13% of Synovus Financial worth $7,263,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. Janney Capital Management LLC boosted its stake in shares of Synovus Financial by 9.7% during the 2nd quarter. Janney Capital Management LLC now owns 10,763 shares of the bank’s stock worth $377,000 after acquiring an additional 948 shares during the period. Scout Investments Inc. bought a new position in shares of Synovus Financial during the 2nd quarter worth approximately $8,723,000. KBC Group NV bought a new position in shares of Synovus Financial during the 2nd quarter worth approximately $40,000. Castine Capital Management LLC boosted its stake in shares of Synovus Financial by 6.1% during the 2nd quarter. Castine Capital Management LLC now owns 261,344 shares of the bank’s stock worth $9,147,000 after acquiring an additional 15,025 shares during the period. Finally, Canada Pension Plan Investment Board boosted its stake in shares of Synovus Financial by 75.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 64,299 shares of the bank’s stock worth $2,250,000 after acquiring an additional 27,613 shares during the period. Institutional investors own 84.09% of the company’s stock.
Several brokerages have recently commented on SNV. Stephens reiterated a “buy” rating and set a $42.00 target price on shares of Synovus Financial in a research note on Friday, October 11th. ValuEngine upgraded Synovus Financial from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 27th. Hovde Group upgraded Synovus Financial from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $40.00 to $42.00 in a research note on Tuesday, August 27th. DA Davidson began coverage on Synovus Financial in a research note on Tuesday, August 20th. They issued a “buy” rating and a $41.00 price target for the company. Finally, SunTrust Banks reduced their price target on Synovus Financial from $42.00 to $41.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $42.75.
SNV opened at $35.28 on Friday. The business has a fifty day simple moving average of $35.57 and a 200 day simple moving average of $35.26. The company has a market capitalization of $5.38 billion, a PE ratio of 9.69, a price-to-earnings-growth ratio of 1.10 and a beta of 1.34. Synovus Financial Corp. has a 1 year low of $29.93 and a 1 year high of $42.89. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.94 and a quick ratio of 0.94.
Synovus Financial (NYSE:SNV) last released its quarterly earnings results on Tuesday, July 16th. The bank reported $1.00 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.99 by $0.01. The business had revenue of $487.90 million during the quarter, compared to the consensus estimate of $482.13 million. Synovus Financial had a return on equity of 15.11% and a net margin of 24.15%. The firm’s quarterly revenue was up 36.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.92 EPS. Equities analysts anticipate that Synovus Financial Corp. will post 3.98 earnings per share for the current fiscal year.
The business also recently disclosed a — dividend, which was paid on Tuesday, October 1st. Shareholders of record on Thursday, September 19th were issued a $0.30 dividend. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a yield of 3.3%. Synovus Financial’s dividend payout ratio is presently 32.97%.
In other Synovus Financial news, VP Mark G. Holladay sold 5,000 shares of Synovus Financial stock in a transaction on Friday, September 6th. The stock was sold at an average price of $35.72, for a total value of $178,600.00. Following the completion of the transaction, the vice president now directly 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 is available through this hyperlink. 1.00% of the stock is owned by insiders.
About Synovus Financial
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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