Nordea Investment Management AB raised its position in shares of Synovus Financial Corp. (NYSE:SNV – Free Report) by 0.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 281,862 shares of the bank’s stock after purchasing an additional 778 shares during the quarter. Nordea Investment Management AB’s holdings in Synovus Financial were worth $14,668,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in the company. Allianz Asset Management GmbH acquired a new stake in Synovus Financial during the 2nd quarter valued at $1,644,000. New York State Teachers Retirement System increased its stake in shares of Synovus Financial by 16.3% in the second quarter. New York State Teachers Retirement System now owns 97,157 shares of the bank’s stock worth $5,028,000 after acquiring an additional 13,590 shares during the last quarter. Bayforest Capital Ltd acquired a new position in shares of Synovus Financial in the second quarter worth $173,000. Equitable Trust Co. increased its stake in shares of Synovus Financial by 56.8% in the second quarter. Equitable Trust Co. now owns 10,910 shares of the bank’s stock worth $565,000 after acquiring an additional 3,950 shares during the last quarter. Finally, NorthRock Partners LLC acquired a new position in shares of Synovus Financial in the second quarter worth $349,000. 83.85% of the stock is owned by institutional investors and hedge funds.
Synovus Financial Trading Up 2.7%
Synovus Financial stock opened at $45.33 on Monday. 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 company has a market capitalization of $6.29 billion, a price-to-earnings ratio of 8.46, a PEG ratio of 0.81 and a beta of 1.21. Synovus Financial Corp. has a one year low of $35.94 and a one year high of $61.06. The company’s fifty day moving average price is $49.59 and its two-hundred day moving average price is $48.47.
Synovus Financial Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Thursday, September 18th were issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date was Thursday, September 18th. Synovus Financial’s dividend payout ratio is 29.10%.
Insider Activity
In other news, Director Diana M. Murphy purchased 1,000 shares of the firm’s stock in a transaction on Tuesday, July 29th. The stock was bought at an average cost of $48.80 per share, for a total transaction of $48,800.00. Following the completion of the acquisition, the director directly owned 40,171 shares of the company’s stock, valued at approximately $1,960,344.80. The trade was a 2.55% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gregory G. Montana purchased 1,000 shares of the firm’s stock in a transaction on Thursday, July 31st. The shares were purchased at an average price of $46.74 per share, with a total value of $46,740.00. Following the completion of the acquisition, the director directly owned 4,341 shares of the company’s stock, valued at approximately $202,898.34. This trade represents a 29.93% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 8,040 shares of company stock valued at $392,916 over the last three months. 1.00% of the stock is currently owned by insiders.
Wall Street Analysts Forecast Growth
A number of research firms have recently weighed in on SNV. UBS Group downgraded Synovus Financial from a “buy” rating to a “neutral” rating and cut their price target for the stock from $63.00 to $56.00 in a research note on Tuesday, September 2nd. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $58.00 price target (down from $62.00) on shares of Synovus Financial in a research note on Friday, July 25th. Barclays cut their price target on Synovus Financial from $70.00 to $65.00 and set an “overweight” rating for the company in a research note on Monday, July 28th. DA Davidson reaffirmed a “buy” rating and set a $63.00 price target on shares of Synovus Financial in a research note on Thursday. Finally, Morgan Stanley increased their target price on shares of Synovus Financial from $58.00 to $61.00 and gave the stock an “equal weight” rating in a research report on Friday, July 18th. Eight investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $58.71.
Check Out Our Latest Stock Analysis on Synovus Financial
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.
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