Bank of New York Mellon Corp Has $82.11 Million Stake in Synovus Financial Corp. $SNV

Bank of New York Mellon Corp raised its stake in Synovus Financial Corp. (NYSE:SNV) by 0.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,586,599 shares of the bank’s stock after buying an additional 8,759 shares during the period. Bank of New York Mellon Corp owned about 1.14% of Synovus Financial worth $82,107,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Bank of Montreal Can grew its stake in Synovus Financial by 17.4% during the second quarter. Bank of Montreal Can now owns 57,373 shares of the bank’s stock worth $2,969,000 after purchasing an additional 8,509 shares during the period. Burney Co. bought a new position in shares of Synovus Financial during the 2nd quarter worth approximately $362,000. Wolverine Asset Management LLC bought a new position in shares of Synovus Financial during the 2nd quarter worth approximately $592,000. Hantz Financial Services Inc. grew its position in shares of Synovus Financial by 35,820.0% during the 2nd quarter. Hantz Financial Services Inc. now owns 1,796 shares of the bank’s stock worth $93,000 after buying an additional 1,791 shares during the period. Finally, Teacher Retirement System of Texas increased its stake in shares of Synovus Financial by 8.9% in the 2nd quarter. Teacher Retirement System of Texas now owns 44,416 shares of the bank’s stock valued at $2,299,000 after acquiring an additional 3,624 shares in the last quarter. 83.85% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

SNV has been the topic of a number of research reports. 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. JPMorgan Chase & Co. lowered their target price on Synovus Financial from $65.00 to $58.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 1st. Stephens cut their target price on Synovus Financial from $54.00 to $51.00 and set an “equal weight” rating on the stock in a report on Friday, October 17th. Barclays decreased their price target on shares of Synovus Financial from $70.00 to $65.00 and set an “overweight” rating for the company in a research note on Monday, July 28th. Finally, Royal Bank Of Canada dropped their price objective on shares of Synovus Financial from $65.00 to $58.00 and set an “outperform” rating on the stock in a research note on Friday, October 17th. Eight research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $58.56.

Insider Transactions at Synovus Financial

In other Synovus Financial news, Director Gregory G. Montana bought 1,000 shares of the firm’s stock in a transaction on Monday, October 20th. The shares were acquired at an average cost of $45.37 per share, for a total transaction of $45,370.00. Following the purchase, the director directly owned 5,464 shares of the company’s stock, valued at $247,901.68. The trade was a 22.40% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.00% of the stock is owned by corporate insiders.

Synovus Financial Price Performance

SNV opened at $45.47 on Friday. Synovus Financial Corp. has a fifty-two week low of $35.94 and a fifty-two week high of $61.06. The firm has a 50-day moving average of $48.17 and a 200 day moving average of $48.99. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.91 and a current ratio of 0.91. The firm has a market cap of $6.31 billion, a P/E ratio of 8.48, a PEG ratio of 0.77 and a beta of 1.28.

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

Synovus Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Investors 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 of this dividend was Thursday, September 18th. Synovus Financial’s dividend payout ratio is 29.10%.

Synovus Financial Company 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.