First Citizens Bank & Trust Co. Has $1.96 Million Holdings in Synovus Financial Corp. $SNV

First Citizens Bank & Trust Co. lifted its holdings in Synovus Financial Corp. (NYSE:SNV) by 63.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 37,828 shares of the bank’s stock after purchasing an additional 14,696 shares during the period. First Citizens Bank & Trust Co.’s holdings in Synovus Financial were worth $1,958,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Forum Financial Management LP lifted its stake in shares of Synovus Financial by 9.8% in the 2nd quarter. Forum Financial Management LP now owns 5,454 shares of the bank’s stock valued at $282,000 after purchasing an additional 488 shares during the last quarter. Ethic Inc. raised its holdings in Synovus Financial by 18.6% in the 2nd quarter. Ethic Inc. now owns 8,081 shares of the bank’s stock worth $418,000 after acquiring an additional 1,267 shares during the period. D.A. Davidson & CO. raised its holdings in Synovus Financial by 18.3% in the 2nd quarter. D.A. Davidson & CO. now owns 5,081 shares of the bank’s stock worth $263,000 after acquiring an additional 787 shares during the period. Cullen Frost Bankers Inc. bought a new position in Synovus Financial in the 2nd quarter worth $60,000. Finally, Avidian Wealth Enterprises LLC bought a new position in Synovus Financial in the 2nd quarter worth $240,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

Analyst Ratings Changes

SNV has been the topic of several recent analyst reports. UBS Group downgraded shares of Synovus Financial from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $63.00 to $56.00 in a report on Tuesday, September 2nd. Wall Street Zen upgraded shares of Synovus Financial from a “hold” rating to a “buy” rating in a report on Saturday, July 26th. Royal Bank Of Canada dropped their target price on shares of Synovus Financial from $65.00 to $58.00 and set an “outperform” rating on the stock in a report on Friday, October 17th. JPMorgan Chase & Co. dropped their target price on shares of Synovus Financial from $65.00 to $58.00 and set an “overweight” rating on the stock in a report on Wednesday, October 1st. Finally, Weiss Ratings downgraded shares of Synovus Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, October 8th. Eight equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $58.71.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, CEO Kevin S. Blair bought 4,040 shares of the stock in a transaction that occurred on Tuesday, July 29th. The shares were acquired at an average price of $49.40 per share, with a total value of $199,576.00. Following the completion of the purchase, the chief executive officer directly owned 164,378 shares in the company, valued at $8,120,273.20. The trade was a 2.52% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Andrew J. Jr. Gregory bought 2,000 shares of the stock in a transaction that occurred on Tuesday, July 29th. The stock was acquired at an average cost of $48.90 per share, for a total transaction of $97,800.00. Following the purchase, the chief financial officer owned 58,220 shares of the company’s stock, valued at $2,846,958. This trade represents a 3.56% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders acquired 9,040 shares of company stock worth $438,286. Insiders own 1.00% of the company’s stock.

Synovus Financial Stock Performance

NYSE SNV opened at $45.41 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.91 and a quick ratio of 0.91. The firm has a market capitalization of $6.30 billion, a price-to-earnings ratio of 8.47, a P/E/G ratio of 0.80 and a beta of 1.21. The company’s fifty day moving average is $49.34 and its two-hundred day moving average is $48.54. Synovus Financial Corp. has a 52-week low of $35.94 and a 52-week high of $61.06.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, October 15th. The bank reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.36 by $0.10. The company had revenue of $612.79 million for the quarter, compared to analyst estimates of $604.59 million. Synovus Financial had a net margin of 21.97% and a return on equity of 16.13%. The business’s quarterly revenue was up 9.0% on a year-over-year basis. During the same period last year, the business posted $1.23 EPS. Equities research analysts forecast that Synovus Financial Corp. will post 4.89 EPS for the current year.

Synovus Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Thursday, September 18th were paid a $0.39 dividend. The ex-dividend date of this dividend was Thursday, September 18th. This represents a $1.56 dividend on an annualized basis and a yield of 3.4%. Synovus Financial’s payout ratio is presently 29.10%.

Synovus Financial 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.