Envestnet Portfolio Solutions Inc. Acquires 15,846 Shares of Synovus Financial Corp. $SNV

Envestnet Portfolio Solutions Inc. raised its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 295.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 21,216 shares of the bank’s stock after purchasing an additional 15,846 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Synovus Financial were worth $1,098,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of SNV. Armstrong Advisory Group Inc. bought a new position in Synovus Financial during the second quarter valued at $41,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Synovus Financial in the 1st quarter worth about $47,000. IFP Advisors Inc lifted its holdings in shares of Synovus Financial by 650.4% in the 2nd quarter. IFP Advisors Inc now owns 1,058 shares of the bank’s stock worth $60,000 after acquiring an additional 917 shares during the last quarter. Spectrum Wealth Counsel LLC bought a new stake in shares of Synovus Financial in the 1st quarter worth about $70,000. Finally, Brooklyn Investment Group lifted its holdings in shares of Synovus Financial by 39.1% in the 1st quarter. Brooklyn Investment Group now owns 1,561 shares of the bank’s stock worth $73,000 after acquiring an additional 439 shares during the last quarter. Institutional investors own 83.85% of the company’s stock.

Synovus Financial Trading Up 2.7%

SNV stock opened at $45.33 on Friday. The company has a market capitalization of $6.29 billion, a PE ratio of 8.46, a P/E/G ratio of 0.81 and a beta of 1.21. Synovus Financial Corp. has a 12 month low of $35.94 and a 12 month high of $61.06. The firm’s 50-day moving average is $49.59 and its 200 day moving average is $48.42. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.91 and a quick ratio of 0.92.

Synovus Financial (NYSE:SNV) last posted its quarterly earnings results on Wednesday, October 15th. The bank reported $1.46 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 the consensus estimate of $604.59 million. Synovus Financial had a net margin of 21.97% and a return on equity of 16.13%. The firm’s revenue was up 9.0% compared to the same quarter last year. During the same quarter last year, the firm posted $1.23 EPS. On average, research analysts anticipate 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. Shareholders of record on Thursday, September 18th were given a dividend of $0.39 per share. 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 dividend payout ratio (DPR) is 29.10%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on SNV. Wall Street Zen upgraded shares of Synovus Financial from a “hold” rating to a “buy” rating in a report on Saturday, July 26th. Barclays lowered their target price on shares of Synovus Financial from $70.00 to $65.00 and set an “overweight” rating for the company in a report on Monday, July 28th. UBS Group lowered shares of Synovus Financial from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $63.00 to $56.00 in a report on Tuesday, September 2nd. JPMorgan Chase & Co. lowered their target price on shares of Synovus Financial from $65.00 to $58.00 and set an “overweight” rating for the company in a report on Wednesday, October 1st. Finally, Royal Bank Of Canada lowered their target price on shares of Synovus Financial from $65.00 to $58.00 and set an “outperform” rating for the company in a report on Friday. Eight research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $58.71.

Insider Buying and Selling at Synovus Financial

In other Synovus Financial news, Director Diana M. Murphy bought 1,000 shares of the business’s stock in a transaction on Tuesday, July 29th. The shares were acquired at an average price of $48.80 per share, with a total value of $48,800.00. Following the transaction, the director owned 40,171 shares of the company’s stock, valued at approximately $1,960,344.80. This trade represents a 2.55% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Andrew J. Jr. Gregory bought 2,000 shares of the business’s stock in a transaction on Tuesday, July 29th. The shares were acquired at an average cost of $48.90 per share, for a total transaction of $97,800.00. Following the transaction, the chief financial officer directly owned 58,220 shares in the company, valued at approximately $2,846,958. This trade represents a 3.56% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 8,040 shares of company stock worth $392,916. Company insiders own 1.00% of the company’s stock.

About Synovus Financial

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.